bustech exam
bootstrapping
using low-cost or free techniques to minimize your cost of doing business
opportunity cost
value of the next best alternative licensing arrangement- firms choose foreign individuals or organize to manufacture or market their products in another country
organizational chart
visually shows the various positions within the company as well as the lines of authority
partnership
a business or firm owned and run by two or more partners
corporation
a company or group of ppl authorized to act as a single entity and recognized as such in law
inventory
a complete list of items such as property goods in stock or contents of a building
scamper
a creativity tool that provides cues to trigger breakthought
innovative
a new idea, method or device. the introduction of smth new
vendor
a person or company offering smth for sale and whose product line offerings directly relate to your business
entrepreneurship
a person who owns or starts an organization such as a business
differentiation
a type of genetic strategy aimed at clarifying how one product is unlike another in a mass market
norms
a way people run business that widely accpeted
revenue
amount of moeny that a company receives during a specific period
net profit
amount of money left after operating expenses are deducted from the business
inelastic demand
an economic situation where the demand remains unaffected while the price of a good or service fluctuates
imitative strategy
an overall strategic approach in which the entrepreneur does more or less what other are already doing
management role
behaviors adopted to perform various management functions like leading planning organizing strategizing and solving problems
sole proprietorship
business owned usually operated by one person who is responsible for all its debts
market
business term for the population of customers for ur product or service
staple goods
constantly in demand replaced on a daily
odd-even pricing
consumers view prices ending an odd number as value or sale item, even number - full price or more expensive
mixed economy
features characteristics of both planned and market economies (most countries and USA)
crowdfunding
funding a business online through the collective involvement of others who provide donations loans or investments
gross profit
funds left over after decuting the cost of goods sold
embargo
gov. order banning exportation and/or importation of a particular product or all products from a particular country
product line/item
group of closely related products, make up a product line
limited liability corporation
hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability
market economy
individual producers and consumers control production and allocation by creating combinations of supply and demand
mass market
large portions of the opulation
license
legal agreement granting you rights to use a particular piece of intellectual property
monopoly
market or industry characterized by a handful of sellers with the power to influence the prices of their products
oligopoly
market or industry characterized by a handful of sellers with the power to influence the prices of their products
Niche Market
narrow defined segment of the population that is likely to share interests or concerns
command economy
one in which a centralized gov. controls the means of production and determines output levels
royalty
payment based on the number or value of licensed items sold
seasonal goods
popular only during certain time a year
gross domestic product (GDP)
refers to the total value of all final goods and services within a given period by a national economy through domestic factors
quota
restriction on the number of products of a certain type that be imported into a country
promotional price
sale is taking place within a store (end of yr holiday sale, increased foot traffic lead potential sales)
retail
sell products directly to those who use or consume them
wholesale
sell products to other business rather than the final consumer
Tariff
tax levied on imported products
price
the amount you pay for goods
profit
the difference between a business and its expenses
feasibility
the extent to which an idea is viable n realistic n the extend to which you are aware of internal and external forces that could affect your business
magic number
the post tax income the entrepreneur personally seeks from the business
demand
the willingness and ability of buyers to purchase a product
supply
the willingness and ability of producer to offer good or service for sale
values
things people believe when running a business
psychological pricing
to create a certain perception in the mind of the customer
target market
your market is the subgroup you choose to focus on
convenience goods
small, inexpensive items that are purchased of few
SMART goal
specific, measurable, attainable, realistic, timely
merchandising
staple goods, convenience goods, seasonal goods, fashionable goods
demographics
statistical data relating to the population and particular groups within it
