free enterprise system
An economic system in which people are free to operate their businesses as they see fit, with little government interference.
a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
Not patented, copyrighted, or trademarked - usually a "classified" formula, pattern, and design
A word, symbol, design, or combination of these that a business uses to identify itself or something it sells.
a document granting exclusive right to publish and sell literary or musical or artistic work
The struggle between companies to attract new customers, keep existing ones, and take away customers from other companies.
intense competition in which competitors cut the amount customers have to pay to gain business.
competition based on factors that are not related to price, such as product quality, service and financing, business location, and reputation.
Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.
An organization that can function like a business but uses the money it makes to fund the cause identified in its charter.
Local, state, and federal government agencies and services, such as public libraries and state universities.
A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
Channel of distribution that obtains goods from manufacturers and resells them to industrial users, other wholesalers, and retailers.
Channel of distribution that buys goods from wholesalers or directly from manufacturers and resells them to the consumer.
five "rights" of merchandising
the right goods
at the right time
in the right place
at the right price
in the right amount
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
The business function of planning, organizing, and controlling all available resources to achieve company goals.