Introduction to Business - Vocabulary Review

Individuals or companies interested in a specific product or service and willing to pay for it

Data describing a group of people in terms of their age, gender, ethnicity etc...

Business that owned exclusively by one person

How much of a good or service is available.

Product, Place (distribution), Price, Promotion

A person who owns, operates, and takes the risk of a business venture

A legal entity that is separate and distinct from its owners.

A summary of income and expenses for a business

How a company encourages people to buy their products, services, or ideas

A plastic card used to make immediate transactions directly from a checking account

Business owned by two or more people.

Legal agreement that gives the right to use a company’s products/services in a particular area

The action or process of investing money for profit or material result

A plastic card used to make purchases now and pay for them later.

Department of a business or organization that deals with hiring, administration, and training

The rivalry among businesses to sell their goods and services.

A business that sells products and/or services to an end consumer

A person or organization who uses goods and services.

Assistance and advice provided by a company to people who buy or use its products or services

A person or organization that buys goods or services.

The process of running a business of one’s own.

The processes used to determine and satisfy the needs of customers and the company.

The way in which money is used and handled for running/starting a business

The product a business sells to its customers

Collecting, recording, and analyzing information about customers, competitors, goods,& services

Individual’s need or desire for a product or service.