Business Terms - General Flashcards
These are the basic terms need for the core of this class. A general overview of assigments to come.
Private Sector
Businesses owned by individuals or shareholders.
Industry
A term describing a large-scale economic activity.
Line of business
Informal term describing part of an industry.
Niché
A market within a line-of-business with very specialized needs.
Market
As a noun:
- a place where products or services are bought and sold.
- the sum of a product’s sales.
- a geographical location where goods and products are sold.
As a verb:
- to advertise and sell goods.
Market Share
The portion of the market made up of a single firm’s shares.
Value
The worth of the product.
Benefit
The value created by a product feature.
Feature
A part of the product that creates benefits.
Market needs
What people want when they are in the market for a good or service.
Quality
Informally, something well-built.
Profit
Money left over when costs and expenses are paid.
Gross sales
The total amount of money received from customers for their purchase of products or services for a specific time period: month quarter or year.
Competitor(s)
Business offering similar products or services in the same markets.
Competitive Advantage (products)
Why a product or service is better than competitors’ product and services.
Threat
An person, place or thing that may reduce an entity’s success. e.g. A new technology, a superior product introduced by a competitor, inexperience within the firm, or a new law.
Competitive Advantage (firms)
Why a firm is better than its competitors.
Competitive Advantage (nations)
The qualities of a nation enabling it to produce or market better than others.
Entrepreneur
Someone who starts a business.
Sole Proprietorship
A business entity owned and operated by a single person.
Corporation
A legal entity defined by the legislatures of the states and the federal government to protect owners and employees from lawsuits. In court, considered a “person.”
Subjected to laws regarding financial reporting, tax, being its to employees, ownership.
Subsidiary
A corporation owned by another cooperation
Non- profit
S cooperation that furthers the public good, largely funded with philanthropic donation.
Co-operative
A cooperation owned by members, usually established to gain economic advantages.
By law prevent single investors from gaining control. All members benefit.
