The Business Definition Has Three Elements: ________

question 25

Multiple Choice

The business definition has three elements: ________.

• A) Offer, target market, and production/delivery capability
• B) Offer, acceptance, and consideration
• C) Business definition, target market, and market analysis
• D) Target market, potential customers, and production capability
• E) None of the above

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Definitions:

Complexity

The degree to which many different types of activities occur in the organization.

Formalization

The process of establishing official procedures and rules within an organization.

Specialization

The process of focusing on a narrow area of expertise, enhancing efficiency and proficiency in performing specific tasks or roles.

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.