Page 72 - Introduction to Business

46 PART 1 The Nature of Contemporary Business

After reading this chapter you should be able to will help you decide on an ideal location for your
address some basic issues related to the input and out- business?
put of your firm, the firm’s performance measures, and 3. Is yours a for-profit or not-for-profit business? Will
the impact of technology. your business be private or public? How do you
1. Describe the major inputs that will be used by your plan to reinvest and grow your business? How will
firm and the sources of these resources. Is the sup- you determine success or failure in your business?
ply of inputs stable or is it volatile? What is your How would you handle business failure, i.e., what
strategy for maintaining an uninterrupted supply is your exit strategy? What ethical standards have
of inputs at relatively stable prices? you set for your business?
2. How will you determine the market for your prod- 4. Describe how you will use information technology
ucts or services? Will you analyze consumer diver- to make your business efficient.
sity and demographics? What are the factors that

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