business
Business fundamentals
Chapter 1
Business = Individuals or organizations trying to earn a profit by providing products that satisfy people’s needs.
Products = Goods or services with tangible and intangible characteristics that provide satisfaction and benefits.
A Product Can Be…
Tangible Goods = Automobile ,Computer ,Phone,Coat
Services = Dry cleaning, Doctor’s checkup, Basketball game,Concert
Ideas = Professionals generate ideas for solving problems
The Goal of Business: The goal of business
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What is postponement?
An operations management tactic called postponement is delaying final manufacturing or customization until a client order is received. By producing products in a semi-finished state and deferring full assembly until the actual client order is received, this method enables manufacturers to shorten lead times, expand the product line, and enhance inventory management. To cut inventory costs, boost flexibility, and improve responsiveness to customer requests, postponement can be
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a. $1,063,968 b. $1,119,966 c. $1,178,912 d. $1,240,960 e. $1,303,008
ANSWER: d
2. Which of the following statements is CORRECT?
1. Your father is about to retire, and he wants to buy an annuity that will provide him with $85,000 of income a year for 25 years, with the first payment coming immediately. The going rate on such annuities is 5.15%. How much would it cost him to buy the annuity today?
a If inflation is expected to increase in the future, and if the maturity risk premium (MRP) is greater
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advertising is aimed at a consumer receiver and has 3 goals: report to publicize a new product on the market and for the brand, information should be objective but not disinterested. Persuade, creating advertising that consumers will shift to that brand or product, seeking to influence and change consumer behavior in a rational, emotional or unconscious. Remember, to maintain brand loyalty and ensure repeat purchases.The advertising company that issues messages often contain a greater or lesser Read More
Exam 1 Cheat Sheet
Uniformitarianism:The present is the key to the past.Gradual changes over time have big events.If assumptions wrong,conclusions based on them are also wrong.Ibn Sina/ Avicenna: First use Stratigraphic principles. concerns order/relative position of strata and their relationship to the geological time scale. Index Fossil:fossil that existed for a short period of time, abundant in fossil record (generally marine invertebrates). Radioactive Decay:Using the constant decay of radioactive isotopes as
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