MIS 301 Quiz 2 Latest Version Already Passed

MIS 301 Quiz 2 Latest Version Already Passed What is the definition of business strategy? A plan of action designed to achieve long-term goals and objectives in a competitive environment. What is a business model? The plan or framework by which a company generates revenue and profits. What is the purpose of a business plan? To outline the goals, strategies, and financial forecasts for a business. What is market segmentation? The process of dividing a broad consumer or business market into smaller, more manageable subgroups. What is a value proposition? 2 The unique value a company offers to its customers, explaining why they should buy from that business over competitors. What is SWOT analysis? A strategic planning tool used to identify strengths, weaknesses, opportunities, and threats of a business or project. What is the difference between gross profit and net profit? Gross profit is the revenue from sales minus the cost of goods sold, while net profit is the total earnings after all expenses. What is the role of leadership in a business? To guide and inspire employees, make strategic decisions, and ensure the company's vision is realized. What is the purpose of marketing in business? To create awareness of a product or service and persuade potential customers to make a purchase. 3 What is customer relationship management (CRM)? A strategy and software for managing a company’s interactions with current and potential customers. What is corporate social responsibility (CSR)? A business model where companies take responsibility for their impact on society and the environment. What does ROI stand for? Return on Investment. What is the purpose of financial forecasting? To estimate a company’s future financial performance based on historical data, trends, and assumptions. What is a competitive advantage? A factor that allows a company to produce goods or services more efficiently or uniquely than its competitors.