Essentials of Business
market economy
a system where factors of production are privately held; decisions are made by the business in response to supply and demand
push technology
a technology that delivers information to a user automatically based on their preferences
limited liability company
a type of business ownership combining several features of corporation and partnership structures, but is neither a corporation nor a partnership; the owners are members, not partners or shareholders, and the number of members is unlimited
cold call
a visit or phone call to a potential customer without an appointment
testimonials
a written statement testifying to the benefits of a product or service
resume
a written summary of one's skills, education, and work experience
leadership
an act or instance of leading; guidance; direction
mass media
any of the means of communication, such as television or newspapers, that reach very large numbers of people
goods
articles of trade; wares; merchandise
sales stages
attention, interest, desire, conviction, and action
multi-channel retailer
a business that does business through several venues, such as a business that sells its products via stores, mail, and Internet
bricks-and-mortar
businesses often refer to their stores and warehouses with this term
e-commerce
commerce that is transacted electronically over the Internet
external channels
communication channels aimed outside of the business or organization
internal channels
communication channels aimed within a business or organization
cross channels
communication that can be utilized both internally and externally in a business or organization
business communication
communication that relates to or about a business
closing
decision by consumer to take action or not on a sale; this is when a salesperson will determine which closing technique is needed to ensure the sale
marketing
development, promotion, and distribution of products that satisfy people's needs and wants
e-commerce
doing business on the Internet
e-tail
electronic retail business
e-tickets
electronic tickets for concerts, museums, airlines, movies, amusement parks, and other activities that people can purchase online
nonprofit organization
established for the purpose of not making a profit, often service oriented
business
goods or services that are provided for profit
compensation
how much the job pays and benefits offered.
factors of production
land, labor and capital
recruitment
actively looking for qualified people to fill a job.
direct mailings
advertising sent to people's homes to sell a product
resources
also known as factors of production, resources are natural, human (labor), and capital; all are needed to produce the goods and services that satisfy our wants and needs
franchise
an agreement by contract with a company to sell its products or services within a specific territory
partnership
an association of two or more people operating the business as co-owners and sharing in the profits and loss according to a written agreement
digital workflow
lists the steps in a process digitally in order to use less paper
sales techniques
means utilized by businesses to reach their target market in order to sell a product, service or idea
land
natural resources that are used to create goods and services
wireless
operating by means of transmitted electromagnetic waves; of or relating to data communications using radio waves
marketing mix
product, price, distribution, and promotion
employability skills
qualities employers seek in a person, including experience, education, character, and ability to work well with others.
stock
shares of a company that can be bought and sold by individuals or firms; stocks are issued by a company to raise capital
communications software
software for facilitating communication via computers and the Internet
motivation
something that motivates; inducement; incentive
clicks-and-mortar
term for businesses that do business out of a building as well as on the Internet
sole proprietorship
a business owned by only one person
consumer
a buyer of goods or services; a person or organization that uses a commodity or service
cooperative
a jointly-owned enterprise engaging in the production or distribution of goods or the supplying of services, operated by its members for their mutual benefit, typically organized by consumers or farmers
cover letter
a letter accompanying a resume that tells an employer about an applicant and why the applicant is the best fit for the job
Future Business Leaders of America (FBLA)
a nonprofit organization whose mission is to prepare students for a future in the business world and a support system once they are there
shareholder
a person who became an owner of a corporation by buying stock
marketing concept
a plan on how to market a product or service to consumers
supply
a quantity of something on hand or available
relationship building
a sales technique wherein one builds customer loyalty by building a solid good customer relationship
cookies
text stored on your computer by a web browser to help keep track of what websites you have visited; used primarily for storing preferences, shopping carts, and for authentication purposes
advertising
the act or practice of calling public attention to one's product, service, or need
investment capital
the amount of money needed to launch and sustain a business for a set amount of time while it gets off the ground
limited resources
the availability of natural, human, and capital resources
demand
the desire to purchase with the means to do so; the quantity of goods that buyer will take at a particular price
human resources
the knowledge, efforts, and skills people bring to their work, also called labor.
profit
the monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials, and other costs
management
the person or people controlling and directing the affairs of a business
Phi Beta Lambda (PBL)
the postsecondary level of the Future Business Leaders of America
human resources management
the process of finding, selecting, training, and evaluating employees.
services
the providing or a provider of accommodation and activities required by the public
target market
the specific group of customers that a company wants to identify; a people with wants and needs that can be met with the goods or services the company provides
marketing functions
the techniques a company uses in the practical marketing of products
gross domestic product
the total market value of all goods and services a country produces in one year
marketing utilities
the value added to a product by using the marketing functions
economic system
the way a society allocates its resources (land, labor, capital and entrepreneurship) to satisfy its needs
labor
total human resources required to turn raw materials into goods and services
unlimited wants
wanting everything under the sun, plus some
job description
a detailed outline of the duties, qualifications, and conditions required to do a specific job.
spam
a disruptive commercial message posted on a computer network or sent as e-mail
demographics
the statistical data of a population, especially those showing average age, income, or education
management philosophies
the study of management to improve efficiency, effectiveness, motivation, and productivity
needs
things that are necessary
wants
things you desire greatly, wish for
corporation
though this type of business is owned by many people, the law treats it as though it is one person
technology
tools and machines that humans have invented in order to make life easier
capital
total of tools, equipment, machinery, and buildings used to produce goods and services
decision-making process
the cognitive process of reaching a decision
scarcity
the conflict between unlimited wants and limited resources; also referred to as the basic economic problem