Business
All profit-seeking activities and enterprises that provide goods and services necessary to an economic system
Profits
Rewards for businesspeople who take risks involved in blending people, technology, and information to create and market want-satisfying goods and services
Not-for profit organizations
Business-like establishments that have primary organizations other than returning profits to their owners.
Private Enterprise System
Rewards firms for their ability to identify and serve the needs and demands of customers.
Competition
Battle among businesses for consumer acceptance
Entrepreneur
Person who seeks a profitable opportunity and takes risks to set up and operate a business
Brand
Name, term, sign, symbol, design to identify a company and differentiate it from other companies
Relationship management
collection of activities that build ongoing, mutually beneficial ties between a business and its customers and other parties
Outsourcing
Using outside vendors to produce goods or fulfill services and functions that were previously handled in-country / in-house
Offshoring
The relocation of business processes to lower-cost locations overseas.
Nearshoring
Outsourcing production or services to locations near a firm's home base.
Factors of Production
Four basic inputs: natural resources, capital, human resources, and entrepreneurship.
Partnership
An affiliation of 2 or more companies that help each other achieve common goals.
Strategic Alliance
A partnership formed to create a competitive advantage for the businesses involved.
Branding
The process of creating an identity in consumers' minds for a good, service, or company.
Transaction Management
Where businesses concentrate on building products in the hope that enough customers will buy them to cover the costs with acceptable profits.
Social Responsibility
Management philosophy that includes contributing resources to the community, preserving the natural environment, and developing or participating in non-profit programs designed to promote the well-being of the general public.
Business Ethics
The standards of conduct and moral values involving decisions made in the work environment.
Competitive Differentiation
The unique combination of organizational abilities,products, and approaches that sets a company apart from competitors in the minds of consumers.