Simpler Version:
1. Entrepreneurship (p. 45) - starting a business and taking risks to make a profit.
2. Market segmentation (p. 48) - dividing a market into groups of buyers with different needs.
3. Brand equity (p. 52) - the value of a brand based on how consumers see it.
4. Supply chain management (p. 56) - managing the flow of goods and services from start to finish.
5. Corporate social responsibility (p. 60) - businesses doing good for society and the environment.
6. Intellectual property (p. 64) - creations of the human mind, like inventions and art.
7. Market penetration (p. 68) - increasing market share for an existing product.
8. Outsourcing (p. 72) - hiring external companies to do certain tasks.
9. Break-even point (p. 76) - the point where costs equal revenue, with no profit or loss.
10. Stakeholder analysis (p. 80) - identifying and evaluating people or groups with an interest in a project or organization.
Same Version:
1. Entrepreneurship (p. 45) - the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
2. Market segmentation (p. 48) - the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
3. Brand equity (p. 52) - the commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself.
4. Supply chain management (p. 56) - the management of the flow of goods and services, involving the movement and storage of raw materials, work-in-progress inventory, and finished goods from point of origin to point of consumption.
5. Corporate social responsibility (p. 60) - a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.
6. Intellectual property (p. 64) - a category of property that includes intangible creations of the human intellect, such as inventions, literary and artistic works, designs, and symbols.
7. Market penetration (p. 68) - a strategy that aims to increase market share for an existing product or service in an existing market.
8. Outsourcing (p. 72) - the practice of contracting out certain business functions or processes to external third-party providers, often to reduce costs or improve efficiency.
9. Break-even point (p. 76) - the point at which total revenue equals total costs, resulting in neither profit nor loss.
10. Stakeholder analysis (p. 80) - the process of identifying individuals or groups who have an interest in a project or organization and evaluating their influence, importance, and potential impact.
More Complex Version:
1. Entrepreneurship (p. 45) - the dynamic process of creating and managing a business venture, involving the identification of opportunities, the allocation of resources, and the assumption of risks in pursuit of financial gains and personal fulfillment.
2. Market segmentation (p. 48) - a strategic approach that involves dividing a heterogeneous market into distinct segments based on various criteria, such as demographics, psychographics, and behavioral patterns, to better understand and target specific customer groups.
3. Brand equity (p. 52) - the intangible asset that represents the value and strength of a brand in the marketplace, encompassing factors such as brand awareness, brand loyalty, perceived quality, and brand associations, which can influence consumer preferences and purchase decisions.
4. Supply chain management (p. 56) - the holistic management of interconnected activities, including procurement, production, logistics, and distribution, that are involved in delivering products or services to customers, with the aim of optimizing efficiency, reducing costs, and enhancing customer satisfaction.
5. Corporate social responsibility (p. 60) - a strategic framework that encompasses a company’s voluntary actions and initiatives to address social, environmental, and ethical issues, beyond legal requirements, with the goal of creating shared value for both the business and society at large.
6. Intellectual property (p. 64) - a legal concept that grants exclusive rights to individuals or organizations for their creations of the mind, such as inventions, literary works, artistic expressions, designs, and trademarks, providing protection against unauthorized use or exploitation by others.
7. Market penetration (p. 68) - a market development strategy that involves increasing the market share of an existing product or service within the current market, typically through aggressive marketing, pricing, distribution, or product differentiation strategies, to gain a competitive advantage and drive growth.
8. Outsourcing (p. 72) - the strategic decision to delegate specific business functions, processes, or tasks to external vendors or service providers, often located in different geographic locations, with the aim of leveraging their expertise, resources, and cost efficiencies to enhance operational performance and focus on core competencies.
9. Break-even point (p. 76) - the point at which total revenue equals total costs, resulting in neither profit nor loss, serving as a critical milestone for businesses to determine the minimum level of sales or production required to cover all expenses and start generating profits.
10. Stakeholder analysis (p. 80) - a systematic process of identifying, assessing, and prioritizing individuals, groups, or organizations that have a vested interest or influence in a project, initiative, or organization, in order to understand their expectations, needs, concerns, and potential impact, and develop appropriate strategies for effective engagement and management.