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Business
Any profit-seeking organization that provides goods and services designed to satisfy customer's needs.
Revenue
The money that a company brings in through the sale of goods and services.
Value chain
A chain of companies involved in different steps of producing a good, from raw materials to final sales.
Profit
The money left over after all costs involved in doing business have been deducted from the revenue.
Competitive advantage
Some aspect of a product or company that makes it more appealing to its target customers.
Not-for-profit organization
Organizations that do not have a profit goal.
Microeconomics
The study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied.
Macroeconomics
The study of big picture issues in an economy, including competitive behavior among firms and government policies.
Scarcity
A condition where productive resources have finite supply.
Opportunity cost
The value of the most appealing alternative not chosen.
Free market
An economic system where individuals and businesses have the freedom to succeed or fail by their own efforts.
Entrepreneurship
The process of capturing problems and finding solutions that can become opportunities.
Causal logic
The selection of given means to achieve entrepreneurial goals.
Dynamic capabilities
Core competences that focus on adaptation to change in the environment.
SWOT analysis
A tool to summarize strengths, weaknesses, opportunities, and threats for an organization.
Marketing
The process of creating value for customers and building relationships to capture value back from them.
Customer perceived value (CPV)
The difference between a customer's evaluation of benefits and the costs of an offering.
Diversification
The process of increasing the range of products or markets served by an organization.
Glocalization
Conducting business according to both local and global considerations.
Human resources management
The function of planning how to obtain employees, oversee their training, evaluate them, and compensate them.
Maslow’s hierarchy of needs
A theory suggesting that basic needs must be satisfied before focusing on higher-level needs.
Global sourcing
Purchasing services and components from the most appropriate suppliers worldwide.
Wholly owned subsidiary
A company that is completely controlled by another company.
Innovation
The act of introducing something new or improving existing processes.
Product innovation
The creation of a new or improved product.
Process innovation
Making changes in the way a product is made or delivered.
Break-even analysis
A method for calculating the minimum sales volume needed at a given price to cover costs.
Stakeholder
Any individual or group that can affect or is affected by the achievement of an organization’s objectives.
Market segmentation
The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.
Brand equity
The value that a brand adds to a product or service, based on consumer perception.
Supply Chain Management
The management of the flow of goods and services and includes all processes that transform raw materials into final products.
Corporate social responsibility (CSR)
A business model that helps a company be socially accountable to itself, its stakeholders, and the public.
Business Model
A plan for how a company creates, delivers, and captures value.
Target Market
A specific group of customers at which a company aims its products and services.
Value proposition
A promise of value to be delivered to the customer, highlighting the benefits of a product or service.
Customer relationship management (CRM)
A strategy for managing a company's interactions with current and potential customers.
Market share
The percentage of an industry's sales that a particular company controls.
What is entrepreneurship?
The process of capturing problems and finding solutions that can become opportunities.
What are dynamic capabilities?
Core competences that focus on adaptation to change in the environment.
What is SWOT analysis?
A tool to summarize strengths, weaknesses, opportunities, and threats for an organization.
What is marketing?
The process of creating value for customers and building relationships to capture value back from them.
What is customer perceived value (CPV)?
The difference between a customer's evaluation of benefits and the costs of an offering.
What is diversification?
The process of increasing the range of products or markets served by an organization.
What is glocalization?
Conducting business according to both local and global considerations.
What is human resources management?
The function of planning how to obtain employees, oversee their training, evaluate them, and compensate them.
What is Maslow’s hierarchy of needs?
A theory suggesting that basic needs must be satisfied before focusing on higher-level needs.
What is global sourcing?
Purchasing services and components from the most appropriate suppliers worldwide.
What is a business plan?
A formal statement outlining the goals, operational plans, and financial forecasts of a business.
What is financial management?
The planning, organizing, directing, and controlling of financial activities to achieve an organization’s goals.
What is market research?
The process of gathering, analyzing, and interpreting information about a market.
What is competitive analysis?
The assessment of competitors' strengths and weaknesses to inform strategic planning.
What is product development?
The series of steps taken to bring a new product to market.
What is a startup?
A newly established business, often in the early stages of development.
What is e-commerce?
Buying and selling goods and services over the internet.
What is intellectual property?
Creations of the mind, such as inventions, literary and artistic works, and symbols.
What is customer loyalty?
The commitment of customers to repurchase or continue using a brand.
What is cash flow?
The total amount of money being transferred into and out of a business.
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