Forms of business ownership
A business that sells goods or services, and is set up to make a profit.
What is an enterprise?
The money needed to start a business.
What is start-up capital?
Non-numerical data, that highlights characteristics, qualities, experiences, etc.
What is quantitative data?
Function, aesthetics, economic manufacture.
What is the product design mix?
A method businesses use to inform individuals about its products or services.
What is advertising?
One owner who keeps all the profit and makes all decisions.
What is a sole trader?
Money borrowed from the bank that is repaid over a period of time.
What is a loan/bank loan?
Existing, previously collected from other sources (ex. books, articles, government sources).
What is secondary market research?
The look/design of the product.
What is aesthetic?
Money gained from a period of time from working.
What is income?
Buying the right to use an existing business name and system.
What is a franchise?
Many people give small amounts of money to help finance a business.
What is crowdfunding?
A group of people that participate in a discussion about a product before it is launched.
What is a focus group?
The job that the product performs.
What is function?
The STAGE in the product life cycle where sales slow down, and the product starts to become less relevant.
What is decline?
Owners are separate from the business and only responsible for the money they invest.
What is limited liability?
Wealthy individuals who provide business owner with large sum of money to help them set up their business.
What are business angels?
A set of questions with a choice of answers made to collect consumers' opinions.
What is a questionnaire?
Producing a product with the lowest costs, or using the most cost-effective method of producing.
What is economic manufacture?
Using a surprising/creative/weird strategy to capture public attention.
What is guerilla marketing?
Owners are not separate from the business and their personal belongings are not protected.
What is unlimited liability?
Money from the government, banks, or organizations given to business that generally does not need to be repaid.
What are grants?
Cost, time, personnel availability, location.
What are market research factors?
The feature separating your product from competitors' products.
What is a unique selling point (USP)?
A pricing tactic used to influence customer perception (i.e. $9.99).
What is psychological pricing?