Business G100, Chapter 1

  1. Business
    Consists of all profit-seeking activities and enterprises that provide goods and services necessary to an econimic system.
  2. Profits
    Rewards for businesspeople who take the risks involved who take the risks involved to offer goods and services and customers.
  3. Factors of Production
    Four basic inputs for effective opperation: natural resources, capital, human resources, and entreneurship.
  4. Private Enterprise System
    Economic system that rewards firms for their ability to identify and serve the needs and demands of customers.
  5. Competition
    Battle among businesses for consumer acceptance.
  6. Competitive Differentation
    The unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.
  7. Entrepreneur
    Person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
  8. Brand
    name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.
  9. Branding
    The process of creating an identity in consumers' minds for a good, service, or company, is an important marketing tool.
  10. Transaction Management
    concentration on bulding and promoting products in teh hope that enough customers will buy them to cover costs and earn acceptable profits.
  11. Relationship Era`
    A different, long-term approach to their interactions with customers.
  12. Relationship Management
    The collection of activites that build and maintain ongoing, mutually beneficial ties with customers and other parties.
  13. Technology
    the business application of knowledge based on scientific discoveries, inventions, and innovations.
  14. Partnership
    an affiliation of two or more companies that help each other achieve common goals.
  15. Strategic Alliance
    a partnership formed to create a competitive advantage for the businesses involved.
  16. Outsourcing
    using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
  17. Diversity
    Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities, can enhance a firm's chances of success.
  18. Offshoring
    the relocation of business processes to lower-cost locations oversea's.
  19. Nearshoring
    Outsourcing production or services to locations near a firm's home base.
  20. Critical Thinking
    the ability to analyze and assess information to pinpoint problems or opportunities.
  21. Creativity
    the capacity to develop novel solutions to perceive organizational problems.
Card Set
Business G100, Chapter 1
Intro Bus, Chapter 1 vocab