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Foods2 Business Term
Terms for Foods 2 enterprise
Term | Definition |
---|---|
mission | a statement of intent to encourage and gruide |
franchise | a right to conduct a particular business using a specific trade name |
sole proprietor | owned and controlled by one person |
corporation | an association of individuals, created by law, united to guide the business |
niche | a hole in the market that a business will fill |
partnership | 2 or more people are co owners of a busines |
target customers | select group of customers for your product |
product standard | minimum expectations a product or service can meet |
working capital | available money used to enhance your business |
protoype | model of a product |
marketing objective | goals for advertising and persuading target customers |
liability | debt that is current - 12 months or less/ long term debt - 12 months or more |
fixed cost | costs that do not vary even thought there are changes in the sales and production |
balance sheet | shows the worth or value of a company |
quality control | maintaining quality in a product |
business concept | a business plan is built from this.... |
break even point | price at which costs of producing, selling and services are covered |
variable cost | costs that change in production |
marketing mix | the 4 p's - price, place, product, promotion. |
business plan | written steps that lead to the success in opening and operating a business |
mark up | amount added to the cost of an item to arrive at a selling point |
income statement | this shows the businesses revenue collected and expenses paid out during a specific time period |
feasibility analysis | test to see if an idea is possible and achieveable |
market survey | gathering and recording information from your target customers |
cash flow statment | how money comes in and goes out of a business in a specific period of time |