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BusAd101 ch.1
Ball State Business
| Question | Answer |
|---|---|
| What is the nation's engine for growth? | Business |
| What do business firms need to succeed | What their customers want. |
| Business | All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. |
| Profits | rewards for business people who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services. |
| Buyers | recognize a need for a good or service and trades money for that product. |
| Sellers | participate in the process of gaining profits by trading products for money. |
| Not-for-profit | a business-like establishment that has a primary objective other than returning profits to their owners. |
| Private-sector | museums, libraries, trade associations, and charitable, and religious organizations. |
| Public-sector | government agencies, politician parties, and labor unions. |
| Factors of Production | Natural Resources, Capital, Human Resources, and Entreprenuership. |
| Natural Resources | All production inputs that are useful in their natural state - agriculture |
| Capital | Production inputs consisting of technology, tools, information, and physical facilities |
| Human Resources | production inputss consisting of anyone who works, including both the physical labor and the intellectual inputs contributed by workers. |
| Entreprenuership | the willingness to take risks to create and operate a business. |
| Private Enterprize System | economic system that rewards firms for their ability to identify and serve the needs and demands of customers. |
| Capitalism | economic system that rewards firms for their ability to percieve and to serve the needs and demands of consumers, (another name for Private Enterprize System). |
| Competition | battle among business for consumer acceptance. |
| Competitive Differentiation | unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers. |
| What are the basic rights in the Private Enterprize System? | Own Private Property, Keep Profits, Competition, and Freedom of Choice. |
| Private Property | the most basic freedom under the Private Enterprize System. The right to own, use, buy, and sell land, buildnings, machinery, equipment, patents, individual possesions, and other various types of tangible property. |
| Entrepreneur | a person who seeks a profitable opportunity and takes the risks to set up and operate a business. |
| What are the six areas in the History of Business? | Colonial Period, Idustrial Revolution, Industrial Entrepreneurs, Production, Marketing, and Relationship. |
| Colonial Period | Rural and Agricultural production |
| Industrial Revolution | Mass production by semi-skilled employees with the aid of machines. |
| Industrial Entrepreneurs | Advances in technology and increased demand for manufactured goods, leading to enormous entrepreneural opportunities. |
| Production | Emphasis on producing more goods faster, leading to production innovations such as the assembly line. |
| Marketing | Consumer orientation, seeking to understand and satisfy needs and preferences of customer groups. |
| Relationship | Benefits derived from deep, on-going links with individual customers, employees, suppliers, and other businesses. |
| Marketing Era | Consumer orientation, branding, brand |
| Consumer Orientation | business philosophy that focuses first on determining unmet customer wants and needs, and then designing products to satisfy those needs. |
| Branding | process of creating an identity in the mind of consumers for a good, service, or company. A major marketing tool in contemporary business. |
| Brand | a name, term, sign, symbol, or some combination that identifies the products of one firm and differentiates them from competitor's offerings. |
| Relationship Era | Transaction management, Relationship management, Technology, Strategic alliance |
| Transaction Management | building and promoting products in the hope that enough customers will buy them to cover costs and earn profits. |
| Relationship Era | where firms seek ways to actively nurture costomer loyalty by carefully managing every interaction. |
| Relationship Management | collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties. |
| Technology | business application of knowlegdge based on scientific discoveries, inventions, and innovations. |
| Strategic Alliance | partnership formed to create a competitive advantage for the business involved; in international business, a business strategy in which a comany finds a partner in the country where it wants to do business. |
| Changes in the Workforce | Aging population, shrinking Labor Pool, Increasing Diversity, Outsourcing, changing the Nature of the Work, Flexibility and Mobility, and Innovation through Collaboration. |
| Diversity | blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities to enhance a firms chance of success. |
| Outsourcing | using outside vendors to produce goods or fulfill services and functions that were previously handled "in-house" or "in-country" |
| Offshoring | relocating business processes to lower-cost locations overseas |
| Nearshoring | outsourcing production or services to locations near a firm's homebase |
| What qualities does a 21st century manager need? | Vision, Critical Thinking, Creativity, Ability to lead a change |
| Vision | the ability to percieve marketplace needs and what an orgganization must do to satisfy them |
| Critical Thinking Ability | ability to analyze and assess information to pinpoint problems or opportunities. |
| Creativity | capacity to develop novel solutions to percieved organizational problems. |
Created by:
aburris
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