Exam (elaborations)
MIE 201 Test -1 - Makanui (1)
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MIE 201 Test -1 - Makanui (1)
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MIE201
Test
#1
-
Makanui
Environments
of
Business
-
ANS--
economic
-
market
-
technological
-
social
-
legal
and
regulatory
market
environment
-
ANS--
a
company's
target
customers,
the
buying
influences
that
shape
the
behavior
of
those
customers,
and
competitors
that
market
similar
products
to
those
customers
economic
environment
-
ANS--
conditions
and
forces
that
affect
the
cost
and
availability
of
goods,
services,
and
labor
and
thereby
shape
the
behavior
of
buyers
and
sellers
-
influences
almost
every
decision
a
business
makes
technological
environment
-
ANS--
forces
resulting
from
the
practical
application
of
science
to
innovations,
products,
and
processes
-
changes
have
the
ability
to
change
every
facet
of
business
disruptive
technologies
-
ANS--
those
that
fundamentally
change
the
nature
of
an
industry
-
can
be
powerful
enough
to
create
or
destroy
entire
companies
ex:
music
recording
and
playing
devices
changed
the
music
industry
social
environment
-
ANS--
population
trends,
social
values
and
behaviors,
relationship
of
society
and
business
AT
LARGE
(large
scale)
stakeholders
-
ANS--
internal
and
external
groups
affected
by
a
company's
decisions
and
activities
legal
and
regulatory
environment
-
ANS--
laws
and
regulations
that
restrain,
support,
and
protect
businesses
at
local,
state,
national,
and
international
levels
(some
industries
are
heavily
regulated
ex:
electricity)
business
-
ANS--
any
profit-seeking
organization
that
provides
goods
and
services
designed
to
satisfy
customers'
needs
not-for-profit
organizations
-
ANS--
organizations
whose
primary
objective
is
to
provide
goods
and
services
to
society
without
the
goal
of
making
a
profit
-
also
have
to
bring
in
revenue
in
order
to
satisfy
their
stakeholders'
needs what
is
the
driving
force
behind
most
businesses?
-
ANS--
the
prospects
of
earning
profit
and
building
assets
what
are
assets?
-
ANS--
can
be
defined
as
anything
owned
by
the
company
that
can
be
of
meaningful
value
(from
patents
and
brand
names
to
real
estate
and
company
stock).
goods-producing
businesses
-
ANS--
create
value
by
making
things
most
of
which
are
tangible
-
tend
to
be
capital
intensive
service
businesses
-
ANS--
create
value
by
performing
activities
that
deliver
some
benefit
to
customers
-
tend
to
be
labor
intensive
revenue
-
ANS--
money
that
a
company
brings
in
through
the
sale
of
goods
and
services
business
model
-
ANS--
a
concise
description
of
how
a
business
intends
to
generate
revenue
profit
-
ANS--
the
amount
of
money
left
over
after
expenses
(all
the
costs
involved
in
doing
business)
have
been
deducted
from
the
revenue
expenses
-
ANS--
all
the
costs
of
doing
business
that
are
necessary
to
earn
revenue
competitive
advantage
-
ANS--
some
aspect
of
a
product
or
company
that
makes
it
more
appealing
to
its
target
customers
risk
and
reward
relationship
-
ANS--
fundamental
to
modern
day
economies
-
a
company
needs
some
promise
of
reward
before
it
is
willing
to
take
the
risks
involved
in
creating/selling
products
-
risks
are
attached
directly
to
decisions
so
bad
decision
=
company
suffers
barrier
to
entry
-
ANS--
any
resource
or
capability
of
a
company
must
have
before
it
can
start
competing
in
a
given
market
(large
sum
of
money,
equipment,
land,
etc.)
business
mindset
-
ANS--
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
what
to
consider
using
the
business
mindset?
-
ANS--
functionality
of
products?
-
marketing
of
products?
-
image
of
company?
-
price
of
products?
-
availability
/
where
to
sell
product
through?
-
services? relationship
b/w
business
and
society
-
ANS--
weighing
the
positive
and
negative
effects
-
businesses
can
benefit
communities
and
nations
in
multiple
ways
but
they
can
also
negatively
impact
society
it
just
depends
major
functional
areas
in
a
business
enterprise
-
ANS--
research
and
development
-
information
technology
-
manufacturing
/
production
/
operations
-
marketing
and
sales
-
finance
and
accounting
-
human
resources
-
business
services
research
and
development
(R&D)
-
ANS--
functional
area
responsible
for
conceiving
and
designing
new
products
-
sometimes
known
as
product
design
or
engineering
-
essential
for
survival
b/c
it
provides
the
ideas
and
designs
that
allow
business
firms
to
meet
customer
needs
in
competitive
markets
information
technology
(IT)
-
ANS--
systems
that
promote
communication
and
information
usage
through
the
company
or
that
allow
companies
to
offer
new
services
to
their
customers
manufacturing,
production,
or
operations
(operations
managers)
-
ANS--
an
area
where
the
company
makes
whatever
it
makes
(for
goods-producing
businesses)
or
does
whatever
it
does
(for
service
businesses)
-
responsible
for
purchasing,
logistics,
facilities
management
marketing
and
sales
-
ANS--
charged
with
identifying
opportunities
in
the
marketplace
-
working
with
R&D
to
develop
the
products
to
address
those
opportunities
-
creating
branding
and
advertising
strategies
to
communicate
with
potential
customers,
and
setting
prices
-
sales
and
marketing
might
not
be
aligned
in
some
businesses
-
3
functions
(sales/distribution/customer
support)
what
are
the
three
functions
of
marketing
and
sales?
-
ANS--
sales
function
-
distribution
function
-
customer
support
function
sales
function
-
ANS--
develops
relationships
with
potential
customers
and
persuades
customers
to
buy
the
company's
goods
and
services
distribution
function
-
ANS--
can
be
involved
both
before
a
sale
(helping
to
promote
products
to
retailers)
and
after
a
sale
(physically
delivering
products)
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