MArketing essential notes
Franchise
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
Partnership
A business in which two or more persons combine their assets and skills
Entrepreneur
A person who organizes, manages, and takes on the risks of a business.
commission
An amount paid to an employee based on a percentage of the employee's sales
stockholder
An owner of one or more shares of a corporation
define stage
Analyze observations and info Helps define core problem
COO
Chief Operating Officer
pivot or persist stage
Decide whether to stick with the same strategy or change into a new strategy if needed.
Final test stage
Design team reviews and refines product Then the team rigorously tests product solution
MVP
Minimum Viable Product
resource maturity stage
Owner separates financially and operationally from company
CFO
The chief financial officer is responsible for a business's finances.
ideate stage
The design team comes up with ideas in order to resolve the issue
Prototype Stage of Design Thinking
The ideas come to life They will create minimum viable products
existence stage
The second stage of the business life cycle marked by the business being in operation but not yet stable in terms of markets, operations, or finances.
success stage
The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.
exit plan stage
You decide to sell your business
Sole Proprietorship
a business owned and managed by a single individual
CEO
a chief executive officer, the highest-ranking person in a company or other institution, ultimately responsible for making managerial decisions.
Piecework
a compensation system in which employees are paid a set rate for each item they produce
equity
a condition in which people receive from a relationship in proportion to what they give to it
C Corp
a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.
take off stage
a period of economic growth accompanied by a growing belief in individualism, competition, and achievement
small business
an independent business with fewer than 500 employees
stake holders
any groups that have a stake - or a personal interest - in the performance and actions of an organization
tangible
capable of being touched; real, concrete
S corporation
corporation taxed as though it were a partnership with restrictions on shareholders
Non-Profit Corporation
corporations that focus on providing a service rather than earning a profit but are not owned by a government entity (Red Cross).
Digital Commerce
electronic buying and selling of goods
ecommerce
is buying and selling goods and services over the internet
LLC
limited liability company
emphasize stage
listen and empathize with employees' concerns; gather questions and comments
Captial
money for investment
employees
people who work for someone else
survival stage
period when revenues start to grow and help pay some, but typically not all, of the expenses
salaried
receiving or recompensed by a salary rather than a wage.
B2C
the process in which businesses sell to consumers
B2B (business-to-business)
the process of selling merchandise or services from one business to another