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Mgmt 1
Vocab Chapter 1
Question | Answer |
---|---|
org that produces and sells a product for a profit | business |
making a product or providing a service | production |
process of conception, pricing, promo and delivery or products or services to meet needs | marketing |
business activity that deals with all money matters related to running a business | finance |
firms that produce goods for other businesses | industrial businesses |
firms engaged in providing products and services to the final user | commercial businesses |
refers to all businesses within a category. | industry |
something entirely new | innovation |
the ability of profit-making organizations to compete in other countries | global competition |
reaching stated goals - making good decisions about products and services to audience | effectiveness |
producing products and services quickly, at low cost, without wasting time and materials. | efficiency |
products made in the U.S.A. | domestic goods |
products made by firms in other countries | foreign goods |
the quantity, amount, produced within a given time. | output |
producing the largest quantity in the least time by using efficient methods and equipment | productivity |
cut back on goods provided, shrinking size of firm and no. of employees | downsizing |
letting workers decide hot to perform their work tasks and offer ideas how to improve work process | empowerment |
total market value of all goods and services produced in a country in a year | GDP |
Income not recorded in the GDP | underground economy |
person who starts, manages and owns a business | entrepreneur |
agreement between company and distributor to sell a product under francisor's condition | franchise |
parent company of a franchise agreement that provides product or service | franchisor |
distributor of a franchised product or service | franchisee |
employee given funds and freedom within a company to develop new product or process | intrapraneur |