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Maarketing Vocab 2
Unit 2
Term | Definition |
---|---|
Functions of Business | Activities needed to operate a business, can be divided into Functional Areas ; Management, operations , marketing , accounting , and finance. |
Business Ethics | a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that come up in a business environment. Applies to all business conduct aspects and is relevant to the conduct of individuals or entire orgs. |
Corporate Social Responsibility | Corporate Citizenship refers to an organization responsibility to create business value by caring for the well being of all stake holders including the environment |
Sole Proprietor | Firms owned by one person , usually someone who has daily responsibilities for running the business, own all the assets of the business and the profits it generates, they also assume responsibility for debts and Liabilites |
Corporation | Form of business ownership that is a legal entity on its own and puts stock/stake holders and board of directors in control. Owners have limited liability for the Corps actions . A corps has an unlimited life and in mast cases is taxed as an entity |
Partnership | general or limited, but in either case the partners are in control. The taxes are shared by all partners at a personal rate, and the partners have unlimited liability but limited partners have limited liability |
Shareholder | Shareholders choose a board of directors to oversee the major policies and decisions in a corp. |
Management | Getting people to work together to reach an organizations goal and objective. Includes planning organizing directing and etc |