Briefly state the difference between a market and an industry. How are these two items related to small business success?
What will be an ideal response?
A market consists of buyers, current or potential customers who are interested in purchasing a particular class of products or services to satisfy their wants or needs - and they must have the ability to pay for them.
An industry is made up of sellers who compete with one another by offering identical or similar products or services for sale to the same general group of buyers. Both markets and industries are considered part of the macro level of the business.
A market with potential, an attractive industry and a capable individual or team with skills and capabilities to pull together are critical for success.
You might also like to view...
Which of the following partnership characteristics is an advantage?
A) Mutual agency B) Ease of dissolution C) Unlimited liability D) Limited life
George wants to give a dining room table to Colleen. The table is in a self-serve storage unit
George gives the key to the storage unit to Colleen. Colleen takes the key, showing the appropriate gratitude. Which of the following statements best describes this situation? A) This gift is not valid because there is no consideration. B) George has made a valid gift to Colleen. C) This gift is not valid because there is no delivery. D) This gift is not valid because there is no acceptance. E) This gift is not valid because there is no donative intent.
Brenda, the sales manager of a firm, wants to generate a particular report containing sales analyses of the second and third quarter of the year. She should use a ________ to obtain the information that she wants from the database.
A. data model B. report C. query D. pull function E. database administrative function
Which of the following technologies refers to artificial-intelligence (AI) systems that learn? Such systems learn by applying algorithms to data to identify user trends that inform future suggestions and data searches.
A. adaptive learning B. machine learning C. expert systems D. augmented reality