A new business undertaking that involves risk

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Is the process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business.

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 is the study of how people choose to allocate scarce resources to fufill their unlimited wants

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 People have an important right to make economic choices

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Money that is kept after all expenses of running a business have been deducted from the income.

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Tangable products

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intangible products

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 The resources businesses use to produce the goods and services that people want

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occurs when demand exceeds supply.

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 Is the quantity of goods or services that consumers are willing and able to buy.

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 Refers to situations  in which a change in price creates a change in demand.

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Refers to situations  in which a change in price has very little effect on demand for products

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The price alone does not determine demand.

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producers are more willingly to supply products in greater amounts when prices are high

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is the point at which consumers buy all of a product that is supplied

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an idea that has commercial potential

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the equipment and resources customers need to start a business

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New Venture Organization

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a business that has stopped operating with a loss to creditors

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is a business that was purposely discontinued by an owner to start a new business

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your goal for what your business will be in the future.

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an endpoint, accomplishment or target an organization wants to achieve in the short term or long term

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measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time

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The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located.

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are goals a company wants to accomplish throughout its marketing efforts.

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is a blueprint used by a business to guide its marketing activities to the desired conclusion?

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is the name, symbol, or design used to identify a product?

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is the part of the package used to present information.

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is the path a product takes from producer to final user.

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involves placement of a product in all suitable sales outlets.

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limits the number of sales outlets in a given area

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limits the number of outlets to one per area

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People or businesses That move products between producers and final users.

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Is an assurance of the quality of a product

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a person or company that sells goods in large quantities at low prices, typically to retailers

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Refers to pricing techniques based on a belief that the customer's perceptions of a product are strongly influenced by the price.

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Is a pricing technique in which higher than average prices are used to suggest a prestige for a customer.

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Is a pricing technique where odd numbers are implemented  to suggest bargains on a product

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Offers reductions from the regular price.

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a strategy that allows businesses to change their prices in response to changes in demand or other market conditions or as a result of negotiation between buyers and sellers

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he seller adjusts a product's price (often in real-time) according to customer demand and the product's perceived value.

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Is the amount added to the cost of an item to cover expenses and ensure a profit?

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The amount of money taken from the original price.

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This is a direct person-to-person presentation to help a prospect make a buying decision.

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seeking out buyers and giving them a well-organized presentation.

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Is the completion of a sale to a customer who has sought out a product.

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Is a series of steps a customer goes through when making a purchase.

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is a systematic approach to developing new sales leads or customers.

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is an account of sales activities.

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is an estimate of sales for a given period, such as the next quarter.

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Is a performance goal assigned to a salesperson for a specific period.

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Involves operating as frugally as possible and cutting all necessary expenses.

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Is an ownership in a business

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 Money invested in companies where there is financial risk

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Is the amount of cash needed to carry out daily business operations.

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the point at which what one earns matches what one spends. After years of losing money

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an arrangement to buy goods and/or services on account without making immediate cash or cheque payments.

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 A private investor who funds start-up companies.

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 Is a private offering or sale of securities directly to a limited number of investors who meet certain suitability standards.

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an agent who handles an entrepreneur’s accounts receivable for a fee.

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 A source of equity financing for small businesses with exponential growth potential and experienced senior management.

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Worth of a buisness

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things for which someone is responsible, especially a debt or financial obligation.

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a thing for which someone is responsible, especially a debt or financial obligation.

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cash and other assets that are expected to be converted to cash within a year.

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