INTRODUCTION TO BUSINESS MANAGEMENT
QUESTIONS AND CORRECT DETAILED
ANSWERS WELL VERIFIED .GRADED A+
Business Plan - ANSWER -A document that sets out the businesses
goals, objectives, ideas and details on how the business will operate
Customers - ANSWER -People who buy the product
Consumers - ANSWER -People who actually use the product
,Entreprenuers - ANSWER -People who decide to set up their own
business, they are the owners and operators of an organisation. They
are risk takers who exploit business opportunities in return for profits.
Intrapreneurship - ANSWER -Act of behaving as an entrepreneur but as
an employee within a large business. They work to create innovative
products or new processes for the organisation
Primary Sector - ANSWER -Businesses involved in the cultivation or
extraction of natural resources
Product - ANSWER -can refer to both goods and services
Quaternary Sector - ANSWER -Businesses are involved in
intellectual,knowledge-based activities that generate and share
information.
Secondary Sector - ANSWER -is the section of the economy where
business activity is concerned with the construction and manufacturing
of products
Sectoral Change - ANSWER -shift in the relative share of gross domestic
product and employment that is attributed to each business sector
, Tertiary Sector - ANSWER -Section of the economy where business
activity is concerned with the provision of services to customers
Wants - ANSWER -Peoples Desires
Private sector - ANSWER -Part of the economy run by private
individuals and businesses, rather than by the government. e.g sole
traders, partnerships, companies and cooperatives
Business Cycle - ANSWER -It refers to the fluctuation in the level of
business activity over time. Countries tend to move through the cycle of
boom, recessions, slumps, recovery and growth.
Deregulation - ANSWER -The removal or relaxation of government
rules which constrain an industry to enhance efficiency and encourage
more competition.
Aims - ANSWER -Aims are the long term goals of a business often
expressed in the firms mission statement. They are a general statement
of a firms purpose or intentions and tend to be qualitative in nature.
QUESTIONS AND CORRECT DETAILED
ANSWERS WELL VERIFIED .GRADED A+
Business Plan - ANSWER -A document that sets out the businesses
goals, objectives, ideas and details on how the business will operate
Customers - ANSWER -People who buy the product
Consumers - ANSWER -People who actually use the product
,Entreprenuers - ANSWER -People who decide to set up their own
business, they are the owners and operators of an organisation. They
are risk takers who exploit business opportunities in return for profits.
Intrapreneurship - ANSWER -Act of behaving as an entrepreneur but as
an employee within a large business. They work to create innovative
products or new processes for the organisation
Primary Sector - ANSWER -Businesses involved in the cultivation or
extraction of natural resources
Product - ANSWER -can refer to both goods and services
Quaternary Sector - ANSWER -Businesses are involved in
intellectual,knowledge-based activities that generate and share
information.
Secondary Sector - ANSWER -is the section of the economy where
business activity is concerned with the construction and manufacturing
of products
Sectoral Change - ANSWER -shift in the relative share of gross domestic
product and employment that is attributed to each business sector
, Tertiary Sector - ANSWER -Section of the economy where business
activity is concerned with the provision of services to customers
Wants - ANSWER -Peoples Desires
Private sector - ANSWER -Part of the economy run by private
individuals and businesses, rather than by the government. e.g sole
traders, partnerships, companies and cooperatives
Business Cycle - ANSWER -It refers to the fluctuation in the level of
business activity over time. Countries tend to move through the cycle of
boom, recessions, slumps, recovery and growth.
Deregulation - ANSWER -The removal or relaxation of government
rules which constrain an industry to enhance efficiency and encourage
more competition.
Aims - ANSWER -Aims are the long term goals of a business often
expressed in the firms mission statement. They are a general statement
of a firms purpose or intentions and tend to be qualitative in nature.
