SWOT analysis - answer-Strengths, Weaknesses, Opportunities, Threats
the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principal policies and plans for achieving those goals, and defines the range of business the company is to pursue...
Bus MHR 2292 Learning Assessment 1
Study Guide
SWOT analysis - answer-✔Strengths, Weaknesses, Opportunities, Threats
the pattern of decisions in a company that determines and reveals its objectives,
purposes, or goals, produces the principal policies and plans for achieving those
goals, and defines the range of business the company is to pursue
economics - answer-✔the study of the production, distribution, and consumption of
goods and services
economic system - answer-✔The means by which countries and governments
distribute resources and trade goods and services.
perfect competition - answer-✔Many consumers and sellers, standardized
products, no one is big enough to influence price and everyone accepts the going
price.
monopolistic competition - answer-✔Many sellers sell differentiated products and
have limited control over pricing.
oligopoly - answer-✔Several powerful players in the market with barriers to entry.
They have more control over price, yet must keep their competitors in mind.
monopoly - answer-✔Single seller in the market, controls price.
,natural monopoly - answer-✔utilities
legal monopoly - answer-✔patents
planned economy - answer-✔a system in which the government decides how the
factors of production are used
market economy - answer-✔a system in which people decide how to utilize the
factors of production
mixed economic system - answer-✔a combination of both systems
measure the health of an economy by - answer-✔GDP, unemployment
virtuous cycle - answer-✔economy expands, unemployment is low, incomes rise,
consumers buy more products, businesses increase production
business stakeholders - answer-✔a person or entity with an interest in the
economic performance and well-being of a company
trash talkers - answer-✔doesn't use a product/service and talks bad about the
product/service to other people
defectors - answer-✔are probably the biggest nuisance to your company. They are
neither satisfied nor loyal and very often spread negative word-of-mouth about
your brand, ruining your reputation.
, mercenaries - answer-✔are satisfied customers, but they switch between brands.
They are usually price sensitive, looking for bargains and best offers, buying on
impulse, pursuing fashion trends. They don't feel any attachment to particular
brands. They usually expensive to acquire and difficult to keep.
hostages - answer-✔are not satisfied, but they keep repurchasing from your
company. Why? They are usually stuck with a company because of monopoly
situation on the market or high switching costs. They may easily turn into
defectors.
loyalists - answer-✔this group is made up of customers who are satisfied or
completely satisfied. They also buys product from you repeatedly and stay loyal.
They are one of the most valuable assets you can earn, as not only they guarantee
your company gets regular revenues, but also they spread a positive word about
your brand, giving you free and genuine advertisement.
apostles - answer-✔are extremely satisfied and extremely loyal; they are repeat
purchasers and happily spread the good word to friends and family. These
customers have an emotional connection to the brand.
mission - answer-✔why we exist
values - answer-✔what we believe in and how we will behave
vision - answer-✔what we want to be
strategy - answer-✔what we want our competitive game plan to be
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