Wiley – Essentials of Contemporary Business Ch. 1 – Flashcards
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Business
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All profit-seeking activities and enterprises that provide goods and services necessary to an economic system
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Profits
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Rewards earned by businesspeople who take the risks involved in blending people, technology, and information to create and market goods and services
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Non-for-profit Organization
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Businesslike establishment that has primary objectives other than returning profits to owners
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Factors of Production
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Natural Resources Capital Human Resources Entrepreneurship
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Natural Resources
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Production inputs in their natural states - Agriculture land - Building sites - Forests - Mineral Deposits
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Capital
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- Technology - Tools - Information - Physical Facilities
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Human Resources
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Anyone who works, providing either the physical labor or intellectual inputs
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Entrepreneurship
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Ability to see an opportunity and take the risks inherent in creating and operating a business
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Private Enterprise System
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Economic System that rewards firms for their ability to identify and serve the needs and demands of customers
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Capitalism
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Economic System that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system
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Competitive Differentiation
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Unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers
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Private Property
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Most basic freedom stating the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property
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Consumer Orientation
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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
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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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Brand
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name, term, sign, symbol, or some combination that identifies the products of one firm and differentiates them from competitors' offerings
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Transaction Management
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Building and promoting products in the hope that enough consumers will buy them to cover costs and earn profits
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Relationship Era
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Business era in which firms seek ways to actively nurture customer loyalty by carefully managing their interaction with buyers
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Diversity
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In a workforce, the blending of individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities
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Outsourcing
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Using outside vendors to produce goods or fulfill services and functions previously handled in-house or in-country
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Offshoring
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Relocation of business processes overseas
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Nearshoring
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Relocation of business processes near a firm's home base
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Onshoring
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Relocation of business processes to original manufacturing location
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Vision
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The ability to perceive marketplace needs and what an organization must do to satisfy them
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Critical Thinking
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Ability to analyze and assess information to pinpoint problems or opportunities
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Creativity
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Capacity to develop novel solutions to perceived organizational problems
