Chapter 5 Concepts
Marketing- The process of researching, promoting, selling and distributing a product or service. Marketing covers a broad range of practices, including advertising, publicity, promotion, pricing, and overall packaging of the goods or services
Merger -A joining together of two previously separate corporations. A true merger in the legal sense occurs when both businesses dissolve and move their assets and liabilities into a newly created entity.
Multi-level Marketing (MLM)-Any business in which a person receives proceeds not only from their own sales, but from the sales made by people they have signed up, and potentially people those people have signed up, and so on.
Network Marketing-A business in which a distributor network is needed to build the business. Networking-Developing business contacts to form business relationships, increase your knowledge, expand your business base, or serve the community. Also used to describe linking computers systems together.
Outsourcing- Purchasing standard operational services from another business. Outsourced services typically including accounting, payroll, IT, advertising, and more.
Partnership-A business form in which two or more individuals who carry on a continuing business for profit. A partnership is legally regarded as a group of individuals rather than as a single entity, and each of the partners file their share of the profits on their individual tax returns.
Patent- A property right granted to an inventor to exclude others from making, using, offering for sale, or selling the invention for a limited time in exchange for public disclosure of the invention when the patent is granted.
Planning-A detailed method, formulated beforehand, for managing a business.
Public Relations (PR)-The deliberate promotion of a specific image for a business. Often confused with publicity which is simply the materials used in a specific part of a public relations effort.
Sales0- The exchange of a product or service for money. Also refers to the profession of that activity or a department within a company that performs that activity.
SCORE-Service Corps of Retired Executives; they provide