Business- Any profit seeking organization that provides goods and services designed to satisfy customers’ needs.
Revenue- Money a company brings in through the sale of goods and services.
Business Model- A concise description of how a business intend to generate revenue.
Profit- Money left over after all the costs involved in doing business have been deducted from revenue.
Competitive Advantage- Some aspect of a product or company that makes it more appealing to target customers.
Not-for-profit organization- organizations that provide goods and services without having a profit motive; also called nonprofit organizations.
Goods-Producing Businesses- Companies that create value by making “things” most of which are tangible.
Service Businesses- Companies that create value by performing activities that deliver some benefit to customers.
Barrier to Entry- Any resource or capability a company must have before it can start competing in a given market.
Business Mindset- A view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs.
Social Environment- Trends and forces in society at large.
Stakeholder- Internal and external groups affected by a company’s decisions and activities.
Technological Environment- Forces resulting from the practical application of science to innovations, products, and processes.
Economic Environment- The conditions and forces that affect the cost and availability of goods, services, and labor and thereby shape the behavior of buyers and