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business flash cards

QuestionAnswer
Outline the key internal and external stakeholders in a business and their importance. Internal: Owners, employees, and managers. External: Customers, suppliers, government, and local community.Importance: They provide resources (capital, labor), buy products, and provide the 'license to operate' through regulation and social approval.
Demonstrate how stakeholders interact and identify potential conflict. Stakeholders interact through contracts and trade. Conflict: Usually arises from competing goals (e.g., Employees wanting high wages vs. Owners wanting high profits; or Customers wanting low prices vs. Suppliers wanting high prices).
Suggest ways of avoiding and resolving stakeholder conflict. Avoidance: Clear communication, transparency, and fair contracts. Resolution: Negotiation, mediation, or arbitration (third-party involvement).
What is Stakeholder Mapping and why is prioritization important? It uses a Power/Interest matrix to categorize stakeholders. Importance: It helps managers decide which groups need the most attention to ensure business stability and project success.
Define Innovation, Intrapreneurship, and Entrepreneurship. Innovation: Successful commercialization of a new idea. Intrapreneurship: Using entrepreneurial skills inside an existing company. Entrepreneurship: Taking the risk to start and manage a new venture.
What is the role of Government in fostering enterprise? Providing grants (via Enterprise Ireland/ LEOs), tax incentives (R&D tax credits), infrastructure, and favorable legislation to encourage startups and growth.
Outline Design Thinking and its iterative nature. A person-centered approach (Empathize, Define, Ideate, Prototype, Test). It is iterative because testing often reveals flaws, forcing the designer to go back and refine ideas based on user feedback.
Contrast a Feasibility Study and a Business Plan. Feasibility Study: Determines if an idea is viable (Can it be done?). Business Plan: A roadmap detailing how the business will operate, market itself, and stay financially sound.
Outline the importance of Ethics and Sustainability in planning. Ensures long-term viability, builds brand reputation, and complies with increasing environmental regulations (CSR).
Identify key elements of the Business Model Canvas (BMC). Value Proposition, Customer Segments, Channels, Customer Relationships, Revenue Streams, Key Activities, Key Resources, Key Partnerships, and Cost Structure.
How is Digital Technology a driver of change in business? It enables remote work, global e-commerce, data analytics for marketing, and automates manual operations, lowering costs and increasing speed.
Evaluate the influence of Ethics and Sustainability on Marketing. Consumers increasingly favor 'green' products. Ethics prevents 'greenwashing' and ensures fair pricing and honest advertising, building long- term loyalty.
What is a STEEPLE analysis? An external audit tool: Social, Technological, Economic, Environmental, Political, Legal, and Ethical factors.
Outline the Marketing Mix (4 Ps). Product: Features/Benefits/USP. Price: Strategy (skimming, penetration). Place: Channels of distribution. Promotion: Communication with the target market.
Explain Porter’s Five Forces model. 1. Competitive Rivalry, 2. Threat of New Entrants, 3. Threat of Substitutes, 4. Supplier Power, 5. Buyer Power. It identifies the intensity of competition in an industry.
What are the three factors in an ESG report? Environmental (carbon footprint), Social (labor rights, diversity), and Governance (board diversity, ethics, transparency).
Created by: user-2040381
 

 



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