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Business
Consists of all profit-seeking activities and enterprises that provide goods and services necessary to an econimic system.
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Profits
Rewards for businesspeople who take the risks involved who take the risks involved to offer goods and services and customers.
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Factors of Production
Four basic inputs for effective opperation: natural resources, capital, human resources, and entreneurship.
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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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Competition
Battle among businesses for consumer acceptance.
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Competitive Differentation
The unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.
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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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Brand
name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.
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Branding
The process of creating an identity in consumers' minds for a good, service, or company, is an important marketing tool.
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Transaction Management
concentration on bulding and promoting products in teh hope that enough customers will buy them to cover costs and earn acceptable profits.
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Relationship Era`
A different, long-term approach to their interactions with customers.
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Relationship Management
The collection of activites that build and maintain ongoing, mutually beneficial ties with customers and other parties.
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Technology
the business application of knowledge based on scientific discoveries, inventions, and innovations.
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Partnership
an affiliation of two or more companies that help each other achieve common goals.
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Strategic Alliance
a partnership formed to create a competitive advantage for the businesses involved.
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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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Diversity
Blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities, can enhance a firm's chances of success.
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Offshoring
the relocation of business processes to lower-cost locations oversea's.
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Nearshoring
Outsourcing production or services to locations near a firm's home base.
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Critical Thinking
the ability to analyze and assess information to pinpoint problems or opportunities.
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Creativity
the capacity to develop novel solutions to perceive organizational problems.
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