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