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Zeff Prina Practice

Key Terms

TermDefinition
Entrepreneur People who own, operate and take the risk of a business venture.
Entrepreneurship The process of running a business of ones own.
Employees People who work for someone else.
Retailing Business This business sells products directly to the people who use or consume them.
Service Business This type of business sells services, rather than products.
Corporation A business with the legal rights of a person that may be owned by many people.
Franchise A legal agreement giving an individual the right to market a company's products or services in a particular area.
Parthnership A business owned by two or more people.
Sole Proprietorship A business owned exclusively by one person.
Business Plan A written document describing all the steps necessary in opening and operating a successful business.
Advertising A paid form of communication sent out by a business about a product or service.
Direct Competition Competition by a business that makes most of its money selling the same or similar products or services as another business.
Indirect Competition Competition by a business that makes only a small amount of its money selling the same or similar products or services as another business
Market Research A system for collecting, recording, and analyzing information about customers, competitors, goods and services.
Press Release A written statement meant to inform the media of an event or product.
Target Market Individuals or companies interested in a particular product or service who are willing and able to pay for it.
Salary Payments for labor or services done on an annual.
Wage Payments for labor or services that are made on an hourly, daily, or per-unit basis.
Job Description A written statement listing job duties and responsibilities.
Created by: Zeff
Popular Business sets

 

 



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