CHAPTER 1 Flashcards
(23 cards)
Business
Any profit-seeking organization that provides goods and services designed to satisfy consumer’s needs.
Revenue
Money a company brigs in through the sale of goods and services.
Business Model
A concise description of how a business generates or intends to generate revenue.
Profit
Money left over all the costs involved in doing business have been deducted from revenue.
Competitive Advantage
Some aspect of a product or company that makes it more appealing to target customers.
Not-for-profit Organizations
Organizations that provide goods and services without having a profit motive, also called nonprofit organizations.
Business Mindset
Adopting an insider’s view of business with an appreciation for the decisions to be made and challenges that managers face.
Social Environment
Trends and forces in society at large.
Stakeholders
Internal and external groups affected by a company’s decisions.
Technological Environment
Forces resulting from the practical application of science innovations, products, and processes.
Economic Environment
The conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and sellers.
Gig Economy
Portion of the economy composed of people who work as independent contractors on a series of short-term projects or tasks.
Legal and Regulatory Environment
Laws and regulations at local, state, national, and even international levels.
Market Environment
A company’s target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
Barriers to entry
Resources or capabilities a company must have before it can start competing in a given market.
Research and Development (R&D)
Functional area responsible for conceiving and designing new products.
Operations Management
Management of the people and processes involved in creating goods and services.
Information Technology (IT)
A functional area of business as well as the systems responsible for gathering, processing, and distributing information where needed throughout an organization.
Professionalism
The quality of performing at a high level and conducting oneself with purpose and pride.
Etiquette
The expected norms of behavior in any particular situation.
Digital Enterprise
Any company that uses digital systems, as one of the foundations of its value-creation processes, regardless of what industry it is on or what products it makes.
Disruptive Innovation
Development so fundamentally different and far reaching that it can create new professions, companies, or even entire industries while damaging or destroying others.
Digital Transformation
Process of reimagining a company’s business model and operations to become a digital enterprise.
