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Contmp Bus. Ch. 1a

Contemporary Business Chapter 1 (Business Terms)

TermDefinition
Business All profit-seeking activities and enterprises that provide goods and services necessary to an econmic system.
Profits Rewards for businesspeople who take the risks involved to offer goods and services to customers.
Not-for profit organizations Organization that has primary objectivies such as public service rather than returning a profit to its owners.
Factors of production Four basic inputs for effective operation; natural resources, capital, human resources, and entrepreneurship.
Capital Production inputs consisting of technology, tools, information, and physical facilities.
Human resources Production inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers.
Enterpreneurship Willingness to take risks to create and operate a business.
Private enterprise system Economic system that rewards firms for their ability to identify and serve the needs and demands of customers
Capitalism Economic system that rewards firms for their abilitity to perceive and serve the needs and demands of consumers; also called the private enterprise system.
Competition Battle among businesses for consumer acceptance.
Competitive differentiation Unique combination of organizational abilities, products, and approcaches that sets a company apart from competitors in the minds of customers.
Private property 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 intagible kinds of property.
Entrepreneur Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
Consumer orientation Business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs.
Branding Process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary business.
Transaction management Building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.
Relationship era The business era in which firms seeks ways to activively nuture customer loyalty by carefully managing every interaction.
Relationship management Collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties.
Technology Business application of knowledge based on scientific discoveries, inventions, and innovations.
Strategic alliance Partnership formed to create a 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.
Diversity Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enchance a firm's chances of success.
Outsourcing Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
Offshoring Relocation of business processes to lower-cost locations overseas.
Nearshoring Outsourcing production or services to locations near a firm's home base.
Vision The ability to perceive marketplace needs what an organizaiton must do to satisfy them.
Critical thinking Ability to analyze and assess information to pinpoint problems or opportunities.
Creativity Capacity to develop novel solutions to perceived organizational problems.
Created by: Willingtolearn
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