Brand: name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.
Branding: process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary business.
Business: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
Capital: includes technology, tools, information, and physical facilities.
Capitalism: economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.
Competition: battle among businesses for consumer acceptance.
Competitive differentiation: unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers.
Consumer orientation: business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs.
Creativity: capacity to develop novel solutions to perceived organizational problems.
Critical thinking: ability to analyze and assess information to pinpoint problems or opportunities.
Diversity: blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities.
Entrepreneur: person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
Entrepreneurship: willingness to take risks to create and operate a business.
Factors of production: four basic inputs: natural resources, capital, human resources, and entrepreneurship.
Human resources: include anyone who works, including both the physical labor and the intellectual inputs contributed by workers.
Natural resources: all production inputs that are useful in their