Module 1 Business Management Characteristics Of Business Already Passed

Empowerment {Ans: giving employees the authority to correct a problem without first checking with management}Global Competition {Ans: The ability of businesses from one country to compete with similar businesses in other countries.}Marketing {Ans: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large}Specialization of effort {Ans: jobs broken down into smaller parts so that employees can become experts at repeating the one task (i.e. assembly line)}Franchise {Ans: A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area}Underground economy {Ans: a market where the buyers and sellers make transactions in violation of one or more government regulations}