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Entrepreneurship-Key Terms Flashcards | StudBud
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Entrepreneurship-Key Terms
Entrepreneurship-Key Terms
50 terms
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StudBud Administration
Entr terms review
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
trademark
a word, symbol, design, or color a business use
service mark
2
feature
a characteristic of a product or sevice
just a product
just a service
3
benefit
promotes the value of the product or service to the customer
delvers to the customer
4
direct channel
web site
you will be the product
5
complexity
uncertainty
number and diversity of contracts with which you deal
6
shrinkage cost
obsolescence cost
cost associated with the loss of inventory items that broke
7
goodwill
store
an extremely valuable business asset
a business
franchise
8
marketing position
act of identifying a specific market niche for a product
market share
9
business broker
Nothing
I dont Know
someone whose job is to bring buyers and sellers together
10
suggestion selling
selling additional goods or services to customers
closing the sale
11
facade
face of the building
design features
12
preapproach
approach
customers that are intended to help achieve successful sales
13
permit
legal document giving official permission to run a business
license
14
exclusive distribution
limit the number of outlet to one per area
retailers
15
team building
leader in the team
invloves activities designed to encourage teamworks
16
incentive
the major industries that provides jobs
primarily industrial
17
consideration
contact to be binding
what is exchanged for the promise
18
carrying capacity
idk
idc
to understand the industry ability to support new growth
19
brand loyalty
shoes
tendency to buy a particular brand of product
clothes
20
shareholder
owners of the corporation
nonprofit
21
nonverbal communication
is communication not involving words
involving words
22
penetration pricing
build sales by charging a low intial price to keep cost low
one-price policy
23
partnership
operated by one person
unincorporated business with 2 or more owners
24
tariff
nothing
is kind of trade barrier
trade barrier
25
indirect channel
financial plan
growth plan
to sell your game to a wholesaler
delivers the product to the customer
26
discontinuance
a business that is operating under a new name
business that has stopped operating with a loss to creditor
idk
idea that has commercial values
27
prospecting
selling process
approch to developing new sales leads or customers
28
solo properietorship
operated by a group
business owned and operated by one person
operated by 2 people
29
achiever
person wuth a record of sucesses
write your goals down on paper
set out to be the best at whatever you do
idk
30
capacity
legal ability to enter into a binding agreement
final contract
31
time management
process of allocating time effectively
principals
32
usage rate
reordering
safety stocks
how quickly the inventory will be used in a given period
33
profile
facebook
twitter
characteristics that identifies a type or category of person
instagram
34
selective distribution
wholesalers
agents
limited the number of sales outlet in an area
35
trade area
region of the community from which you expect to draw custom
business consideration
36
channel of distribution
a direct channel
a product takes from producers to final user or consumers
37
mass marketing
trying to reach all customers with a single marketing plan
demographic
38
industrial parks
manufacturers
sets aside certain areas from industrial uses
39
oilgopoly
market structure in which there just few competing firms
product to keep
product to buy
product to sell
40
lead time
gap in time between placing order and receiving delievery
non periodic reordering
41
role model
leader
person whose attitude and achievements they tried to emulate
nobody
follower
42
intensive distribution
transportation
placement of a product in all suitable sales outlet
43
bundle pricing
promotional pricing
pricing technique which several complementary products sold
44
scarcity
good or service that consumers are willing and able to buy
intangible products
something you dont need to survive
occurs when demand exceeds supply
45
niche
small specialized market
idea versus opportunity
i dont care
i dont know
46
strategic alliance
friendship
creating a partnership with another company
47
foundation skills
communication skills
skills that are used when setting up and running a business
math skills
teamwork skilld
48
conceptual skills
skills that enables a person to understand concepts an ideas
idc
idk
49
break-even point
break-even analysis
point which the gain from an economic activity equals cost
50
target customers
most likely to buy his product and services
talking to customers
