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Mgmt 1

Vocab Chapter 1

QuestionAnswer
org that produces and sells a product for a profit business
making a product or providing a service production
process of conception, pricing, promo and delivery or products or services to meet needs marketing
business activity that deals with all money matters related to running a business finance
firms that produce goods for other businesses industrial businesses
firms engaged in providing products and services to the final user commercial businesses
refers to all businesses within a category. industry
something entirely new innovation
the ability of profit-making organizations to compete in other countries global competition
reaching stated goals - making good decisions about products and services to audience effectiveness
producing products and services quickly, at low cost, without wasting time and materials. efficiency
products made in the U.S.A. domestic goods
products made by firms in other countries foreign goods
the quantity, amount, produced within a given time. output
producing the largest quantity in the least time by using efficient methods and equipment productivity
cut back on goods provided, shrinking size of firm and no. of employees downsizing
letting workers decide hot to perform their work tasks and offer ideas how to improve work process empowerment
total market value of all goods and services produced in a country in a year GDP
Income not recorded in the GDP underground economy
person who starts, manages and owns a business entrepreneur
agreement between company and distributor to sell a product under francisor's condition franchise
parent company of a franchise agreement that provides product or service franchisor
distributor of a franchised product or service franchisee
employee given funds and freedom within a company to develop new product or process intrapraneur
Created by: lrowe
Popular Management sets

 

 



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