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| All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. |
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Rewards for businesspeople who take the risks involved to offer goods and services to customers. |
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Four basic inputs for effective operation 1) Natural resources 2) Capital 3) Human resources 4) Entrepreneurship |
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Private Enterprise System |
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Econmic system that rewards firms for their ability to identify and serve the needs and demands of customers. |
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| Battle among businesses for consumer acceptance. |
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Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. |
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| Name,term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors offerings. |
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| Collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties. |
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| Using outside vendors to produce goods or fulfill services and functions that were previously handled incountry or in-house. |
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| Basic Rights in the Private Enterprise System |
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Private Property Competition Profits Freedom of Choice |
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| Six Eras in Business History |
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1) Colonial Period 2) Industrial Revolution 3) Age of Industrial Entrepreneurs 4) Production Era 5) Marketing Era 6) Relationship Era |
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| A business-like establishments whose primary objectives involve social, political, governmental, educational, or similar functions--instead of profits. |
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| Include all production inputs that are useful in their natural states. |
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Includes Technology, tools, information, and physical facilities. |
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Includes anyone who works for the firm. |
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| Is the willingness to take risk to create and operate a business. |
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| Another Name for the (P)rivate (E)nterprise (S)ystem. |
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| Competitive Differentiatiton |
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| The unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers. |
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| Is the most basic freedom under the private enterprise system. |
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| A Process of determining what consumers wanted and needed and then designing products to satisfy those needs. |
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| the process of creating and identity in consumers' minds for a good, service, or company, is an important marketing tool. |
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| Building and promoting products in the hope that enough customers will buy them to cover costs and earn acceptable profits. |
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| Business that are taking a different, longer-term approach to their interactions with customers. |
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| The business application of knowledge based on scientific discoveries, inventions, and innovations. |
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An Affiliation of two or more companies that help each other achieve common goals. |
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| A partnership formed to create a competitive advantage for the businesses involved. |
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| Blending individuals of different genders, ethic backgrounds, cultures, religions, ages, and physical and mental abilities. |
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| The relocation of business processes to lower-cost locations overseas. |
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outsourcing production or services to locations near firm's home base. |
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| The ability to perceive marketplace needs and what an organization must do to satisfy them. |
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The ability to analyze and assess information to pinpoint problems or opportunities. |
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| The capacity to develop novel solutions to perceived organizational problems. |
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