LAP-EC-019 Strictly Business – Business Activities – Flashcards
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Inventory management
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The process of supervising and controlling the number of finished products a company has in stock
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Manufacturing
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Changing the shapes or forms of materials so that they will be useful to consumers
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Marketing
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The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Nonprofit business
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Business or organization whose intent is to make enough money to support its mission
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Offshoring
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Producing goods in foreign countries
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Operations
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The day to day activities required for continued business functioning
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Outsourcing
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Acquiring assistance from outside organizations/consultants to perform primary business activities
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Production
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The process or activity of producing goods and services
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Purchasing
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The process of acquiring the goods and services necessary to keep production going and to accomplish business goals
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Quality control
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Ensuring the degree of excellence of a good or service
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Recruiting
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Seeking out and attracting qualified potential employees
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Strategic management
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The process of planning, controlling, and organizing an organization or department
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Strategic position
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How a business measures up in relation to other businesses in the industry? can involve the image or impression of a business or organization
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Technology
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Scientific applications to business objectives or the methods used to attain those objectives
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Venture capital
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Invested money used for new business opportunities
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Virtual services
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Services provided through a medium of communication (such as the Internet), rather than in person
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