ITB Unit 1 Review (Lesson 1)

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Complete the outline with the correct term. The Six Functions of Business i. Human Resources ii. Strategy iii. Information Management iv. _______________ v. Marketing vi. Finance/Accounting

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Operations

Answer explanation

The missing function of business is “Operations.” Customer Service one of the Marketing functions. Mission is a company's purpose; its reason for being; the problem it is solving. Vision is an aspirational view of the future, that if the company is successful in accomplishing its mission, the company and/or world might look a certain way.

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What is the definition of business?

Back

The activity of making, buying, or selling goods or providing services in exchange for money.

Answer explanation

Business is defined as a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. Strategy is a route or plan of action designed to achieve certain organizational goals and objectives. Product/service management is a function of marketing and is all about improving existing products and developing new products in order to meet customer demands. Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.

Front

Collecting, organizing, storing, and securing relevant data and information.

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Information Management

Front

Business is about ____________ managing business functions.

Back

people

Answer explanation

Business is about people managing business functions. Information is very important to help manage a business, and Information Management is one of the six business functions. Technology tools are very important to help manage business. Markets affect business decisions and the competitive landscape, and target markets are related to the business function of marketing.

Front

What is the meaning of professional?

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Customized services provided for a fee.

Answer explanation

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. In this definition, industrial means anything that is manufactured, from cars to software. Commercial means the pursuit of a profit margin. Professional refers to customized, knowledge-based services provided for a fee.  Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.

Front

Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?

Back

Human Resources

Answer explanation

Human Resources refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees. Accounting is the process of recording, maintaining, and reporting an organization’s financial transactions and records. Finance focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth. Strategy is a route or plan of action designed to achieve certain goals and objectives. Marketing is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole.

Front

A company's purpose, reason for being, and problem it is solving is its:

Back

mission

Answer explanation

Mission is the term used to describe a company's purpose; its reason for being; the problem it is solving. A company’s mission informs its strategy. Reaching a target market is related to the business function of marketing. A profit margin is necessary to sustain a business’s operations, but usually is only achieved if a company knows what its purpose is and its strategy to provide solution/s to problem/s.

Front

Which business function is a route or plan of action designed to achieve certain goals and objectives?

Back

Strategy

Answer explanation

Strategy is a route or plan of action designed to achieve certain goals and objectives. Accounting is the process of recording, maintaining, and reporting an organization’s financial transactions and records. Finance focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth. Human Resources refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees. Marketing is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole.

Front

Which business function deals with the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics?

Back

Operations

Answer explanation

Operations is the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics. Marketing is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole. Accounting is the process of recording, maintaining, and reporting an organization’s financial transactions and records. Finance focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth. Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.

Front

Which business function is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole?

Back

Marketing

Answer explanation

Marketing is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole. Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions. Human Resources refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees. Operations is the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics.