BA 1500 Exam 1 Mizzou Questions With
Complete Answers
Barrier to Entry - ANSWER Any resource or capability a company must have
before it can start competing in a given market
Business - ANSWER any profit-seeking organization that provides goods and
services designed to satisfy customers' needs
Business Mindset - ANSWER a view of business that considers the myriad
decisions that must be made and the many problems that must be overcome
before companies can deliver the products that satisfy customer needs
Business Model - ANSWER a concise description of how a business intends to
generate revenue
Competitive Advantage - ANSWER some aspect of a product or company that
makes it more appealing to target customers
Economic Environment - ANSWER The conditions and forces that affect the cost
and availability of goods, services and labor and thereby shape the behavior of
buyers and sellers
Etiquette - ANSWER the expected norms of behavior in any particular situation
goods-producing businesses - ANSWER companies that create value by making
"things", most of which are tangible (THIS ALSO INCLUDES SOFTWARE
COMPANIES)
Information Technology (IT) - ANSWER systems that promote communication
and information usage through the company or that allow companies to offer
new services to their customers
Legal and Regulatory Environment - ANSWER laws and regulations at local,
state, national, and even international levels
Market Environment - ANSWER a company's target customers, the buying
influences that shape the behavior of those customers, and competitors that
market similar products to those customers
, not-for-profit organizations - ANSWER organizations that provide goods and
services without having a profit motive
Operations Management - ANSWER Management of the people involved and the
processes of creating goods
Professionalism - ANSWER The quality of performing at a high level and
conducting oneself with purpose and pride
Profit - ANSWER the money left after all costs and expenses of a business are
paid
Research and Development (R&D) - ANSWER functional area responsible for
conceiving and designing new products
Revenue - ANSWER money a company brings in through sales of goods and
services
Services Businesses - ANSWER Companies that create value by performing
activities that deliver some benefit to customers
Social Environment - ANSWER trends and forces in a society at large
Stakeholders - ANSWER internal and external groups affected by a company's
decisions and activities
Technological Environment - ANSWER forces resulting from the practical
application of science to innovations, products, and processes
Administrative skills - ANSWER technical skills in information gathering, data
analysis, planning, organizing, and other aspects of managerial work
Autocratic Leaders - ANSWER Leaders who do not involve others in decision
making balanced scorecard
Balanced Scorecard - ANSWER A method of monitoring the performance from
four perspectives: finances, operations, customer relationships, and the growth
and development of employees and intellectual property
Benchmarking - ANSWER collecting and comparing process and performance
data from other companies
Coaching - ANSWER helping employees reach their highest potential by meeting
with them, discussing problems that hinder their ability to work effectively, and
offering suggestions and encouragement to overcome these problems
Complete Answers
Barrier to Entry - ANSWER Any resource or capability a company must have
before it can start competing in a given market
Business - ANSWER any profit-seeking organization that provides goods and
services designed to satisfy customers' needs
Business Mindset - ANSWER a view of business that considers the myriad
decisions that must be made and the many problems that must be overcome
before companies can deliver the products that satisfy customer needs
Business Model - ANSWER a concise description of how a business intends to
generate revenue
Competitive Advantage - ANSWER some aspect of a product or company that
makes it more appealing to target customers
Economic Environment - ANSWER The conditions and forces that affect the cost
and availability of goods, services and labor and thereby shape the behavior of
buyers and sellers
Etiquette - ANSWER the expected norms of behavior in any particular situation
goods-producing businesses - ANSWER companies that create value by making
"things", most of which are tangible (THIS ALSO INCLUDES SOFTWARE
COMPANIES)
Information Technology (IT) - ANSWER systems that promote communication
and information usage through the company or that allow companies to offer
new services to their customers
Legal and Regulatory Environment - ANSWER laws and regulations at local,
state, national, and even international levels
Market Environment - ANSWER a company's target customers, the buying
influences that shape the behavior of those customers, and competitors that
market similar products to those customers
, not-for-profit organizations - ANSWER organizations that provide goods and
services without having a profit motive
Operations Management - ANSWER Management of the people involved and the
processes of creating goods
Professionalism - ANSWER The quality of performing at a high level and
conducting oneself with purpose and pride
Profit - ANSWER the money left after all costs and expenses of a business are
paid
Research and Development (R&D) - ANSWER functional area responsible for
conceiving and designing new products
Revenue - ANSWER money a company brings in through sales of goods and
services
Services Businesses - ANSWER Companies that create value by performing
activities that deliver some benefit to customers
Social Environment - ANSWER trends and forces in a society at large
Stakeholders - ANSWER internal and external groups affected by a company's
decisions and activities
Technological Environment - ANSWER forces resulting from the practical
application of science to innovations, products, and processes
Administrative skills - ANSWER technical skills in information gathering, data
analysis, planning, organizing, and other aspects of managerial work
Autocratic Leaders - ANSWER Leaders who do not involve others in decision
making balanced scorecard
Balanced Scorecard - ANSWER A method of monitoring the performance from
four perspectives: finances, operations, customer relationships, and the growth
and development of employees and intellectual property
Benchmarking - ANSWER collecting and comparing process and performance
data from other companies
Coaching - ANSWER helping employees reach their highest potential by meeting
with them, discussing problems that hinder their ability to work effectively, and
offering suggestions and encouragement to overcome these problems
