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