1. 3. Plan/ a precise statement of the rationale for the business and a step by step explanation of how it will achieve its goals.
  2. 6. the rivalry among businesses for consumers' dollars
  3. 8. is an individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something
  4. 10. Business/ any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people
  5. 11. tries to earn a profit by providing products that satisfy peoples needs.
  6. 13. obligation, to employees to carry out assigned tasks satisfactorily and holds the accountable for the proper execution of their assigned work.
  7. 15. the grouping of jobs into working units usually called departments, units, groups, or divisions.
  8. 16. is a form of licensing in which a company-the franchiser- agrees to provide a franchisee the name, logo, method of operation, advertising, products, and other elements associated with the franchiser's business in return for a financial commitment and the agreement to conduct business in accordance with the franchiser's standard of operations.
  9. 18. a process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment
  10. 20. the process of determining the organization's objectives and deciding how to accomplish them, the first function of management
  1. 1. building relationships and sharing information with colleagues who can help then achieve the items on their agendas
  2. 2. the sale of goods and services to foreign markets
  3. 4. an association of two or more persons who carry on as co-owners of a business for profit
  4. 5. employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome
  5. 7. prohibits trade in a particular product
  6. 9. a declaration of an organization's fundamental purpose and basic philosophy
  7. 12. the division of labor into small, specific tasks and the assignment of employees to do a single task
  8. 14. motivating and leading employees to achieve organizational objectives
  9. 17. the elimination of significant numbers of employees from an organization, which has been a pervasive and much talked about trend
  10. 18. make decisions about the use of the organization's resources and are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives.
  11. 19. occurs when two companies (usually corporations) combine to form a new company