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Unit 3
Basic Skills of Marketing
Question | Answer |
---|---|
Sole Proprietor | A type of business owned by one person. |
Partnership | A type of business owned by two or more people. A legal agreement between owners is necessary. Advantages included pooled skills, pooled capital and divided responsibilities. |
Corporation | A separate legal entity owned by its stockholder and established through an application for a business charter in the state in which they do business. |
Manufacturer | A business that produces finished goods using raw materials and sells the products to wholesale or retail markets. |
Service Industry | A business that provides labor for which they are paid rather than producing physical goods. |
Franchise | A written contract granting permission to sell someone else's product in a prescribed manner in a specific territory. |
Customers | The actual or prospective purchaser of products or services |
Consumers | The ultimate user or consumer of goods, ideas, and services |
Tangible | Something you can touch |
Intangible | Something you can't touch |