Contemporary Business Chapter 1 (Business Terms)
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| Business | All profit-seeking activities and enterprises that provide goods and services necessary to an econmic system.
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| Profits | Rewards for businesspeople who take the risks involved to offer goods and services to customers.
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| Not-for profit organizations | Organization that has primary objectivies such as public service rather than returning a profit to its owners.
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| Factors of production | Four basic inputs for effective operation; natural resources, capital, human resources, and entrepreneurship.
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| Capital | Production inputs consisting of technology, tools, information, and physical facilities.
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| Human resources | Production inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers.
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| Enterpreneurship | Willingness to take risks to create and operate a business.
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| Private enterprise system | Economic system that rewards firms for their ability to identify and serve the needs and demands of customers
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| 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.
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| Competition | Battle among businesses for consumer acceptance.
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| Competitive differentiation | Unique combination of organizational abilities, products, and approcaches that sets a company apart from competitors in the minds of customers.
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| 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.
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| Entrepreneur | Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
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| Consumer orientation | Business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs.
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| Branding | Process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary business.
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| Transaction management | Building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.
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| Relationship era | The business era in which firms seeks ways to activively nuture customer loyalty by carefully managing every interaction.
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| Relationship management | Collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties.
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| Technology | Business application of knowledge based on scientific discoveries, inventions, and innovations.
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| 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.
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| Diversity | Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enchance a firm's chances of success.
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| Outsourcing | Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
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| Offshoring | Relocation of business processes to lower-cost locations overseas.
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| Nearshoring | Outsourcing production or services to locations near a firm's home base.
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| Vision | The ability to perceive marketplace needs what an organizaiton must do to satisfy them.
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| Critical thinking | Ability to analyze and assess information to pinpoint problems or opportunities.
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| Creativity | Capacity to develop novel solutions to perceived organizational problems.
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