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Flashcards from lecture notes
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C Corporation (Public Corporation)
A business considered a separate legal entity, owned by unlimited stockholders, susceptible to dual taxation.
Subchapter S Corporation (S Corporation)
A corporation with up to 100 shareholders, limited liability, and taxed like a partnership with minimal financial reporting.
Private Corporation (Closely Held Corporation)
A corporation owned by a few people, not offering shares publicly.
Nonprofit Corporation
A business operating to serve others, not for profit, with income covering expenses; may be tax-exempt.
Limited Liability Company (LLC)
A business with limited liability for members, limited taxation, and a limited lifespan.
Limited Liability Partnership (LLP)
A partnership protecting partners from others’ malpractice, often used by professionals.
Sole Proprietorship
A business owned by one person who takes all profits and risks.
Partnership (General Partnership, Ordinary Partnership)
A business owned by two or more people, all liable for losses.
Limited Partnership
A partnership with at least one partner having limited liability and one with unlimited liability.
Hybrid Structure
A business combining elements of corporations and sole proprietorships or partnerships.
Articles of Incorporation (Charter, Certificate of Incorporation)
A document detailing a corporation’s name, purpose, stock, and board; filed to obtain a charter.
Operating Agreement
A document specifying terms for an LLP or LLC.
Partnership Agreement
A document outlining partner rights and responsibilities, guided by legislation such as the Uniform Partnership Act and Uniform Limited Partnership Act.
Doing Business As (DBA)
A business’s assumed or fictitious name registered with local government.
Unlimited Liability
Owners’ responsibility for business debts, including personal assets.
Limited Liability
Owners’ risk limited to their investment.
Board of Directors
A group governing a corporation’s activities.
Shareholders (Stockholders)
Owners of a corporation’s stock.
Stock
Shares of ownership in a corporation.
Dividend
Earnings paid to stockholders.
Consolidation
Growth through acquiring smaller companies.
Merger
Two businesses combining into one.
Subsidiary
A company controlled by a parent company.
Business Plan
A company’s blueprint for success, detailing current and future operations.
Marketing Plan
Strategies to attract target customers.
Strategic Planning
Long-range (3-5 years) planning for the company.
Mission Statement
A summary of a business’s purpose.
Executive Summary
An overview of a business or marketing plan.
Appendix
Supporting information added to a document’s end.
Goal (SMART Goal)
An objective, ideally specific, measurable, attainable, results-oriented, and time-bound.
Strategies (Tactics)
Plans (and specific actions) to achieve goals.
SWOT Analysis (SWOT Matrix)
A tool analyzing strengths, weaknesses, opportunities, and threats.
S-O Strategy
Using strengths to pursue opportunities.
S-T Strategy
Using strengths to overcome threats.
W-O Strategy
Overcoming weaknesses to pursue opportunities.
W-T Strategy
Minimizing weaknesses to reduce threats.
Situation Analysis
Assessing a business’s current situation and direction.
Market Analysis
Studying a specific market.
Feasibility Study (Business/Feasibility Analysis)
Inquiry into a venture’s potential success.
Environmental Scanning
Collecting information about the business environment.
Market Research
Gathering and analyzing market-related data.
Organizational Chart (Chain of Command, Line of Command)
A representation of authority flow.
Marketing
Creating, communicating, and delivering value to customers.
Marketing Concept
A philosophy focusing on satisfying customer needs while achieving business goals.
Marketing Mix
The combination of product, place, promotion, and price.
Marketing Objectives
Goals for a marketing plan.
Marketing Strategy (includes Growth Strategy, Stability Strategy, Market Exit Strategy)
A plan to achieve marketing goals, such as increasing sales, maintaining market share, or exiting a market.
Market
Customers with unfulfilled desires and the ability to buy.
Target Market (Target Marketing)
The specific customer group a business aims to attract.
Market Segmentation (Segment Marketing)
Dividing a market into smaller groups.
Demographic Segmentation (Demographics)
Dividing a market by physical and social characteristics.
Geographic Segmentation
Dividing a market by customer location.
Behavioral Segmentation
Dividing a market by customer responses to a product.
Psychographic Segmentation (Lifestyle)
Dividing a market by customers’ lifestyles and personalities.
Market Segment
A specific group within a divided market.
Market Share
A business’s portion of total industry sales.
Market Position
A business’s rank in a market.
Positioning
Creating a specific image of a product in consumers’ minds.
Product Differentiation
Making a product appear unique compared to competitors.
Unique Selling Proposition
A one-of-a-kind product or brand attribute.
Mass Marketing (Undifferentiated Marketing)
Appealing to the entire market.
Consumer Market
Customers purchasing for personal use.
Industrial Market
Customers purchasing for business operations or resale.
Corporate Social Responsibility
A business’s duty to contribute to societal well-being.
Business Sustainability
Long-term management of financial, social, and environmental risks and opportunities.
Product (Goods, Services, Pure Services)
Tangible or intangible offerings sold to customers.
Consumer Goods
Tangible items for personal use.
Industrial Goods
Items used in business operations or production.
Product Item
An individual good, service, or idea offered for sale.
Product Line
A group of related product items.
Product Mix (Broad, Narrow, Deep, Shallow, Long, Short)
The assortment of goods and services offered, described by width (number of lines), depth (variations), and length (total products).
Consistency
How closely product lines are related in use, distribution, or price.
Product-Mix Strategies (Expansion, Contraction, Alteration, Trading Up, Trading Down)
Ways to manage product mixes, such as adding, removing, modifying, or adjusting price levels.
Product Development
Creating and refining a new product, including testing and planning.
Idea Generation
Creating new product ideas or modifying existing ones.
Concept Testing
Obtaining feedback on a product idea.
Prototype
An early product model.
Test Marketing
Introducing a product to a limited market to gauge acceptance.
Commercialization
Full-scale production and marketing of a product.
Product Life Cycle (Introduction, Growth, Maturity, Decline)
Stages from market entry to exit.
Product Elimination (Product Discontinuation)
Removing a weak product from the market.
Cannibalization
When a new product reduces sales of an existing product.
Product-Related Services
Services like maintenance or delivery offered with a product.
Feature (Benefit)
A characteristic or advantage of a product.
Quality
The degree of excellence of a product.
Brand (Corporate Brand)
Combined impressions and experiences associated with a company or product.
Warranty
A seller’s promise to repair or replace a faulty product.
New Product
A product newly offered, modified, or distributed differently; contrasted with currently sold products (existing products).
Slogan
A memorable phrase associated with a product or brand.
Distribution (Place)
Moving, storing, and transferring ownership of goods and services.
Channels of Distribution (Channel Members, Intermediaries)
Paths goods take from producer to consumer, involving businesses or individuals like wholesalers or retailers.
Direct Channel of Distribution (Direct Distribution)
Goods move directly from producer to consumer or industrial user.
Indirect Channel of Distribution (Indirect Distribution)
Goods move through intermediaries to consumers or users.
Channel Length
The total number of channel members in a distribution channel.
Channel Management
Ensuring efficient and effective product distribution.
Wholesalers
Intermediaries buying from producers and selling to retailers.
Retailer
A business selling consumer goods to final consumers.
Industrial Distributor
A channel member selling industrial goods to industrial users.
Distribution Intensity (Intensive, Selective, Exclusive)
The level of market exposure, from widespread to limited distribution.
Ideal Market Exposure
Balancing product availability without overdistribution.