Business Essentials Test Answers |16 Questions| With Correct Answers.

outsourcing in relation to the primary business activities. {Ans: Outsourcing involves using outside organizations or consultants to perform one or more of the primary business activities. When a business needs human-resources management, for example, it can hire an outside firm to perform the activity instead of hiring in-house employees to do the job.}strategic management. {Ans: the process of planning, controlling, and organizing an organization or department. It involves long-term planning and organization.}five things a business needs to accomplish. {Ans: a. Obtain necessary resources b. Produce/Provide goods and services c. Market/Sell those goods and services d. Store/Retrieve information effectively e. Plan for the future}Explain how external business changes affect the primary business activities, in general. {Ans: When a business changes externally—through a merger, for example—the goals of the business change as the two become one. All of the primary business activities must combine in some way: strategic management, marketing, information management, human-resources management, operations, and financial analysis. What each business did before changes into what the single, united business does now.}marketing {Ans: the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.}financial analysis {Ans: the