Shared Flashcard Set

Details

Ch. 2: Businesses in Our Economy
Ch. 2 Flashcards
49
Business
12th Grade
11/04/2015

Additional Business Flashcards

 


 

Cards

Term
Extractors
Definition
businesses that take resources from nature to make their products or for direct consumption
Term
Producers
Definition
businesses that create products used by individuals and other businesses
Term
Intermediaries
Definition
businesses involved in selling the goods and services of producers to consumers and other businesses
Term
Retailer
Definition
sells products directly to consumers at a place of business
Term
Wholesaler
Definition
an intermediary business that sells the products of a manufacturer or extractor to a retailer
Term
Service Business
Definition
performs activities that are consumed by customers
Term
Sole Proprietorship
Definition
A business owned and operated by just one person
Term
Partnership
Definition
A business owned and managed by a small group who have entered into an agreement
Term
Silent Partners
Definition
main role is to help finance the operation and give advice
Term
Active Partners
Definition
run the day-to-day operations
Term
Liability
Definition
legal and financial responsibility
Term
Corporation
Definition
A business owned by a number of people and operated under written permission from the state that charters it
Term
Shareholders or Stockholders
Definition
people who become owners of corporations by purchasing shares of a stock
Term
Board of Directors
Definition
officers of the company who have the responsibility for directing the business of the company
Term
Limited Liability
Definition
loss is limited by the investment
Term
Franchise
Definition
a written contract granting permission to a businessperson to sell someone else's product or service
Term
Franchisee
Definition
business owner who is buying rights
Term
Franchisor
Definition
parent company that grants the rights
Term
cooperative
Definition
A business owned by the members it serves and managed in their interests
Term
consumers' cooperative
Definition
consumers buy goods and services together at lower prices that each person could buy individually
Term
producers' cooperative
Definition
gives the producers greater bargaining power in selling teir products and allows them to be more competitive in the marketplace
Term
nonprofit corporations
Definition
coroporations that are created for social, political, charitable, educational, or general welfare purposes
Term
nonprofit organizations
Definition
provide a service; earning a profit is not their primary goal; free from corproate income taxes and can recieve grants and donations
Term
municipal corporation
Definition
nonprofit corporation that can operate much like a city but is not governed under a charter granted by the state.
Term
joint venture
Definition
an agreement between two or more companies to share a business project
Term
Limited Liability Company
Definition
provides liability protection for the owners but does not require a complex set of organizational and operating requirements such as those needed for a corporation
Term
planning
Definition
process of thinking, gathering, and analyzing information, as well as making decisions about all phases of the business
Term
organizing
Definition
process of determining what work has to be done and who is to do it
Term
Staffing
Definition
includes the many activities involved in finding, selecting, hiring, training, evaluating, and rewarding employees
Term
leading
Definition
employees are directed in their work so that they perform their tasks correctly and in a timely manner
Term
Control
Definition
managers or supervisors compare what has been accomplished with what was planned
Term
Marketing
Definition
the process of informing the general public about goods and services that are available for sale at a convenient location or online
Term
marketing strategy
Definition
the plan that a company develops to show how it will use marketing to achieve its goals
Term
target market
Definition
a group of individuals or businesses that has similar product needs
Term
marketing mix
Definition
a blend of four elements: product, distribution, price, and promotion
Term
marketing orientation
Definition
consider the needs of customers when developing products and services
Term
channel of distribution
Definition
the path that a product travels as it goes from producer to consumer
Term
direct channel
Definition
brings the product to the consumer directly from the producer
Term
indirect channel
Definition
consists of one or more businesses that come between the producer and the consumer
Term
wholesaler
Definition
buys large quantities of a product and breaks them down into smaller quantities that are suitable for retailers to sell to consumers
Term
retailer
Definition
sells products directly to consumers at a place of business
Term
product/service management
Definition
assist with design, development, maintenance, inprovement, and acquisition of products and services that meet consumer needs
Term
Distribution
Definition
giving careful consideration to such things as shipping, handling, and storing proucts and getting them to the desired locations in a timely manner
Term
Selling
Definition
communicating directly or indirectly with potential customers to learn about their needs and wants and then trying to satisfy those needs and wants
Term
Marketing-Information Management
Definition
based on reliable information, such as information about the target market and customer needs
Term
Financial Analysis
Definition

a business must budget to support the purchase of products and services needed to produce and market the products or services it sells

Term
Pricing
Definition
process sets and communicates the value of products and services through an established price
Term
markup
Definition
amount that is added to the cost of producing a product or service
Term
Promotion
Definition
Marketers search for effective ways to communicate with consumers and encourage the purchase of their goods and services
Supporting users have an ad free experience!