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RSM100 Quiz Questions & answers
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RSM100 Quiz Questions & answers
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RSM100 QuizProfits - ANS-Rewards for businessppl who take the risks involved in offering goods&
services to customers
Business - ANS-All profit-seeking activities and enterprises that provide goods and
services necessary to an economic system
Not-for-profit organizations - ANS-Organizations whose primary aims are public service,
not returning a profit to their owners
Factors of Production - ANS-Four basic inputs for effective economic operation: natural
resources, capital, HR, entrepreneurship
Natural Resources - ANS-All production inputs that are useful in their natural states,
including agricultural land, building sites, forests, and mineral deposits
Capital - ANS-Production inputs consisting of technology, tools, info, and physical
facilities
HR - ANS-Production inputs consisting of anyone who works, including both the
physical labour and the intellectual inputs contributed by workers
Entrepreneurship - ANS-The willingness to take risks to create and operate a business
Private Enterprise System - ANS-An economic system that rewards firms for their ability
to identify and serve the needs and demands of customers
Capitalism - ANS-Aka private enterprise system
Competition - ANS-The battle among businesses for consumer acceptance
Competitive Differentiation - ANS-The unique combination of organizational abilities,
products, and approaches that sets one company apart from its competitors in the
minds of customers
Basic Rights in the PES - ANS-Private property, competition, profits, freedom of choice
, Private Property - ANS-Most basic right under PES; right to own, buy, sell, and hand
down various (in)tangible kinds of property
Entrepreneur - ANS-Person who seeks a profitable opportunity and takes the necessary
risks to set up and operate a business
Consumer Orientation - ANS-Business philosophy that focuses first on consumers'
unmet wants& needs, and then designs products to meet those needs
Branding - ANS-Process of creating in consumers' minds an identity for a good, service,
or company; a major marketing tool in contemporary business
Brand - ANS-Something that identifies the products of one firm snd shows how they
differ from competitors' offerings (name, symbol, design)
Transaction Management - ANS-Building and promoting products in the hope that
enough customers will buy them to cover costs and earn profits
Relationship Era - ANS-Business era where firms seek to actively promote customer
loyalty by carefully managing every interaction
Social Era - ANS-Business era in which firms seek ways to connect and interact with
customers using technology
Relationship Management - ANS-Collection of activities that build and maintain ongoing,
mutually beneficial ties with customers and other parties
Strategic Alliance - ANS-Partnership formed to create a competitive advantage for the
businesses involved; in international business, the business strategy of one company
partnering with another in the country where it wants to do business
Diversity - ANS-Blending of individuals of various genders, cultures, religion, ages,
ethnicity, and abilities to enhance a firm's chances of success
Outsourcing - ANS-Using outside vendors to produce goods or fulfill services and
functions that were previously handled in-house or in-country
Offshoring - ANS-Relocation if business processes to lower-cost locations overseas
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