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| consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. |
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| Represent rewards earned bybusinesspeople who take the risks involved in blending people, tech, and info to create and market want-satisfying goods and services |
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| not-for-profit organizations |
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| businesslike establishments that have primary objectives other than returning profits to their owners |
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| four basic inputs: natural resources, capital, human Resources, and entrepreneurship |
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| all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits |
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| includes tech, tools, info, and physical facilities |
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| include anyone who works, including both the physical labor and the intellectual inputs contributed by workers |
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| willingness to take risks to create and operate a business |
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| Private Enterprise system |
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| economic system that rewards firms for their ability to identify and serve the needs and demands of customers |
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| economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers also called the private enterprise system |
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| Battle among businesses for consumer acceptance |
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| Competitive Differentiation |
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| unique combination of organizational abilities, products and approaches that sets a company apart from competitors in the minds of customers |
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| most basic freedom under the private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property |
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| Person who seeks a profitable opportunity and takes the necessary risk to set up and operate a business |
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| business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs |
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| process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary 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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| building and promoting products in hope that enough customers will buy them to cover costs and earn profits |
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| business era in which firms seek ways to actively nurture customer loyalty by carefully managing ever interaction |
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| collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties |
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| business application of knowledge based on scientific discoveries, inventions, and innovations |
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| partnership formed to create competitive advantage for the businesses involved; in international business, a business strategy in which a company finds a partner in the country where it wants to do business |
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| blending individuals of different genders, ethnic backgrounds, cultures,religions, ages, and physical and mental abilities |
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| Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country |
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| relocation of business processes to lower-cost locations overseas |
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| outsourcing production or services to locations near a 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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| ability to analyze and asses information to pinpoint problems or opportunities |
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| capacity to develop novel solutions to perceived organizational problems |
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