Engr 210

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Sole Proprietorship

a business owned and managed by one individual.

General Partnership

an association of two or more people who co-own a business for the purpose of General Partnership making a profit.

Limited Partnership

a partnership composed of at least one general partner and at least one limited Limited Partnership partner. a separate legal entity

Corporation

apart from its owners that receives the right to exist from the state in which it is Corporation incorporated.

C Corporation

All large publicly traded companies & some small businesses. They are separate legal C Corporation entities & must pay taxes.

S Corporation

Don’t pay taxes on corporate income. Income is passed through to the S Corporation owners, just as a sole proprietorship & partnership. It is for small businesses

Limited Liability Company

like an S corporation, is a cross between a partnership & a corporation; it is not Limited Liability Company subject to the restrictions imposed on S corporations.

Partnership

An association of two or more people who co-own a business for the purpose of making a profit.

General Partners:

Have unlimited liability for the partnership’s debts.

Limited Partners:

Have limited liability for the partnership’s debts.

Silent Partners

Not active in a business but are generally known to be members of the partnership

Dormant Partners

Neither active nor generally known to be associated with the business

Corporation

a separate legal entity from its owners.

Publicly held

a corporation that has a large number of shareholders and whose stock usually is traded on one of the large stock exchanges.

Closely held

a corporation in which shares are controlled by a relatively small number of people, often family members, relatives, or friends.

Marketing

The process of creating and delivering desired goods and services to customers. • Involves all of the activities associated with winning and retaining loyal customers.

Bootstrap Marketing Strategies

Are unconventional, low-cost, and creative marketing techniques that allow a small company to realize a greater return from its marketing investment than do larger rivals.

Target Market

the specific group of customers at whom the company aims its products or services.

Demographics

the study of important population characteristics, such as age, income, race, and education.

Market Research

the vehicle for gathering the information that serves as the foundation for the marketing plan.

Branding

communicating a USP to the target market in a consistent and integrated manner

Total Quality Management (TQM)

Quality in the product or service itself. Quality in every aspect of the business and its relationship with the customer. Continuous improvement in quality

time compression management (TCM)

Speed new products to market. Shorten customer response time in manufacturing and delivery. Reduce the administrative time required to fill an order.

Cost per Acquisition (CPA)

The amount it costs to generate a purchase (or a customer registration).

Average number of page views per visit

Measures how much time visitors spend on a site.

Bounce Rate

The percentage of visitors to a site who view a single page and leave without viewing other pages.

Conversion (browse-to-buy) ratio

The proportion of visitors to a site who actually make a purchase.

Cart Abandonment Rate (CTR)

The percentage of shoppers who place at least one item in a shopping cart but never complete the transaction.

Search engine ranking

Shows where a company’s Web site ranks in search engines’ results pages.

Trade area size

The region from which a business can expect to draw customers.

Layout

The logical arrangement of the physical facilities of a business that contributes to efficient operations, increased productivity, and higher sales.

Study

Employees believe that the quality and quantity of their work would increase by an average of 25% with better workplace design.

Ergonomics

the science of adapting work and the work environment to complement employees’ strengths and to suit customers’ needs.

Three basic layouts

Product, Process: high volume small size, Fixed position: low volume, big size

The seven forms of waste

Transportation, Inventory, Motion, Waiting, Overproduction, Processing, Defects

Domestic joint venture

Two or more U.S. companies form an alliance for the purpose of exporting their goods and services abroad.

Foreign joint venture

A domestic firm forms an alliance with a company in the target nation.

Steps

Identify the country or countries that are best suited to the franchiser’s business concept.

Countertrade

A transaction in which a company selling goods in a foreign country agrees to promote investment and trade in that country.

Barter

The exchange of goods and services for other goods and services.