3.01 Review Types of Business Activities

A business can be described as a(n)

• disorganized method of manufacturing products.

• organized effort to produce goods and services.

• reasonable way to make a profit.

• unreasonable means for increasing revenues.

An example of performing business activities in an "out of the ordinary" way is when a business

• operates as the link between customers and products

• begins long-term planning and organization

• offers a new product in a popular product line

• hires an outside firm to perform its marketing

Which of the following behaviors demonstrates the primary business activity of strategic management?

• Recruiting appropriate employees

• Obtaining funds for business projects

• Planning and organizing for the future

• Regularly updating business processes

For the long-term success of the business, Stacey's Coffee House has decided to add a self-serve laundromat. Which of the following behaviors describes the business activity that they were likely engaged in before making this decision

• Determining what will put it in reach of its goals

• Establishing a system for retrieving information

• Promoting its new service to potential customers

• Organizing itself for meeting its objectives

Which of the following demonstrates the interrelationship among primary business activities

• A business changes its goals, so its strategies and tactics change too

• A new product is introduced, so business advertisements must adjust

• A business manager becomes vice president, so his/her department must adjust to the change

• One business activity changes, so the others must adjust

Which of the following activities demonstrates information management?

• Stroring and retrieving information

• Researching customers' needs

• Hiring appropriate employees

• Conducting employee evaluations

Which of the following demonstrates the primary business activity of marketing

• The business prepares for long-term success by planning and organizing

• The business meets customers' needs by offering appropriate products

• The business expects to merge with another business in the industry

• The business hires qualified employees to perform complex job duties

Which of the following activities demonstrates human resources management

• The business gives its preferred customers a special discount

• The business takes care of the responsibilities associated with having employees

• The business includes top-level managers in long-term planning

• The business acts on new information about a competitor

Within a local pizza shop, financial analysis is most likely used to

• attract customers

• oversee the baking process

• obtain funding for supplies

• develop the best recipe

Every business must accomplish which of the following:

• Produce or provide goods/services

• Obtain venture capital

• Issue corporate bonds

• Trade or sell business assets/property