Brand: name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.
Branding: process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary business.
Business: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
Capital: includes technology, tools, information, and physical facilities.
Capitalism: economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.
Competition: battle among businesses 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.
Consumer orientation: business ...view middle of the document...
Factors of production: four basic inputs: natural resources, capital, human resources, and entrepreneurship.
Human resources: include anyone who works, including both the physical labor and the intellectual inputs contributed by workers.
Natural resources: all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits.
Nearshoring: outsourcing production or services to locations near a firm's home base.
Not-for-profit organizations: businesslike establishments that have primary objectives other than returning profits to their owners.
Offshoring: relocation of business processes to lower-cost locations overseas.
Outsourcing: using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
Private enterprise system: economic system that rewards firms for their ability to identify and serve the needs and demands 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, individual possessions, and various intangible kinds of property.
Profits: rewards earned by businesspeople who take the risks involved to offer goods and services to customers.
Relationship era: business era in which firms seek ways to actively nurture customer loyalty by carefully managing every interaction.
Relationship management: collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties.
Strategic alliance: partnership formed to create a competitive advantage for the businesses involved; in international business, a business strategy in which a company finds a partner in the country where it wants to do business.
Technology: business application of knowledge based on scientific discoveries, inventions, and innovations.
Transaction management: building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.
Vision: the ability to perceive marketplace needs and what an organization must do to satisfy them.