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15 Cards in this Set
- Front
- Back
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human resources
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production inputs consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers
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entrepreneurship
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willingness to take risks to create and operate a business
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capitalism
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economic system that rewards businesses 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 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 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
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consumer orientation
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business philosophy incorporating the marketing concept of first determining unmet consumer needs and then designing a system for satisfying them
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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 of consumer-oriented firms
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technology
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business applications of knowledge based on scientific discoveries, inventions, and innovations
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World Wide Web (WWW or Web)
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collection of Internet resources that offers easy access to text, graphics, sound, and other multi-media resources
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transaction management
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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
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partnership
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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
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strategic alliance
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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
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quality
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degree of excellence or superiority of a firm's goods and services
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gross domestic product (GDP)
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sum of all goods and services produced within a country's boundaries during a specific time period, such as a year
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outsourcing
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contracting with another business to perform tasks or functions previously handled by internal staff members
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