is a change in how a product or service is manufactured, created, or distributed to achieve greater efficiency.

involves creating and implementing new ideas, concepts, or technologies to enhance customer value and differentiate a company's market offerings.

introduces a new value proposition. It either creates new markets or reshapes existing markets.

This happens when products and services are too expensive because they are considered very high quality.

This occurs when the features of a product restrict its accessibility or confine its usage to inconvenient, centralized venues.

The is a financial statement that shows a company's revenues, expenses, and net profit over a specific period of time.

A statement of owner's equity is a financial statement that shows the changes in the owner's equity during a specific period of time. It includes information such as the beginning and ending balance of the owner's equity, net income or loss, additional investments made by the owner, and any withdrawals or distributions taken by the owner.

shows a company's financial position at a specific point in time. It provides a snapshot of its assets, liabilities, and shareholders' equity.

According to Stobierski (2020), It shows how cash is generated from operating activities, investing activities, and financing activities over a specific period.

The level of competition within the industry determines the pricing strategy.

The price of a product or service is determined by considering the total cost involved in its production.

The value determines the price of a product or service or its benefits to customers.

The pricing strategy is centered around two primary goals: expanding the market share and cultivating strong customer awareness and loyalty.

The price is strategically designed to boost sales volume and maximize profits within a specific timeframe.

The price is established depending on how much the customer is willing to pay.

It involves gathering a small group of individuals who respond to online surveys sent to them. This study stands out for its impressive capability to remotely gather data from groups of 6 to 10 individuals, thereby eliminating the need for in-person interaction with the participants.

This process consists of an interview, during which the researcher interacts personally with the respondent by asking a series of questions to collect data. The interviewer must rely on their skills to ask the right questions to elicit informative responses, as the questions are specific and open.

This method involves conducting thorough research in the actual environments where the respondents are situated. This approach entails observing consumers in their own homes. Observing individuals using products can provide a more comfortable and honest environment for researchers, although it requires a significant amount of time.

This approach helps explain, describe, or explore a specific issue, event, or phenomenon in detail within its everyday real-life context.

cannot be answered with a yes or no response. Instead, questions are phrased as a statement that requires a more extended response.

Evaluate the ideas with the most promising potential for success in the market.

Once an idea has been selected, the company must prototype its proposed product or service.

Determine if the product functions as intended or if the desired service offering ar to the target audience.

Once the prototype has been enriched with the analysis feedback, the final pro or service can be crafted and delivered to the market.

refers to erratic economic changes that can decrease sales, revenue, or profits. The 60% drop in airline revenue in 2020 due to the COVID-19 pandemic is a prime example of economic risk. Business owners must always prioritize monitoring the economy, identifying emerging risks, and developing solid plans to minimize damage in different scenarios. are constantly present due to global crises.

in essence, refers to internal and external circumstances that directly impact a company's profits. For instance, if a company defaults on its loans and does not have enough cash to manage its debt payments properly, it may be in financial trouble. Changes in the market or losses can also increase a company's

In today's rapidly evolving business environment, an increasing number of individuals rely on e-commerce, online shopping, and business to adapt to changing circumstances. Sadly, the growth of online businesses also comes with an increased risk to cybersecurity from hackers, cybercriminals, and fraudsters.

Businesses must abide by local laws and regulations restricting various business processes, regardless of their business type. refers to the potential for a company to face legal penalties, financial loss, and material consequences due to violating external laws and regulations or internal standards. Businesses are encouraged to review their risk compliance and new regulations regularly to ensure that operations operate appropriately to avoid.

Simply put, employees' failure or inability to carry out their essential responsibilities at work can result in human risks for businesses. An employee may make workplace mistakes due to alcohol or drug abuse, which can lower productivity and harm the company's overall reputation. Human risk can be caused by intentional actions like employee theft or circumstances that an employee cannot control, like health issues. A company can lose money when it is exposed to human risks.

A good business reputation is essential to running a successful business because it demonstrates honesty and trustworthiness. A company's reputation is in jeopardy, and reputational risk can negatively affect profits and shareholder confidence. A lawsuit, negative social media reviews, or other occurrences can significantly impact public opinion, harming a business's reputation and overall success. As a result, businesses need to employ efficient strategies for managing their reputation to monitor and respond to customer reviews and complaints continuously.

arises when a company loses ground to its rivals after establishing itself in an industry. This risk, often referred to as the "comfort risk," can arise when a company grows so complacent with the success or excellence of its products or services that it neglects to consistently enhance them. Consequently, this makes it easier for rivals to gain market share in a company's relevant market, negatively impacting overall sales and revenue.

A workplace layout tailored to the organization's specific needs and preferences. This combination can create a dynamic and versatile office environment that supports productivity and collaboration.

A workplace layout that incorporates private, individual workspaces known as "cells" or offices. The design typically features enclosed rooms or cubicles for each regular employee.

A workplace layout that is characterized by minimal walls or barriers between employees. It promotes a collaborative and open environment for communication and teamwork.