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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
What is Marketing?
Competition based on factors other than price.
What is Non-price competition?
Gross profit minus expenses
What is profit?
Perils resulting from environmental causes.
What is natural risks?
Complete control of a product or business by one person or group
What is monopoly?
A market structure in which a few large firms dominate a market.
What is oligopoly?
Arranging tasks, people, and other resources to accomplish the work.
What is organizing?
All of the expenses involved in running a business.
What is operating expense?
The process of anticipating future events and determining strategies to achieve organizational objectives in the future.
What is planning?
The process of creating goods and services.
What is production?
Businesses that buy and sell goods to others; retailers and wholesalers.
What is trade industries?
Businesses that sell directly to final consumers.
What is retailers?
A type of producer that provides goods in their natural state.
What is raw goods producer?
Chances of loss that may result in loss, no change, or gain.
What is speculative risks?
The possibility of loss to a business without any possibility of gain.
What is pure risks?
The financial gain made in a transaction.
What is profit?
A market structure in which a large number of firms all produce the same product
What is perfect competition?
The hiring of people to carry out the work of the organization.
What is staffing?
Business ownership by ordinary people, not the government.
What is private enterprise?
The obligation of a business to contribute to society.
What is social responsibility?
Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers.
What is wholesalers?
A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
What is socialism?
The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.
What is information management?
A type of business that performs intangible activities that satisfy the wants of consumers or industrial users.
What is service business?
Guarantees made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner.
What is warranties?