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Purpose of Legal Procedure

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Consistent treatment. Legal procedure refers to the methods and processes used to protect an individual's or business's legal rights. The purpose of legal procedure is not to ensure that each party receives ongoing advice. In most legal proceedings, one party is not going to be satisfied with the verdict or outcome.

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Sole Proprietorship

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A business owned and operated by one person

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Franchisee

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A business who purchases the rights to operate a business using the parent company's (franchisor's) name.

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A partnership

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Owned by two or more people.

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Corporation

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Large businesses owned by their shareholders, who own stock in the company. These businesses are operated under written permission from the states or provinces in which they operate.

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A retailer

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Buys consumer goods or services and sells them to the ultimate consumer. Is an intermediary because they operate between the producer and consumer to help the movement of goods and services.

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A wholesaler

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Buys goods from producers or agents and sells them to retailers. Is an intermediary because they operate between the producer and consumer to help the movement of goods and services.

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An agent/broker/rep

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Assists in the sale and/or promotion of goods and services, but does not take title to them. Is an intermediary because they operate between the producer and consumer to help the movement of goods and services.

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Th producer

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The producer's goal is to reach the consumer as quickly and efficiently as possible. The channel of distribution begins with the producer. Individuals who make or provide goods and services to consumers.

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Slotting Fees

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A cash premium that producers pay to businesses to cover the costs associated with carrying a new product. In many cases, the producer that offers the largest fee is the one that gets shelf space for its new product.

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Exclusive Dealing

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Exclusive dealing is an illegal practice when it restricts competition; however, it may be legal when small businesses are entering the marketplace.

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Direct distribution

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Direct distribution is a channel of distribution in which products move directly from the producer to the end user.

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Vertical conflicts

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Vertical conflict involves disagreements among businesses on different levels of the same channel of distribution.

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Horizontal conflicts

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Horizontal conflict occurs among businesses at the same level in a channel of distribution.

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Supporting Evidence

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Supporting evidence in published work, shows credibility of the sources

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Multichannel Conflicts

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Multichannel conflicts refer to disagreements among members in separate marketing channels. While neither strictly horizontal nor vertical, these conflicts can affect all members of every channel.

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System to take notes quickly

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Use abbreviations and symbols.

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Routine Information

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Routine information is the type of data that managers need on a regular basis in order to monitor the operation of the business.

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Patronage

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Customers. Someone who shops somewhere.

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Resource owners

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Resource owners are individuals and organizations who provide human resources, natural resources, or capital goods for use in production.

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An economizer

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An economizer is someone who strives to obtain the greatest satisfaction from his/her limited resources.

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The matrix organizational structure

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The matrix organizational structure violates the unity of command principle by giving employees more than one manager to answer to at a time.

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Economic risks

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Economic risks are changes in the market that force prices to be lowered, products to change, or even businesses to fail.

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Natural risks

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Natural risks result from such natural causes as floods, tornadoes, fires, lightning, blizzards, and earthquakes.

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Human risks

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Human risks are caused by human weakness and the unpredictability of employees and/or customers.

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Incompetence

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Incompetence is a form of human risk whereby the employee does not have the skills, knowledge, or attitudes needed to succeed in the position.

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Net taxes

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Taxes on production less subsidies received. Alternatively, net taxes are taxes paid to the government less transfer payments.

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Exports

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Exports are goods and services sold to other countries.

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Imports

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Imports are the goods and services that one country purchases from a foreign country.

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The law of diminishing returns

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The law of diminishing returns states that, at some point, adding more employees does not proportionately increase productivity.

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Negative returns

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Negative returns is a stage of production in which businesses usually stop hiring employees.

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Gross private investments

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Gross private investments is the value of all capital goods created in the economy during the year and inventories held by businesses from current production.

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Personal consumption expenditures

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Personal consumption expenditures is the final market value of goods and services purchased for direct consumption by individuals, families, and nonprofit organizations.

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Comparative advantage

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When a country produces and sells those goods and services for which it will earn the most money, while trading for those which will earn relatively less money.

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Absolute advantage

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When a country can produce a product for less than another nation can.

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Trade surplus

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A trade surplus exists when a nation's exports are greater than its imports.

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Trade deficit

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A trade deficit exists when a nation's imports are greater than its exports.

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Communication

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Communication is an exchange of information in which the words and gestures are understood in the same way by both the speaker and the listener. Persuasion is an important part of communication and is something you do almost every time you talk to someone.

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Job position

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Worker's assigned duties and level of responsibility, which the worker can change by changing jobs or seeking promotions.

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Mental ability

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A person's mental ability refers to his/her learning and thinking ability. People are born with different levels of mental ability. This ability is difficult to change.

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Language usage

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Language usage is the way the language is used in certain parts of the country.

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Transfer payments

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Transfer payments are monies paid by the government in which no goods or services are received in exchange, such as welfare benefits, veterans' benefits, disaster aid, and unemployment.

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A rebate

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A rebate is a return of part of the price a customer pays for a product, usually from the product's manufacturer.

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A refund

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A refund is a sum of money given back to individuals or businesses. Refunds are issued when an excessive amount has been paid (e.g., tax refund) or when items have been returned to a business.

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Wage garnishments

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Wage garnishments are court-ordered initiatives that involve taking income taken from an employee's salary and submitting it to another person or organization.

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Using credit cards/credit

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Using credit can add to the total cost of goods and services.

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Payroll deductions

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Payroll deductions are monies that an employer withholds from an employee's gross earnings.

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Commercial banks

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Commercial banks provide a variety of financial services for businesses and individuals, such as checking and savings accounts, loans, credit cards, and overdraft protection.

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Payroll and benefits

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Payroll and benefits are often one of the largest sources of money flowing out of a business because businesses must pay employees for their labor.

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Profit and loss

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Profit and loss indicates if the business is making sufficient money to cover its expenses.

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