glencoe entrepreneurship and small business management chapter 3 vocabulary – Flashcards
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online business
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A company that conducts business by means of the internet.
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services
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Activities that are consumed at the same time they are produced
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outsourcing
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A decision by a corporation to turn over much of the responsibility for production to independent suppliers.
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strategic alliance
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A long-term partnership between two or more companies established to help each company build competitive market advantages
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corporate venture
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A new venture started inside a larger corporation.
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innovation
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An improvement of an existing technological product, system, or method of doing something.
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niche
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small specialized market
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brainstorm
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think freely to generate ideas
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demographics
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Characteristics such as age, sex, income, location, education, and religion
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trade magazine
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periodicals published for specific types of businesses or industries
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specialty magazine
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consumer magazines that focus on a particular area of interest
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trade show
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exhibitions where companies associated with an industry gather to showcase their products
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values
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An individual's beliefs about what is important, desirable, and worthwhile, which often influence decisions.
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goodwill
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the favor and loyalty a business acquires by its good reputation
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franchise
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A legal agreement that gives an individual the right to market a company's products or services in a particular area.
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franchisee
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A person who buys a franchise
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franchisor
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A business that leases its trade name and operating system to another person
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business broker
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a person who sells businesses for a living
