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