Across
- 2. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic analysis framework used to evaluate the internal and external factors that can impact a business.
- 3. Competitors are other businesses or organizations that operate in the same industry or market and offer similar products or services, thereby vying for the same customers.
- 6. The CEO, or Chief Executive Officer, is the highest-ranking executive in a company who is responsible for making major corporate decisions and managing the overall operations of the organization.
- 10. The amount customers are willing to pay for the product.
- 11. Budgeting is the process of planning and allocating financial resources to various activities or departments within a business, with the goal of achieving financial objectives.
- 13. Management refers to the process of planning, organizing, coordinating, and controlling resources and activities within a business to achieve its objectives effectively and efficiently.
- 17. The distribution channels used to make the product available to customers.
- 19. The ability to make firm and quick decisions with confidence.
- 20. The potential market refers to the total number of individuals or organizations who could potentially become customers for a specific product or service.
- 22. A business refers to an organization or enterprise engaged in commercial, industrial, or professional activities with the goal of generating revenue.
- 25. A sole proprietorship is a business owned and operated by a single individual, who is personally liable for all business debts and obligations.
- 29. A partnership is a business structure in which two or more individuals or entities collaborate and share the risks, responsibilities, and profits of the business.
- 30. Suppliers are companies or individuals who provide goods or services to a business, enabling it to carry out its operations.
- 32. Positioning refers to the strategic process of establishing a distinct identity and image for a product or brand in the minds of consumers, relative to competitors, based on key attributes and benefits.
- 33. PESTEL is an acronym for Political, Economic, Social, Technological, Environmental, and Legal factors. It is a framework used to analyze the external macro-environmental factors affecting a business.
- 34. A communicator is someone who effectively conveys information, ideas, or messages to others, fostering understanding and collaboration within a business environment.
- 36. The employees and staff involved in delivering the service.
- 37. Investing involves allocating money, resources, or time into ventures or assets that are expected to generate a return or profit over time.
- 39. Being proactive means taking initiative and anticipating future needs or challenges, rather than simply reacting to them, to achieve desired outcomes.
- 40. Being innovative involves introducing new ideas, methods, or products that bring about positive changes and advancements within a business or industry.
Down
- 1. The marketing activities used to promote and communicate the product to the target audience.
- 4. Operating refers to the day-to-day activities and processes involved in running a business, such as production, distribution, and customer service.
- 5. A corporation is a legal entity that is separate and distinct from its owners, providing limited liability and allowing for the issuance of stocks to raise capital.
- 7. An entrepreneur is an individual who starts and operates a business venture, taking on financial risks with the aim of making a profit.
- 8. Marketing involves activities aimed at promoting and selling products or services, including market research, advertising, branding, and customer communication.
- 9. An opportunity seeker actively searches for and identifies potential business opportunities or gaps in the market, aiming to capitalize on them for entrepreneurial ventures.
- 12. The government refers to the governing body or authority that establishes and enforces laws and regulations, which can have a significant impact on businesses and their operations.
- 14. Accounting involves the systematic recording, analyzing, and reporting of financial transactions and information, enabling businesses to track and evaluate their financial performance.
- 15. Finance refers to the management of money, assets, investments, and financial resources within a business, with a focus on maximizing profitability and ensuring financial stability.
- 16. A leader is an individual who guides, inspires, and influences others within an organization, providing direction and making decisions to achieve common goals.
- 18. Customers are individuals or entities who purchase or consume products or services offered by a business.
- 21. The tangible elements that support the service experience.
- 23. Economics is the study of how individuals, businesses, and societies allocate limited resources to satisfy their needs and wants, and how they interact in the production, distribution, and consumption of goods and services.
- 24. Organizations owned and operated by a group of individuals or businesses, working together to meet common needs and share benefits.
- 26. The procedures and workflows involved in delivering the service.
- 27. A risk taker is someone who willingly takes on calculated risks, often in pursuit of business opportunities, with the understanding that there is a chance of loss or failure.
- 28. The goods or services offered by a company.
- 31. Packaging refers to the design and creation of the outer covering or container for a product, serving to protect, preserve, promote, and inform consumers about the product.
- 35. Market analysis involves studying and evaluating market conditions, trends, customer preferences, and competitors to make informed business decisions.
- 38. Profit is the financial gain or positive difference between total revenues and total expenses in a business, indicating the amount of money earned after deducting costs.