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affinity marketing
a partnership between multiple businesses to provide goods in exchange for access to a new market
fiduciary relationship
relationship where an individual owes another a fiduciary duty to act in the their interest (ex. lawyer-client)
producer
person, company, or country that makes, grows, or supplies goods or commodities for sale
wholesaler
person or company that sells goods in large quantities at low prices, typically to retailers
retailer
person or business that sells goods to the public in small quantities for use or consumption rather than resale
consumer
person who purchases goods and services for personal use
sole proprietorship
most common structure chosen to start a business. it is owned by one individual with no distinction between business and owner
corporation
company or group of people authorized to act as a single entity and recognized as such in law
stockholder
shareholder; a person, company, or institution that owns at least one share of a company's stock
antitrust laws
regulations that prevent a person or company from taking any actions to restrain free trade and competition in the marketplace
channel distribution
chain of businesses through which a good or service passes until it reaches the end consumer
affiliate marketing
process of promoting and selling another business's products in exchange for a sales commission
cross linking
promoting your company on another company's website and allowing them to promote on yours
social media marketing
promoting your company over social media channels
sales commission
the amount of money a salesperson earns based on the number of sales they have made
bilateral contract
both parties promise to do something
unilateral contract
one party promises to do something
slotting allowances
fee paid by a manufacture to a customer (retailer) that covers the costs for placing a new product on the retailer's shelves
true complaints
honestly felt dissatisfactions by the customer
hidden complaints
concealment of true complaints with secondary reasons for dissatisfaction
ethics
basic principles that govern an individual's behavior (in business, right and wrong)
real property tax
tax levied on real estate, which is land and buildings
personal property tax
tax levied on furniture and supplies, machinery and equipment
menu costs
expenses associated with changing prices
competence
skill that a leader needs to be credible
marketing research
the systematic gathering, recording, and analyzing of data about a specific problem
obsolescence phase
product is in a state of being outmoded or unfashionable
commercialization phase
step in the product development process; product goes into production, marketing plan is set, service and sales training is done, and product's life cycle begins
channel members
all of the businesses or individuals that move goods and services from the producer to the end consumer
memorandums
type of simple written report that business employees prepare to provide information to others within the business
distributor
purchases products from a manufacturer then resells them
depreciation
reduction in the value of an asset over time, due in particular to wear and tear
commodity
a physical item that has value on its own
vertical conflict
occurs between organizations that work together to provide the same product to consumers
horizontal conflict
occurs between two enterprises that might work together, directly or indirectly
initiative
the ability to assess and initiate things independently
horizontal channel integration
the process of a company increasing production at the same part of the supply chain
vertical channel integration
when the supply chain of a company is owned by that company
tort
an act or omission that harms another and amounts to a civil wrongdoing for which courts impose liability
revenue
income generated from normal business operations, including discounts and deductions for returns
lean production
management that focuses on cutting out waste whilst ensuring quality
commercial bank
accepts deposits from the public and gives loans for consumption and investment
savings and loan association
specializes in accepting savings, deposits, and making mortgages and other loans
finance company
primarily provides money for short-term loans
credit union
nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates
reciprocity
practice of exchanging things with others for mutual benefit, especially privileges granted by one country or organization to another
investment bank
special segment of banking that provide financial consultancy services and helps individuals or organizations raise capital
assessment-management firm
manages funds for individuals and companies
downward communication
information and messages flowing from a higher level to a lower one
formal communication
official information flowing through proper, predefined channels and routes
upward communication
information flowing from the lower levels to the upper levels
horizontal communication
communication that flows laterally within the organization, involving persons at the same level of the organization
inflation
decline of purchasing power of a given currency over time
personnel
people employed in an organization or engaged in an organized undertaking such as military service
predatory pricing
pricing goods or services so low that other suppliers cannot compete and are forced to leave the market
price fixing
agreement between participants on the same side of a market to buy or sell a product or service at a fixed price, or to maintain the market conditions (supply and demand) so price is maintained