Business Management 12th Grade - Second Trimester Review

Vocabulary flashcards based on the 12th-grade Business Management microclass topics for the second trimester exam.

Quality System

A set of processes, standards, and procedures that an organization uses to ensure and improve the quality of its products or services.

Main Objective of a Quality System

To guarantee that products or services meet established requirements and satisfy customer needs.

Productivity

The relationship between the resources used and the quantity of goods or services produced.

Methods to Improve Productivity

Better work organization, staff training, proper use of resources, and application of technology.

Quality Standards

Criteria, requirements, or norms that establish the characteristics a product, service, or process must meet to be considered of quality.

Purpose of Quality Standards

To establish a level of quality, control processes, and verify that products or services meet established requirements.

Benefits of Applying Quality Standards

Improves products and services, reduces errors, increases customer trust, and favors process efficiency.

Entrepreneurship

The capacity to identify opportunities and develop initiatives or projects to create a product, service, or business.

Characteristics of an Entrepreneur

Being creative, responsible, persevering, proactive, and having the capacity to take risks responsibly.

Entrepreneurial Idea

A proposal that seeks to solve a need or problem through the creation of a product, service, or business.

Considerations for Developing an Entrepreneurial Idea

The need to be solved, potential customers, available resources, and market opportunities.

Analysis of an Entrepreneurial Idea

Evaluating an idea prior to development to determine if it is viable, if there is a market need, and if it can become a successful project.

Business Plan

A document that describes a business idea, its objectives, strategies, resources, market, and economic aspects.

Purpose of a Business Plan

To organize and evaluate a business idea, establish how it will work, and determine whether it can be viable.

Elements of a Business Plan

Business description, market analysis, marketing plan, organization, operations, resources, and financial projections.