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MGMT 101

Chapter 1

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
Created by: bjcj1001
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