Exam 5: Creating Business From Opportunity

Core values include the fundamental ethical and moral philosophy and beliefs that form the foundation of the organization and provide broad guidance for all decision making.

What is the average unit of sale for a restaurant that serves $3,250 per day in meals to 200 customers per day?

The business definition has three elements: ________.

________ is/are the core values of an organization in action.

Business leaders create wealth by ________.

A retail business buys from ________ and sells to ________.

Barriers to entry are the factors that contribute to the ease or difficulty of a new competitor's joining an established market.

The cost of producing one additional unit of a product is called ________.

The decision process can occur in three different ways,all of which are market driven.

A unique selling proposition is the distinctive feature and benefit that sets you apart from your competition.

What type of business deals in tangible products?

Economic forces,social forces,technological advances,and political and regulatory changes are not sources for finding competitive advantage.

The foreign exchange rate is ________.

The offer can be defined as what the business will sell to customers.

Average gross profit per customer is ________.

Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.

How do you decide whether your competitive advantage is strong enough? Give an example.

A manufacturing type of business sells an intangible product to businesses or consumers.

Once you know your ________ you can calculate gross profit.

Total cost of goods sold per unit consists of ________.