Entrepreneurship

Microinventory

A set of goods or service that consists of only one or a few items.

Liquidity

A measure of how quickly a company can raise money through internal sources by converting assets to cash.

Agent

A middleman business which represents a manufacturer's product or service to other business-to-business middleman firms.

Retailer

A middleman business which sells to customers or end-users of a product.

Wholesaler

A middleman which buys (typically in large quantities) and sells (typically in small quantities) to businesses rather than consumers.

Price Lining

An attempt to appeal to several different markets.

E-tailer

An electronic retailer; a store that exists only on the Internet.

Captive Pricing

Selling one item at a very low price (even below cost) when there are necessary supplies that you can sell for a high price.

Prestige Pricing

Setting a high price to imply that this product is a status symbol and/or of much better quality than others.

Financial Flexibility

A business's ability to manage cash flows in such a manner that the company can respond appropriately to unexpected opportunities and needs.

Off-peak Pricing

Charging lower prices at certain times to encourage customers to come during slack periods.

Price Skimming

Charging the absolute highest possible price due to inelastic demand.

Odd-even Pricing

Ending a price with a 9, 7, or 5.

Secondary Research

Information already collected for some other purpose than the current problem or questions.

Primary Research

New information collected to solve a problem at hand or answer current questions.

Partitioned Pricing

Pricing each piece separately; the consumer gets "hooked" on the core component and then pays extra for everything else needed.

Elastic Product

Product for which there are any number of substitutes and for which a change in price makes a difference in quantity purchased.

Fulfillment Center

A company that will warehouse your products and fill your customers orders.

Just-in-time Inventory

Having just enough product on your shelves to meet the immediate purchases. This usually requires frequent shipment from your supplier.

Inelastic Product

Product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased.

Financial Strength

The ability of a business to survive adverse financial events.