Questions and Answers for Business
Business
What is the role of business in the economy?
Business has a very important role to play in a capitalist economy. It is business activity that generates most of a nation's wealth, creates the lion's share of jobs, and provides most of the...
Business
What is a company profile? What must I include in it?
A company profile is just what the name implies. It is a document explaining what your company is and what you do. It is a public-facing document, so one should take care to not include any...
Business
Why is the average cost curve u-shaped?
The average cost curve is u-shaped because costs reduce as you increase the output, up to a certain optimal point. From there, the costs begin rising as you increase the output. To understand why...
Business
What are the advantages and limitations of using graphs and charts in business?
There are a number of advantages and limitations to using graphs and charts. To start with the advantages, graphs and charts enable data to be summed up and understood in an instant, without...
Business
What are some advantages and disadvantages that come to Nike as a company because of international business.
One advantage is that Nike is an internationally known brand and can thus sell shoes all over the world. Nike also can keep labor costs down by using laborers in the developing world—this allows...
Business
What are the advantages and disadvantages of the privatization of government-owned companies, such as airlines?
Proponents of privatization argue that it facilitates economic growth and should be prioritized by governments. However, detractors maintain that little has been done to mitigate the negative...
Business
What is a positioning map in marketing? How can we create one? This is related to segmentation.
A positioning map should not be confused with a perceptual map. The first is the actual positioning of a brand within a competitive marketplace, while the second is the consumer perception of a...
Business
What is John Dunlop Systems Theory in Industrial Relations about? What is he trying to say about the relationships...
In its most basic terms, the Dunlop Systems Theory in Industrial Relations is about the structure and development of relationships among the three integral members of labor relations (labor,...
Business
Explain political environment of business?
The political environment of business refers to the political or government actions that impact business operations. The political factors usually go hand in hand with the legal ones and are...
Business
Advantages Of Entrepreneurship
Entrepreneurship involves the development of a business around an innovative idea, with the aim of regional or international growth. The entrepreneur in this case will need to find avenues to...
Business
I need some examples of economic decisions made by the individual, the family, and the country.
Almost no one has unlimited economic resources. Most people, most families, and certainly all countries experience shortages in funds. In other words, they want (or perhaps need) more than they can...
Business
What are the advantages and disadvantages of standardizing the product offerings for a branded hospitality chain?
Major branded hotel chains have the choice of standardizing their offerings across the brand or of letting individual properties customize their offerings to meet the needs of local markets. The...
Business
Explain the following: "product line," "product length," "product width," "product depth?"
When establishing a product mix, a business must decide where it places itself in terms of its target market. Does it want to compete to be the best-priced product, or the most luxurious, for...
Business
If both supply and demand increase at the same time, then what will happen?
Supply and demand go hand in hand and are very intrinsically linked. Usually, assuming everything else remains the same, a rise in one causes a rise in the other. If, however, they both rise at the...
Business
How does globalization affect you and me?
Globalization is the transfer of goods, services, and technology from one country to another. Countries sign treaties to ease the process of doing business for foreign firms. For example, the US...
Business
Compare and contrast globalization and regionalization.
In business, regionalization is a business strategy frequently employed by globalized companies to compensate for some of the problems raised by globalization. Globalization means the...
Business
What is the definition of environment uncertainty, with examples?
Environmental uncertainty is when conditions are constantly changing within a business environment. As a result, management has little influence over factors that are outside of the company’s...
Business
Answer true or false to the following statements: For the trial balance to balance the debits must equal the...
True. The trial balance uses the double entry system, which means that debits have to balance with the credits. False. Liability accounts have credit balances. True. True. False. The trial balance...
Business
Characteristics Of Capitalist Democracy
A capitalist democracy system denotes a system based on economic incentives and free markets to boost businesses. It also supports a social system based on diversity with regards to views,...
Business
Difference Between Travel And Tourism
The best way to think of the difference between travel and tourism is one is part of the other but this did does not mean that they are the same. In short, tourism is a part of travel, but not all...
Business
What are some major advantages and disadvantages of fishbone diagrams?
The fishbone diagram was designed by Japanese quality control expert Kaoru Ishikawa. His purpose was to provide a means of identifying underlying causes of problems so that solutions were not...
Business
What is the difference between a plan, a project and a program?
A project is defined as a temporary activity aimed at achieving specific/narrow organization objectives. Programs, on the other hand, are organization activities aimed at achieving broader...
Business
What is the difference between business administration and public administration?
In an ideal world, there’s clear differences between business administration and public administration. The former’s main concern is the business itself. When it comes to business administration,...
Business
"Management is an art of getting things done through people." Do you think this definition is adequate for the...
This definition of management does not integrate the growing role of technology in business processes and therefore in the management process. A better definition to convey the present-day concept...
Business
What are the advantages and disadvantages of a free-market economy?
A free market economy has two key advantages. First, it allows for individuals to innovate. Individuals have the freedom to create new ideas, new products, and new services to sell for profit. They...
Business
Discus the interrelationship of different business functions and how it helps to enhance business success.
Business functions refer to all the various activities carried out by a business as it seeks to meet its goals and provide its goods or services to the public. Business functions are generally...
Business
What are examples of authority and responsibility in management?
In business, authority and responsibility need to be aligned appropriately, with the person responsible for certain outcomes having the authority to make them happen. Authority refers to the...
Business
What is business entrepreneurship? Where is it mostly used?
A business entrepreneur is any individual who starts and operates a business while assuming the risks associated with any such venture (e.g., using one's own collateral in exchange for start-up...
Business
Differentiate between a "change in quantity supplied" and a "change in supply."
Though the phrases are very similar in their external appearance, they hold different meanings. A change in quantity supplied is a simple phrase meaning the number of items you ordered has...
Business
Why is price elasticity of demand important to firms?
We'll begin with two scenarios to illustrate price elasticity of demand. First, there is a particular movie you want to buy on DVD, but the price is rather high when the movie is first released, so...
Business
Explain and give examples of behavior, output and input controls.
Behavior, output and input controls are managerial means of controlling job requirements and expectations and end results in terms of company objectives and production targets. Effectiveness of...
Business
Describe the main factors affecting tourism demand.
The main factors affecting tourism demand include the economy, the number of sights and sites of potential interest to tourists, such as historical locations or natural wonders that cannot be seen...
Business
How are oligopoly and monopolistic competition alike and how are they different?
The similarities between oligopoly and monopoly competition are: They both exhibit imperfect competition in that oligopoly has few sellers while monopoly has many sellers. Firms have some level of...
Business
Use examples to explain open and closed environments in a management information system (M.I.S).
There is a difference between opened and closed environments in a management information system. In an open environment, the various components of an organization will communicate and share...
Business
Difference Between Trade And Business
Trade refers to the buying and selling of goods and services, facilitated by a medium of exchange, such as money. When goods and services are exchanged for other goods and services, without the use...
Business
What is a pay-in slip, withdrawal slip, and bank statement?
Americans call a "pay-in slip" a "deposit slip." This is a preprinted form which is the size of a standard check and typically comes in the back of the checkbook. It has the customer's name and...
Business
What are the differences between procedure and method? (Business studies)
The difference between a method and a procedure is similar to the difference between strategy and tactics, in that the two are often confused, and understandably so. Perhaps the easiest way to...
Business
Dimensions Of Business Environment
There are five dimensions of the business environment that influence many firms. These dimensions include the economic environment, the social environment, the political environment, the legal...
Business
How can economics help me make better decisions?
The study of economics may help you make better decisions. As with most things, the more informed a person is, the greater the chance that wise decisions will be made. If you study economics, you...
Business
Why do we study ethics?
People study ethics in order to learn about morality, integrity, responsibility, conscience, dignity, respect, and honor, as well as to learn about the difference between right and wrong or good...
Business
What are the advantages and disadvantages of capitalist democracy?
A capitalist democracy is a combination of a capitalist economic system and a democratic political system. Thus, advantages and disadvantages of the hybrid system can be derived from the two...
Business
What are strengths and weaknesses in listening habits, and what are some points in a plan for improving listening...
Someone with good listening habits pays full attention to the speaker and asks follow-up questions to indicate that she is listening. In addition, the listener does not interrupt and resists the...
Business
Please explain how surveys and the observation approach compare and contrast with one another.
Social researchers in many different fields use both surveys and observational approaches in conducting in-depth, qualitative research. Some researchers will use one method or the other or, in some...
Business
Difference Between Capital And Investment
In general, capital means the money, wealth, or financial assets of a business. These assets are held in various forms, used for expenditures, and represent a portion of a company's net worth. The...
Business
In today's environment, which is more important to organizations, efficiency or effectiveness?
In today’s business world, a business must be both effective and efficient. It would be very difficult to be successful if only one of these conditions was present. In order to maximize profits, a...
Business
What is the "contribution-sales ratio" where a Selling price per unit of $99, a Variable cost per unit of $66, and a...
The contribution sales ratio is the contribution to the income of the company that each sale of a product has. Essentially, it is a factor or percentage that determines how much money the company...
Business
Please give five real-life examples in India for the terms monopoly, monopolistic competition, and...
A monopoly is an economic market structure in which a single individual or a corporation is the only seller of unique goods and services; the seller has no other competitors and enjoys the...
Business
What is the difference between the concept of marketing and the marketing concept?
First and foremost, marketing is concerned with maximizing sales to boost business earnings. The concept of marketing sheds light on marketing as a discipline and how it has influenced businesses...
Business
What is the relationship between quality and productivity?
While “productivity” is not exclusive of “quality,” as “productivity” can, indeed, refer to the quality of output as well as the quantity of items produced or services performed, for purposes of...
Business
What are three of the basic pricing strategies and what are examples? What factors must be considered when setting...
There are a number of different pricing strategies which account for different competitive landscapes. Pricing strategy is an incredibly important aspect of the marketing mix. Cost-plus pricing is...
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