EBO Vocabulary Flashcards

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217 Terms

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C Corporation (Public Corporation)

A business considered a separate legal entity, owned by unlimited stockholders, susceptible to dual taxation.

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Subchapter S Corporation (S Corporation)

A corporation with up to 100 shareholders, limited liability, and taxed like a partnership with minimal financial reporting.

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Private Corporation (Closely Held Corporation)

A corporation owned by a few people, not offering shares publicly.

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Nonprofit Corporation

A business operating to serve others, not for profit, with income covering expenses; may be tax-exempt.

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Limited Liability Company (LLC)

A business with limited liability for members, limited taxation, and a limited lifespan.

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Limited Liability Partnership (LLP)

A partnership protecting partners from others’ malpractice, often used by professionals.

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Sole Proprietorship

A business owned by one person who takes all profits and risks.

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Partnership (General Partnership, Ordinary Partnership)

A business owned by two or more people, all liable for losses.

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Limited Partnership

A partnership with at least one partner having limited liability and one with unlimited liability.

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Hybrid Structure

A business combining elements of corporations and sole proprietorships or partnerships.

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Articles of Incorporation (Charter, Certificate of Incorporation)

A document detailing a corporation’s name, purpose, stock, and board; filed to obtain a charter.

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Operating Agreement

A document specifying terms for an LLP or LLC.

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Partnership Agreement

A document outlining partner rights and responsibilities, guided by legislation such as the Uniform Partnership Act and Uniform Limited Partnership Act.

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Doing Business As (DBA)

A business’s assumed or fictitious name registered with local government.

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Unlimited Liability

Owners’ responsibility for business debts, including personal assets.

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Limited Liability

Owners’ risk limited to their investment.

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Board of Directors

A group governing a corporation’s activities.

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Shareholders (Stockholders)

Owners of a corporation’s stock.

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Stock

Shares of ownership in a corporation.

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Dividend

Earnings paid to stockholders.

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Consolidation

Growth through acquiring smaller companies.

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Merger

Two businesses combining into one.

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Subsidiary

A company controlled by a parent company.

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Business Plan

A company’s blueprint for success, detailing current and future operations.

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Marketing Plan

Strategies to attract target customers.

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Strategic Planning

Long-range (3-5 years) planning for the company.

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Mission Statement

A summary of a business’s purpose.

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Executive Summary

An overview of a business or marketing plan.

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Appendix

Supporting information added to a document’s end.

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Goal (SMART Goal)

An objective, ideally specific, measurable, attainable, results-oriented, and time-bound.

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Strategies (Tactics)

Plans (and specific actions) to achieve goals.

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SWOT Analysis (SWOT Matrix)

A tool analyzing strengths, weaknesses, opportunities, and threats.

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S-O Strategy

Using strengths to pursue opportunities.

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S-T Strategy

Using strengths to overcome threats.

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W-O Strategy

Overcoming weaknesses to pursue opportunities.

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W-T Strategy

Minimizing weaknesses to reduce threats.

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Situation Analysis

Assessing a business’s current situation and direction.

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Market Analysis

Studying a specific market.

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Feasibility Study (Business/Feasibility Analysis)

Inquiry into a venture’s potential success.

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Environmental Scanning

Collecting information about the business environment.

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Market Research

Gathering and analyzing market-related data.

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Organizational Chart (Chain of Command, Line of Command)

A representation of authority flow.

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Marketing

Creating, communicating, and delivering value to customers.

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Marketing Concept

A philosophy focusing on satisfying customer needs while achieving business goals.

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Marketing Mix

The combination of product, place, promotion, and price.

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Marketing Objectives

Goals for a marketing plan.

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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.

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Market

Customers with unfulfilled desires and the ability to buy.

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Target Market (Target Marketing)

The specific customer group a business aims to attract.

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Market Segmentation (Segment Marketing)

Dividing a market into smaller groups.

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Demographic Segmentation (Demographics)

Dividing a market by physical and social characteristics.

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Geographic Segmentation

Dividing a market by customer location.

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Behavioral Segmentation

Dividing a market by customer responses to a product.

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Psychographic Segmentation (Lifestyle)

Dividing a market by customers’ lifestyles and personalities.

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Market Segment

A specific group within a divided market.

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Market Share

A business’s portion of total industry sales.

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Market Position

A business’s rank in a market.

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Positioning

Creating a specific image of a product in consumers’ minds.

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Product Differentiation

Making a product appear unique compared to competitors.

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Unique Selling Proposition

A one-of-a-kind product or brand attribute.

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Mass Marketing (Undifferentiated Marketing)

Appealing to the entire market.

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Consumer Market

Customers purchasing for personal use.

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Industrial Market

Customers purchasing for business operations or resale.

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Corporate Social Responsibility

A business’s duty to contribute to societal well-being.

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Business Sustainability

Long-term management of financial, social, and environmental risks and opportunities.

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Product (Goods, Services, Pure Services)

Tangible or intangible offerings sold to customers.

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Consumer Goods

Tangible items for personal use.

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Industrial Goods

Items used in business operations or production.

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Product Item

An individual good, service, or idea offered for sale.

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Product Line

A group of related product items.

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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).

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Consistency

How closely product lines are related in use, distribution, or price.

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Product-Mix Strategies (Expansion, Contraction, Alteration, Trading Up, Trading Down)

Ways to manage product mixes, such as adding, removing, modifying, or adjusting price levels.

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Product Development

Creating and refining a new product, including testing and planning.

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Idea Generation

Creating new product ideas or modifying existing ones.

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Concept Testing

Obtaining feedback on a product idea.

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Prototype

An early product model.

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Test Marketing

Introducing a product to a limited market to gauge acceptance.

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Commercialization

Full-scale production and marketing of a product.

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Product Life Cycle (Introduction, Growth, Maturity, Decline)

Stages from market entry to exit.

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Product Elimination (Product Discontinuation)

Removing a weak product from the market.

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Cannibalization

When a new product reduces sales of an existing product.

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Product-Related Services

Services like maintenance or delivery offered with a product.

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Feature (Benefit)

A characteristic or advantage of a product.

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Quality

The degree of excellence of a product.

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Brand (Corporate Brand)

Combined impressions and experiences associated with a company or product.

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Warranty

A seller’s promise to repair or replace a faulty product.

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New Product

A product newly offered, modified, or distributed differently; contrasted with currently sold products (existing products).

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Slogan

A memorable phrase associated with a product or brand.

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Distribution (Place)

Moving, storing, and transferring ownership of goods and services.

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Channels of Distribution (Channel Members, Intermediaries)

Paths goods take from producer to consumer, involving businesses or individuals like wholesalers or retailers.

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Direct Channel of Distribution (Direct Distribution)

Goods move directly from producer to consumer or industrial user.

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Indirect Channel of Distribution (Indirect Distribution)

Goods move through intermediaries to consumers or users.

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Channel Length

The total number of channel members in a distribution channel.

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Channel Management

Ensuring efficient and effective product distribution.

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Wholesalers

Intermediaries buying from producers and selling to retailers.

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Retailer

A business selling consumer goods to final consumers.

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Industrial Distributor

A channel member selling industrial goods to industrial users.

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Distribution Intensity (Intensive, Selective, Exclusive)

The level of market exposure, from widespread to limited distribution.

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Ideal Market Exposure

Balancing product availability without overdistribution.