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Unit 3

Basic Skills of Marketing

QuestionAnswer
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
Created by: 1ll234
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