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Vocab
Vocabulary terms for Chapter 3: recognizing Opportunity in Business
20
Business
9th Grade
12/01/2010

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Term
Online business
Definition
A company that that conducts business by means of the Internet.
Term
Services
Definition
Intangible products that satisfy consumers' wants and needs.
Term
Sustainability
Definition
The ability to achieve economic, social, and environmental goals without compromising the ability of future generations to meet their own needs.
Term
Outsourcing
Definition
Hiring people and other companies to handle tasks a business can not do or chooses not to do itself.
Term
Social entrepreneurs
Definition
A type of entrepreneur who recognizes a social problem and uses entrepreneurial methods to create, organize, and manage a venture to maximizing profits.
Term
Strategic Alliance
Definition
A partnership foundformed among two or more companies.
Term
Corporate Venture
Definition
A new venture started inside a larger corporation.
Term
Innovation
Definition
A new way of doing things; a new idea, method, or divice.
Term
Niche
Definition
A small, specialized segment of the market based on customer needs discovered in market research.
Term
Brainstorm
Definition
To think freely in order to generate ideas.
Term
Demographics
Definition
Personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation among others.
Term
trade magazine
Definition
A periodical published for a specific type of business or industry
Term
Specialty magazine
Definition
A periodical published for people with special intrests such as sports, camping, fashion, and a variety of other areas.
Term
Values
Definition
The beliefs and principles by which you choose to live that define who you are, shape your attitudes and choice, and help you identify your priorities.
Term
Goodwill
Definition
The favor and loyalty a business acquires by its good reputation
Term
Franchise
Definition
A legal agreement to begin a new business in the name of a recognized company
Term
Franchisee
Definition
The buyer of a franchise who is given the right to its product, process, or service.  The buyer receives the way of operating a business and a product with name recgnition.
Term
Franchisor
Definition
The seller of a franchise who is giving the buyer its planning and management expertise.
Term
Business Broker
Definition
Someone whose job it is to bring buyers and sellers of businesses together for a fee.
Term
Trade Show
Definition
A gathering or exhibition where vendors and manufacturers introduce new items and promote established products and services.
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