Notesale: Turn your study into money

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Business is the nation's engine for growth
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To succeed, business firms must know what their customers want so that they can supply it
quickly and efficiently
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Business consists of all profit-seeking activities and enterprises that provide goods and
services necessary to an economic system
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Not-for-Profit Organization: businesslike establishments that have primary objectives other
than returning profits to their owners
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They face many of the same challenges as executives of profit-seeking businesses
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1
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2
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• Technology often helps a company improve its own products
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Sometimes technology results in a new
product
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• To remain competitive, a firm needs to continually acquire, maintain, and upgrade its
capital
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Human resources: include anyone who works, including both the physical labor and
the intellectual inputs contributed by workers
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This
category encompasses both the physical labor and the intellectual inputs contributed
by workers
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Entrepreneurship: the willingness to take risks to create and operate a business
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U
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businesses operate within an economic system called the private enterprise system, an
economic system that rewards firms for their ability to identify and serve the needs and
demands of customers
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Another name for private enterprise system is capitalism
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Private property 2
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Freedom of
choice 4
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Every participant
has the right to own, use, buy, sell, and bequeath most forms of property, including land,
buildings, machinery, equipment, patents on inventions, individual possessions, and
intangible properties
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Freedom of choice: a private enterprise system relies on the potential for citizens to choose
their own employment, purchases, and investments
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Seven eras in the history of business
1
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2
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3
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The
entrepreneurial spirit of this golden age in business did much to advance the U
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business system and raise the country's overall standard of living
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The Production Era: Emphasis on producing more goods faster, leading to
production innovations such as assembly lines
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S
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Assembly lines became commonplace in major industries
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The Marketing Era: Consumer orientation, seeking to understand and satisfy needs
and preferences of customer groups
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6
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Firms seek ways
to actively nurture customer loyalty by carefully managing every interaction
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The Social Era: firms seek ways to connect and interact with customers using
technology
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One form of partnership between
organizations is strategic alliances
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Companies now face several trends that challenge their skills for managing and developing
human resources
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Aging of population and a shrinking labor pool
2
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Outsourcing and the changing nature of work

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Outsourcing: using outside vendors to produce goods or fulfill services and functions
that were previously handled in-house or in-country
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• Nearshoring: outsourcing production or services to locations near a firm's home
base
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Flexibility and mobility
2
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Social responsibility is a management philosophy that includes contributing resources to
the community, preserving the natural environment, and developing or participating in
nonprofit programs designed to promote the well-being of the general public

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