I2B: Chapter 1
Terms
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- Consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
- Business
- Represents rewards for businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.
- Profits
- Businesslike establishments that have primary objectives other than returning profits to their owners.
- Not-for-profit organizations
- Refers to the four basic inputs: natural resources, capital, human resources, and entrepreneurship.
- Factors of Production
- An economic system that rewards businesses for their ability to perceive and serve the needs and demands of consumers
- Private Enterprise System
- The battle among businesses for consumer acceptance.
- Competition
- The unique combination of organizational abilities and approaches that sets a company apart from competitors in the minds of consumers.
- Competitive differentiation
- A risk taker in the private enterprise system
- Entrepreneur
- Colonial, Industrial Revolution, Industrial Entrepreneurs, Production, Marketing, Relationship
- Six eras in Business History
- Can be a name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors offerings.
- Brand
- A worldwide network of interconnected computers that, within limits, lets anyone with access to a PC or other computing device send and receive images and data anywhere.
- Internet
- The collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties.
- Relationship Management
- The customer's perception of the balance between the positive traits of a good or service and its price.
- Value
- The degree of excellence or superiority of a firm's goods and services.
- Quality
- The ability of a good or service to meet or exceed buyer needs and expectations
- Customer Satisfaction
- The relationship between the number of units produced and the number of human and other production inputs necessary to produce them.
- Productivity
- The sum of all goods and services produced within its boundaries
- Gross domestic product (GDP)
- The ability to perceive marketplace needs and what an organization must do to satisfy them.
- Vision