Business Vocabulary Quiz

Definition: An economic system based on PRIVATE ownership of capital

• capitalism

• socialism

• communism

• marketing

Definition: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

• operations

• advertising

• finance

• marketing

Definition: Rivalry between or among businesses that offer NOT SIMILAR goods or services.

• direct competition

• Indirect competition

• Information management

• operations

Definition: a plan of action.

• strategy

• marketing

• contemplate

• finance

Definition: management of money

• finance

• strategy

• operations

• marketing

Definition: A market structure in which a few large firms dominate a market

• operations

• innovation

• cultivate

• oligopoly

Definition: maintains policies, plans, and procedures for the effective management of employees

• Finance

• Information Management

• Human Resources

• Operations

Definition: data previously collected for any purpose other than directly from customers

• syndicated data

• secondary data

• Internal data

• primary data

Definition: complete control of a product or service

• Innovation

• pure competition

• monopoly

• productivity

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.

• operations

• strategic management

• marketing

• Information management