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MGMT 101
Chapter 1
| Question | Answer |
|---|---|
| Business | All profit-seeking activities and enterprises that provide goods and services necessary to an economic system |
| Profits | Rewards earned by businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services |
| Not-For-Profit Organizations | Businesslike establishments that have primary objectives other than returning profits to their owners |
| Factors of Production | Four basic inputs: natural resources, capital, human resources, and entreprenership |
| Natural Resources | All production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits |
| Entrepreneurship | 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 ability to perceive and serve the needs and demands of consumers; also called the private enterprise system |
| Competition | Battle among businesses for consumer acceptance |
| Competition Differentiation | Unique combination of organizational abilities, products, and approaches 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 intangible kinds of property |
| Entrepreneur | Person who seeks 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 |
| Brand | Name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings |
| Transaction Management | Building and promoting products in the hope that enough customers will buy them to cover costs and earn profits |
| Relationship Era | Business era in which firms seek ways to actively nurture customer loyalty by carefully managing every interaction |
| Social Era | Business era in which firms seek ways to connect and interact with customers using technology |
| Relationship Manangement | Collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties |
| 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 |
| 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 and what an organization 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 |
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