Business Foundations test 2

What is the number one disadvantage in sole proprietorship?

unlimited liability - the risk of personal losses 

Partnerships

General partnership - all owners assume liability

limited partnership - some general some limited partners

you and your partner know everything about each other but one thing limited liability partnership

No one will touch my personal assets

What is the name of the entity that you have to register with the state

conventional (C) corporation - stockholders not liable

Biggest disadvantage of corporation

double taxation

Advantage of s corporation

taxed like sole proprietorship

Disadvantage in llc

No stock

2 companies in 2 different industries and they want to merge together, what do we call that merger

conglomerate merger

When there is a company with lots of assets but badly managed, employees, managers, and investors decide to takeover the company, what do we call that

leveraged buyout 

I want to start a franchise, partners come to me, do I have to say yes?

Yes everyone is welcome

To meet consumer demand after WW2 what marketing era are we referring to

marketing concept era 

If you want to learn as much as possible about your customers, what are you practicing

Customer relationship management 

What is a marketing mix

product

price

place

promotion 

What technique do we use to have customers buy our products and services?

Promotion advertising, personal selling, public relations, publicity, word of mouth, various sales promotions

Many approaches to collection primary data, primary sources

1. Interviews 

2. SURVEYS

3. Observation

4. Focus groups

5. Online survey 

6. Questionnaires 

7. Customer comments 

8. Letters from customers

Process of identifying factors that can affect marketing success

Environmental scanning 

One thing that effected marketing success

technological factors including the internet

Market to everyone but consumer

business to business market

Dividing the US into smaller markets, what do we call that

market segmentation 

Small but profitable market segments and designing or finding products for them

niche market

Organizations that assist in moving goods and services from producer to consumer

marketing intermediaries 

What distribution method do we use to go from producers to consumers

channel distribution 

What are the characteristics of marketing intermediaries

Hes a middleman whos supposed to save you time and money and be efficient

Most expensive cost for bread

labor

Value and ability, what are we referring to 

utility 

What utility has to do with producer rather than intermediary

form utility 

Taking goods from one person to another taking possession, what utility is that 

possession utility 

Looking for specific wholesaler that take title

Merchant wholesaler independently owned firms 

If i want to distribute my product to as many retailers as possible what do we call that 

intensive distribution 

Moving products form wholesalers to retailers, what do we call that 

supply chain management