Term | Definition |
Entrepreneur | Someone that makes there own product |
Proprietorship | A business owned and run by one person |
Partnership | A business run and owned by two or more people |
Corporation | A business that has all legal rights |
Inventor | A person who creates a useful item |
Trademark | name, word, phrase, logo, symbol, design, image to distinguish services. |
Logo | a design used for immediate recognition |
Slogan | jingles or catchy phrases |
Copyright | to keep others from steeling your idea |
Patent | exclusive right given in exchange for the full disclosure of an invention |
Business Ethics | practices assuring that the highest legal and moral standards are observed in your
relationships with the people in your business community. |
Marketing | planning and selling your product |
Exchange | giving someone product and getting something back in return |
Marketing Mix | Product, promotion, price, and place=> target market |
Target Market | who you're trying to sell the product to |
Product | what you're selling |
Price | cost |
Place | where your business is located |
Promotion | advertising |
Competition | rivalry between you and another business |
Trade | voluntary exchange of goods, services, or both. |
Barter | is a type of trade in which goods or services are exchanged for other goods and/or services. Barter is
used in societies where no monetary system exists |
Employee | Someone who works for you |
Advertising | a promotional technique |
Customer Service | How you treat your customers |
Marketing Plan | is a written document that details the necessary actions to achieve one or more marketing objectives. |
Expense | The cost required for something; the money spent on something. |