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Foundations of Business EXAM 2
Terms in this set (20)
Disadvantages of Sole Proprietorship
unlimited liability, lack of continuity, lack of money, limited management skills, difficulty in hiring employees
partnership in which partners share equally in both responsibility and liability
A partnership with one or more general partners and one or more limited partners.
An owner (partner) who has unlimited liability and is active in managing the firm.
an owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment
A business in which two or more persons combine their assets and skills
figure 5.3 page 119
Conventional (C) Corporation
a state-chartered legal entity with authority to act and have liability separate from its owners
Disadvantages of a corporations
initial cost, paperwork, size, difficulty in termination, double taxation, and possible conflict with a board of directors
The evolution of marketing
Marketing Concept Era
Customer Relationship Era
The marking mix
Product, Price, Place, Promotion
Consists of all the techniques sellers use to inform people about and motivate them to buy their products or services.
capture the application of knowledge to create new processes and products
Two different business markets
Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C).
All the steps involved in the physical movement or the transfer of ownership of a good or service from the producer to the consumer.
They add possession utility by doing whatever is necessary to transfer ownership from one party to another, including providing credit.
independently owned firms that take title to the goods they handle
Different merchant wholesalers
Cash and Carry wholesalers
Intensive, selective, exclusive are three different kinds of categories of retail distribution
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