Save
Busy. Please wait.
Log in using Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards