Business Terms

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Across
  1. 4. includes anyone who works; including both the physical labor and the intellectual inputs contributed by workers.
  2. 5. is used in the production of a good; and includes all production inputs or natural resources that are useful in their natural states such as oil; gas; minerals; and timber.
  3. 6. willingness to take risks to create and operate a business.
  4. 8. differentiation, unique combination of organizational abilities; products; and approaches that sets a company apart from competitors in the minds of customers.
  5. 9. orientation, business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs.
  6. 10. 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.
  7. 12. 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.
  8. 14. era, business era in which companies seek ways to actively nurture customer loyalty by carefully managing every interaction.
  9. 15. all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
  10. 16. economic system that rewards companies for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.
  11. 17. process of creating an identity in consumers' minds for a good; service; or company; a major marketing tool in contemporary business.
  12. 18. management, collection of activities that build and maintain ongoing; mutually beneficial ties with customers and other parties.
  13. 19. management, building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.
  14. 20. organizations, organizations that have primary objectives such as public service rather than returning a profit to its owners.
Down
  1. 1. of production, four basic inputs for effective operation: land; labor; capital; and entrepreneurship.
  2. 2. enterprise system, economic system that rewards firms for their ability to identify and serve the needs and demands of customers.
  3. 3. risk taker in the private enterprise system; a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
  4. 7. rewards earned by businesspeople who take the risks involved in blending people; technology; and information to create and market want-satisfying goods and services.
  5. 9. production inputs consisting of technology; tools; information; and physical facilities.
  6. 11. era, business era in which companies seek ways to connect and interact with customers using technology.
  7. 13. battle among businesses for consumer acceptance.
  8. 17. name; term; sign; symbol; design; or some combination that identifies the products of one company and differentiates them from competitors' offerings.