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1.04 Key Terms
External Resources
Question | Answer |
---|---|
Business Community | Individuals employed in local/area organizations. |
Business Ethics | The Basic principles that govern a business's actions. |
Business Planning | Defining your organization's goals, structure and future strategy's. |
Concept Development | Involves coming up with a detailed description of an idea, explained from the perspective of your customer. |
External Resources | Suppliers of inputs that come from outside a business. |
Government Agencies | Special Government organizations set up for a specific purpose such as the management of resources, financial oversight of industries, or national security issues. |
Market Opportunities | A situation in which a product or service is potentially wanted or needed by consumers is identified by a business as not being supplied by rival companies. |
Mentor | An experienced worker who can act as a guide to new employees. |
Network | To connect with individual who might help accomplish personal, career, and professional goals. |
Prospective Customer | Any person or business with the potential to purchase a good, service, or idea ;qualified lead. |
Supplier | Vendors; businesses from which other businesses buy goods or services. |
Vendor | A supplier of goods, usually a wholesaler or distributor. |
Resources | Any item that is used to accomplish another activity, such as producing/providing goods and services. |
Risks | The possibility of loss (Failure) or gain (Success). |
Social Media | Forms of electronic communications through which users build communities, network, share information, etc. |