Intro to Business - Unit 2 - Business in Our Economy

Business that sells directly to a consumer

The operator pays a percentage of sales or set fee to the parent company

An incorporated town or city

The 1st step in a marketing strategy is

A sole proprietorship issues stock to represent part ownership in a business

Which is not a management function

A business that moves goods from producer to consumer is

Building a unique product for one customer

Considers the needs of customers when planning, pricing, distributing, and promoting

Gordy's offering Pump Perks with grocery store purchases

Designing an organization chart for your business

Cannot engage in business unless approved by the state

A __________ buys products, sorts, and unitizes them, and sells them to a retailer

Determining a strategy to beat the competition's new promotion

Advertising on the Internet for an opening in Accounting

There are 6 marketing functions

Doing an inventory count to make sure there is enough for upcoming sale

The person to buys a franchise from the parent company is called

Laundromat

Packaging strawberries into 1 quart containers

A business that takes natural resources and converts them to consumer goods

Levi's jean factory

Which is a management function

In a corporation, you must own more than 1 share of stock in order to be one of the owners

Conducting market research of target market for a new product line being launched

Putting an ad in the Augusta Times for customer service representative opening

Written contract granting permission to sell someone's P/S in a specific manner

Women's clothing store

Soybean farmer in Iowa

A corporation elects a board of directors to make major decisions for the business

Determining whether there is a profit or loss

Advertising and publicity

Most consumers' cooperatives sell to nonmembers as well as members

Parent company that grants permission to a person/group to sell its products/services

May be owned by thousands of different people

Serving food samples to customers at Sam's Club

A written agreement made by partners in forming their business

The 4 P's of Marketing is sometimes referred to as the 

Salmon fisherman

Communication with customers to assess their needs and wants

Considered the best type of business for raising large amounts of capital

Large number of identical products are produced on assembly line

Dance studio that gives lessons

The owner is the boss and makes all of the decisions

The marketing strategy has how many steps

An identified group of consumers to be satisfied

Indirect channels of distribution use intermediaries 

Applying for a loan for expansion of your show room

The part of corporate profits each stockholder receives is called a dividend

Demonstrating to a new employee how to punch in for work

One of the 4 P's of marketing is Process

Setting goals for the sales team

Checking the demin quality of every pair of jeans that are manufactured in your plant

The owners are not liable for the debts of the firm

Ordering wood for making cabinets

Gathering information from your target market

The parent company often advertises for all of the operators throughout the country

Determining if an employee should get a raise or promoted

Organized to buy things for members as well as to sell goods to members

Vehicle assembly plant

Marketing activities add value to a product