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TERMS
1. Value – the relationship between the price of a good or a service and the benefits that it offers its customers.
2. Nonprofits – business-like establishments, but their primary goals do not include profits.
3. Profit – the money that a business earns in sales.
4. Factors of Productions – four fundamental resources—to achieve their objectives.
5. Speed-to-Market – the rate at which a firm transform concepts into actual products- can be another key source of competitive advantage.
6. Business Technology – includes any tools that business can use to become more efficient and effective.
7. E-commerce – business transactions conducted online, typically via the Internet.
8. Demographics – the measurable characteristics of a population includes: size, density, specific traits, age, gender, and race.
9. Business Environment – the setting in which business operates. The 5 key components are: economic, competitive, technological, social, and global environment.
ERAS
1. The Industrial Revolution – Technological advances fueled a period of rapid industrialization in America and a mass production took hold, huge factories replaced skilled artisan workshops.
2. The Entrepreneurship Era – These industrial titans created enormous wealth, raising the overall standard of living across the country.
3. The Production Era – Businesses focused on further refining the production process and creating greater efficiencies.
4. Marketing Era – After WWII, the balance of power shifted away from producers and toward consumers, flooding the market with enticing choices.
5. The Relationship Era – Building on the marketing concept, today, leading- edge firms look beyond each immediate transaction with a customer and aim to build long-term relationships.
FACTORS OF PRODUCTION
1. Natural Resources – this factor includes all inputs that offer value in their natural state, such as land, fresh water, wind, and mineral deposits.
2. Capital – This factor includes
1. Value – the relationship between the price of a good or a service and the benefits that it offers its customers.
2. Nonprofits – business-like establishments, but their primary goals do not include profits.
3. Profit – the money that a business earns in sales.
4. Factors of Productions – four fundamental resources—to achieve their objectives.
5. Speed-to-Market – the rate at which a firm transform concepts into actual products- can be another key source of competitive advantage.
6. Business Technology – includes any tools that business can use to become more efficient and effective.
7. E-commerce – business transactions conducted online, typically via the Internet.
8. Demographics – the measurable characteristics of a population includes: size, density, specific traits, age, gender, and race.
9. Business Environment – the setting in which business operates. The 5 key components are: economic, competitive, technological, social, and global environment.
ERAS
1. The Industrial Revolution – Technological advances fueled a period of rapid industrialization in America and a mass production took hold, huge factories replaced skilled artisan workshops.
2. The Entrepreneurship Era – These industrial titans created enormous wealth, raising the overall standard of living across the country.
3. The Production Era – Businesses focused on further refining the production process and creating greater efficiencies.
4. Marketing Era – After WWII, the balance of power shifted away from producers and toward consumers, flooding the market with enticing choices.
5. The Relationship Era – Building on the marketing concept, today, leading- edge firms look beyond each immediate transaction with a customer and aim to build long-term relationships.
FACTORS OF PRODUCTION
1. Natural Resources – this factor includes all inputs that offer value in their natural state, such as land, fresh water, wind, and mineral deposits.
2. Capital – This factor includes