Intro to Bus. Ch 3 ~ Recognizing Business Opportunity

Terms	Definitions
online business	a company that conducts business by means of the Internet
services	intangible things that businesses do for consumers that enhance their lives
outsourcing	contracting with other companies for services
strategic alliance	a partnership formed with another company for the purpose of supplying a product or service
corporate venture	a new venture started inside a larger company
innovation	a new way of doing things
niche	a small specialized market
brainstorming	to think freely in order to generate ideas
demographics	personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation, among others
trade magazine	a periodical published for a specific type of business or industry
specialty magazine	a periodical published for people with special interests, such as sports, camping, or fashion
trade show	a gathering or exhibition where vendors and manufacturers introduce new items and promote established products and services
values	the beliefs and principles by which you choose to live that define who you are, shape your attitudes and choices, and help you identify your priorities
goodwill	the favor and loyalty a business acquires by its good reputation
franchise	a legal agreement to begin a new business in the name of a recognized company
franchisor	the seller of a franchise who is giving the buyer planning and management expertise
business broker	someone whose job it is to bring buyers and sellers of businesses together for a fee

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