321 ENTR Final

Specification

the text of a patent and may include any accompanying illustrations

Note Payable

a promissory note given as tangible recognition of a supplier's claim or a note given in connection with an acquisition of funds, such as for a bank loan

Primary Data

a search for new information

Claims

a series of short paragraphs, each of which identifies a particular feature or combination of features that is protected by the patent

Cancellation Proceedings

a third party's challenge to the mark's distinctiveness within five years of its issuance

Infringement Budget

A realistic budget for prosecuting violations of the patent

Trade Secrets

Customer lists, plans, research and development, pricing information, marketing techniques, and production techniques. Generally anything that makes an individual company unique and has value to a competitor could be a trade secret

Secondary Data

Information that has already been compiled

Intellectual Property Right

Provides protection such as patents, trademarks, or copyright against infringement by others

Marketing Research

the gathering of information about a particular market, followed by analysis of that information

Revenues

the gross sales the business made during the particular period under review

S Corporation

a business can seek to avoid the imposition of income taxes at the corporate level, yet retain some of the benefits of a corporate form

Sole Proprietorship

a business that is owned and operated by one person

Trademark

a distinctive name, mark, symbol, or motto identified with a company's products that is registered

Bankruptcy Act

a federal law that provides for specific procedures to handle insolvent debtors

Balance Sheet

a financial statement that reports a business's financial position at a specific time

Revised Uniform Limited Partnership Act

govern limited partnerships

Guerrilla Marketing

the use of nonconventional tactics and unorthodox practices applied to marketing research

Social Media Marketing

the use of these social media for marketing purposes

Insolvent Debtors

those who are unable to pay debts as they become due

Limited Partnerships

used in situations where a form of organization is needed that permits capital investment without responsibility for management and without liability for losses beyond the initial investment

Owners' Equity

what remains after the firm's liabilities are subtracted from its assets; a claim the owners have against the firm's assets

Bankruptcy

when a venture's financial obligations are greater than its assets

Patent and Trademark Office

where an examiner will determine whether the innovation qualifies for patentability

Convenience Goods

whether staple goods, impulse goods, or emergency goods and services, consumers will want these goods and services but will not be willing to spend time shopping for them

L3C

Low-profit, limited liability company; provides a structure that facilitates investments in socially beneficial, for-profit ventures

Limited Liability Company

a hybrid form of business enterprise that offers the limited liability of a corporation but the tax advantages of a partnership

B Corporation

a new way for businesses to solve social and environmental problems

Income Statement

a financial statement that shows the change that has occurred in a firm's position as a result of its operations over a specific period

Market

a group of consumers who have purchasing power and unsatisfied needs

Mobile Marketing

allows for an even higher level of individualized company-to-consumer communication by directing customized messages to different users based on location, taste preferences, and shopping habits

Corporation

an artificial being, invisible, intangible, and existing only in contemplation of the law

Partnership

an association of two or more persons who act as co-owners of a business for profit

Fair Use Doctrine

an exception to copyright protection that allows limited use of copyrighted materials

Production Driven Philosophy

based on the belief you must produce efficiently and worry about sales later

Accounts receivable

claims of the business against its customers for unpaid balances from the sale of merchandise or the performance of services

Cash

coins, currency, and checks on hand

Liabilities

debts of the business

Quantitative Research

empirical assessments that work from numerical measurements and analytical approaches to compare the results in some way

Prepaid Expenses

expenses the firm already has paid but that have not yet been used

Sales Driven Philosophy

focuses on personal selling and advertising to persuade customers to buy the company's output

Unsought Goods

items consumers do not currently need or seek: life insurance, encyclopedias, cemetery plots

New Products

items that are unknown due to lack of advertising or are new products that take time to be understood

Fixed Assets

land, building, equipment, and other assets expected to remain with the firm for an extended period

Accounts payable

liabilities incurred when goods or supplies are purchased on credit

Taxes Payable

liabilities owed to the government - federal, state, or local

Inventory

merchandise held by the company for resale to customers

Qualitative Research

needs far less sample size as it involves the researcher into the process and is able to delve deeper into the questions with the respondents

Current Liabilities

obligations that will become due and payable within the next year or operating cycle

Marketing Plan

process of determining a clear, comprehensive approach to the creation of customers

Market Segmentation

process of identifying a specific set of characteristics that differentiates one group of consumers from the rest

Shopping Goods

products consumers will take time to examine carefully and compare for quality and price

Specialty Goods

products or services consumers make a special effort to find and purchase

Copyright

provides exclusive rights to creative individuals for the protection for their literary or artistic productions

Patent

provides the owner with exclusive rights to hold, transfer, and license the production and sale of the patented product or process

Limited Liability Partnership

relatively new form of partnership that allows professionals the tax benefits of a partnership while avoiding the personal liability for the malpractice of other partners

Limited Liability Limited Partnership

relatively new variant of the limited partnership

Consumer Driven Philosophy

relies on research to discover consumer preferences, desires, and needs before production actually begins

Liquidation

requires the debtor to surrender all property to a trustee appointed by the court

Retained Earnings

the accumulated net income over the life of the business to date

Generic Meaning

the allowance of a trademark to represent a general grouping of products or services

Unlimited Liability

the business and personal assets stand behind the operation

Debtor-in-Possession

the court appoints a trustee to oversee the management of the business

Cleaning-Out Procedure

the failure of a trademark owner to file an affidavit stating it is in use or justifying its lack of use within six years of registration

Abandonment

the nonuse of a trademark for two consecutive years without justification or a statement regarding the trademark's abandonment