Module 8 Vocabulary Flashcards
The process of making everything conform to expectations and guidelines for consistency
Standardization
A type of product made by a particular company under a particular name
Brand
A proportionate savings in costs gained by an increased level of production
Economies of scale
The process of changing a product in some way so it is more acceptable or desirable in a particular market
Product adaptation
Sending goods to another country to sell
Exporting
A type of contract that allows one party to use another’s property as their own without paying royalties for a designated length of time
Licensing
A system where a business grants an entrepreneur the right to use their products, names, and processes in exchange for a percentage of the profits
Franchising
An agreement between two companies to cooperate on the mutually beneficial project
Strategic alliances
A new business built where no prior business existed, either physically or metaphorically or both
Greenfield
Someone who supplies goods to businesses
Distributor
A person or company who owns a product but provides it to someone else as part of an agreement
Licensor
A person or company who has entered into an agreement with someone to use their product or service for a specified period of time
Licensee
The reasonable steps or research necessary before making an informed decision or evaluation
Due diligence
A formal agreement on priorities, focus, and goals
Strategic plan
