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15 Cards in this Set

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  • Back
human resources
production inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers
entrepreneurship
willingness to take risks to create and operate a business
capitalism
economic system that rewards businesses for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system
competitive differentiation
unique combination of organizational abilities and approaches that sets a company apart from competitors in the minds of customers
private property
most basic freedom under the private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, and various intangible kinds of property
consumer orientation
business philosophy incorporating the marketing concept of first determining unmet consumer needs and then designing a system for satisfying them
branding
process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool of consumer-oriented firms
technology
business applications of knowledge based on scientific discoveries, inventions, and innovations
World Wide Web (WWW or Web)
collection of Internet resources that offers easy access to text, graphics, sound, and other multi-media resources
transaction management
traditional business practice of concentrating on building and promoting products in the hope that enough customers will buy them to cover costs and earn acceptable profits
partnership
affiliation of two or more companies with the shared goal of assisting each other in the achievement of common goals; form of business ownership in which the company is operated by two or more people who are co-owners by voluntary legal agreement
strategic alliance
partnership formed to create competitive advantages for the business involved; in international business, a business strategy in which a company finds a partner in the country where it wants to do business
quality
degree of excellence or superiority of a firm's goods and services
gross domestic product (GDP)
sum of all goods and services produced within a country's boundaries during a specific time period, such as a year
outsourcing
contracting with another business to perform tasks or functions previously handled by internal staff members