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Stack #14586
| Question | Answer |
|---|---|
| business | all profit-seeking activities and enterprises that provide goods and services necessary to an economic system |
| profits | rewards for businesspeople who take the risks involved to offer goods and services to customers |
| factors of production | four basic inputs for effective operation: natural resources, capital, human resources, and entrepreneurship |
| natural resources | all productive inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits |
| capital | technology, tools, information, and physical facilities |
| not-for-profit organizations | businesslike establishments that have primary objectives other than returning profits to their owners |
| technology | broad term that refers to such machinery and equipment as production lines, telecommunications, and basic inventions |
| human resources | include anyone who works, from the CEO of a huge corporation to a self-employed auto mechanic; both physical labor and the intellectual inputs contributed by workers |
| entrepreneurship | the willingness to take risks to create and operate a business |
| entrepreneur | somone who sees a potentially profitable opportunity and then devises a plan to achieve success in the marketplace and earn those profits |
| private enterprise system (capitalism) | economic system that rewards businesses for their ability to identify and serve the needs and demands of customers |
| competition | battle among businesses for consumer acceptance |
| competitive differentiation | unique combination of organizational abilities and approaches that sets a company apart from competitors in the minds of the consumers |
| private property | most basic freedom of capitalism; every participant enjoys the right to own, use, buy, sell, and bequeath most forms of property, including land, buildings, machinery, equipment, patents on inventions, and various intangible properties |
| basic rights within a private enterprise system | private property, competition, profits, freedom of choice |
| colonial era | prior to 1776; primarily agricultural |
| industrial revolution era | 1760-1850; mass production by semiskilled workers, aided by machines |
| industrial entrepreneurs era | late 1800s; advances in technology and increased demand for manufactured goods, leadin to enormous entrepreneurial opportunities |
| production era | prior to 1920s; emphasis on producing more goods faster, leading to production innovations like assembly lines |
| marketing era | since 1950s; consumer orientation, seeking to understand and satisfy needs and preferences of customer groups |
| relationship era | began in 1990s; benefits derived from deep, ongoing links with individual customers, employees, suppliers, and other businesses |
| consumer orientation | process of determining what consumers wanted and needed and then designing products to satisfy those needs |
| branding | the process of creating an identity in consumers' minds for a good, service, or company |
| brand | name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings |
| technological revolution | a business application of knowledge based on scientific discoveries, inventions, and innovations to improve business |
| internet | worldwide network of interconnected computers that, within limits, lets anyone with a PC or other computing device send and receive images and data anywhere |
| world wide web | interlinked collection of graphically rich information sources within the largest internet |
| transaction management | process since the industial revolution where most businesses have concentrated on building and promoting products and then hoping that enough customers would buy them to cover costs and earn acceptable profits |
| relationship management | collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties |
| partnership | an affiliation of two or more companies with the shared goal of assisting each other in the achievement of common goals |
| strategic alliance | a partnership formed to create a competitive advantage for the business involved |
| value | the customer's perception of the balance between the positive traits of a good or service and its price |
| quality | the degree of excellence or superiority of a firm's goods and services |
| customer satisfaction | ability of a good or service to meet or exceed a buyer's needs and expectations |
| productivity | relationship between the number of units produced and the number of human and other production inputs necessary to produce them |
| total productivity equation | total productivity=output (goods or services produced)/input (human/natural resources, capital) |
| gross domestic product | the sum of all goods and services produced within a country's boundaries |
| In the coming decades, companies will face several trends that challenge their skills for managing and developing human resources: | aging of the population, shrinking labor pool, growing diversity of the workforce, the changing nature of work, and new employer-employee relationships |
| outsourcing | contracting with another business to perform tasks or functions previously handled by internal staff members |
| diversity | blending individuals of different ethnic backgrounds, cultures, religions, ages, genders, and physical and mental abilities; can enrich a firms chances of success |
| vision | the ability to perceive marketplace needs and what an organization must do to satisfy them |
| critical thinking | the ability to analyze and assess information to pinpoint problems or opportunities |
| creativity | the capacity to develop novel solutions to perceived organizational problems |
| business ethics | the standards of conduct and moral values involving right and wrong actions arising in the work environment |
| social responsibility | a management philosophy that highlights the social and economic effects of managerial decisions |
Created by:
andierosebud