TECHNO

1.Is a firm’s plan or diagram for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the profits it earns.

2.which refers to a business model that revolutionizes how a product is produced, sold, or supported after the sale.

3.is the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user.

4.primary activities of value chain

5. Support activities of value chain

6. Involves all the activities required to manufacture a product.

7.: Involves a firm’s relationship with its suppliers and involves all the activities of receiving, storing, and shipping component parts to the place where they will be added to the final product.

8.Involves all the activities required to warehouse and ship a finished product.

9.which describes how a firm competes relative to its competitors.

10.which pre- vents a firm from seeing an opportunity that might fit its business model.

11.defines the products and markets on which it will concentrate.

12. Describes why it exists and what its business model is supposed to accomplish.

13.Firms that have a______________strive to have the lowest costs in the industry, relative to competitors’ costs, and typically attract customers by offering them a low, if not the lowest, price for the products they sell.

14.firms using a ____________ compete on the basis of providing unique or different products, typically on the basis of quality, service, timeliness, or some other dimension that is important to customers.

15.This process of adapting a company’s core competencies to exploit new opportuni- ties is referred to as

16 are anything rare and valuable that a firm owns.

17.is a company that provides parts or services to another company.

18. An entity created by two or more firms pooling a portion of their resources to create a separate, jointly owned organization

19. A hub-and-wheel configuration with a local firm at the hub organizing the interdependencies of a complex array of firms

20. A group of organizations with similar needs that band together to create a new entity to address those needs

21.An arrangement between two or more firms that establishes an exchange relationship but has no joint ownership involved

22. Organizations (typically nonprofit) that are formed by firms in the same industry to collect and disseminate trade information, offer legal and technical advice, furnish industry-related training, and provide a platform for collective lobbying

23.takes place when a service provider comes inside a partner’s facilities and helps the partner both design and manage its supply chain.

24.how a firm interacts with its customers is the fourth component of a business model.

25.is the limited group of individuals or businesses that it goes after or tries to appeal to, as discussed earlier in this book.

26.THE MOST COMMON TYPES OF BUSINESS PARTNERSHIPS

27.Component of business model

28.Three things are particularly important in building a strong ethical culture in a firm:

29.is a formal statement of an organization’s values on certain ethical and social issues.

30. Teach business ethics to help employees deal with ethical dilemmas and improve their overall ethical conduct.

31.is a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical.

32.There are several steps entrepreneurs can take to avoid legal disputes and complications,

33.binds an employee or another party (such as a supplier) to not disclose a company’s trade secrets.

34.is a process in which an impartial third party (usually a profes- sional mediator) helps those involved in a dispute reach an agreement.

35.prevents an individual from competing against a former employer for a specific period of time.

36.Factors Critical in Selecting a Form of Business Organization

37. Is the ability to sell a business or other asset quickly at a price that is close to its market value.

38.Advantages of a Sole Proprietorship

39.Disadvantages of a Sole Proprietorship

40.details the responsibilities and the ownership shares of the partners involved with an organization.

41.partnership is a modified form of a general partnership.

42.is a separate legal entity that, in the eyes of the law, is separate from its owners.

43. Is typically issued to conservative investors who have preferential rights over common stockholders in regard to dividends and to the assets of the corpora- tion in the event of liquidation.

44.is issued more broadly than preferred stock.

45.chain of effects is referred to as

46.which means that a corporation is taxed on its net income and, when the same income is distributed to share- holders in the form of dividends, is taxed again on shareholders’ personal income tax returns.

47.the voting stock is held by a small number of individuals and is very thinly or infrequently traded.

48. Meaning that it typically isn’t easy to find a buyer for the stock.

49. Are a special form of incentive compensation.

50.is a form of business organization that is rapidly gaining popularity in the United States.

51. Combines the advantages of a partnership and a C corporation.

52.There are three reasons that most entrepreneurial ventures need to raise money during their early life:

53.is the rate at which it is spending its capital until it reaches profitability. Although a negative cash flow is sometimes justified early in a firm’s life—to build plants and buy equipment, train employees, and establish its brand—it can cause severe complications.

54.There are three categories of sources of money in this area:

55. Represents the value of the time and effort that a founder puts into a new venture.

56. Is finding ways to avoid the need for external financing or funding through creativity, ingenuity, thriftiness, cost-cutting, or any means necessary.10 (The term comes from the adage “pull yourself up by your boot- straps.”)

58. Are individuals who invest their personal capital directly in start-ups.

59.is money that is invested by venture capital firms in start-ups and small businesses with exceptional growth potential.

60.is any product of human intellect that is intangible but has value in the marketplace.

61.The Four Key Forms of Intellectual Property

62.is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent.

63.Three Basic Requirements for a Patent

64.New or useful process, machine, manufacture, or composition of material or any new and useful improvement thereofNot Obvious

65. Invention of new, original, and ornamental designs for manufactured products

66.Any new varieties of plants that can be reproduced asexually

67.The six-step process for obtaining a patent

68.takes place when one party engages in the unauthorized use of another party’s patent.

69.The Four Types of Trademarks

70.previously, include any word, name, symbol, or device used to identify and distinguish one company’s products from another’s.

71.are similar to ordinary trademarks, but they are used to identify the services or intangible activities of a business rather than a business’s physical product.

72. Are trademarks or service marks used by the members of a cooperative, association, or other collective group, including marks indicating membership in a union or similar organization.

73.What Is Protected Under Trademark Law? Trademark law, which falls under the Lanham Act, passed in 1946, protects the following items:

74.The Process of Obtaining a Trademark

75.is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work.

76.which are works that are new renditions of something that is already copyrighted, are also copyrightable.

77.occurs when one work derives from another, is an exact copy, or shows substantial similarity to the original work.

78.which is the limited use of copyrighted material for purposes such as criticism, comment, news reporting, teaching, or scholarship.

79.is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competi- tive advantage in the marketplace.

80.is a written narrative, typically 25 to 35 pages long, that describes what a new business intends to accomplish and how it intends to accomplish it.

81.Two Primary Reasons for Writing a Business Plan

82.two primary audiences for a firm’s business plan.

83.RED FLAGS IN BUSINESS PLANS

84.Types of Business Plans