Business 1
A business in which the operator pays a mixture of upfront and ongoing fees in order to license the brand name and supporting resources of a parent company.
Franchise
What is the Product life cycle?
1. Developmental Phase
2. Introduction
3. Growth
4. Maturity
5. Decline
A type of merger that occurs between companies operating in the same industry.
Horizontal Merger
Advantages of franchising
Ready formula to follow, market-tested products and services, BRAND RECOGNITION
The process of exchanging information and ideas among professionals to expand their connections, discover job opportunities, and stay informed about industry developments.
Networking
An individual or company that holds a franchise for the sale of goods or the operation of a service
Franchisee
Concept used in advertising and marketing to describe consumer’s ability to recognize a brand through visual or auditory cues.
Brand recognition
A strategy where a company charges the highest initial price that customers will pay, and then lowers it over time.
Price skimming
Disadvantages of franchising
Heavy start-up costs, limited control, regulations
The process of delivering market goods and services that are modified to satisfy a specific customer’s needs.
Mass customization
Significant and widespread downturn in economic activity. Typically lasts longer than a few months
Recession
The idea that increasing the consumption of goods and services purchased in the market is always a desirable goal, and that a person's well-being and happiness depend fundamentally on obtaining consumer goods and material possessions.
Consumerism
An economic system where private individuals or businesses own capital goods, and the free market controls the production of goods and services.
Capitalism
The term for the first time that a private company sells shares of its stock to the public on a stock exchange.
Intitial Public Offering
A U.S. government agency designed to bolster and promote the economy by assisting the country’s small businesses.
Small Business Administration
Trade deal between the United States, Canada and Mexico
USMCA
A work arrangement that allows employees to choose the start and end time for their workday.
Flextime
The use of computer-based software to aid in design processes by creating simulations of real-world objects.
Computer Aided Design…
Making goods or services available in locations that allow consumers to easily access them.
Place Utility
Refers to how much value a consumer receives from a product or service in a way that they need.
Form utility
This is the term for the company that grants the right to operate a business under its brand and business model, often in exchange for royalties or fees.
Franchiser
Set of principles intended to guide professionals in conducting business with honesty and integrity.
Code of ethics
A type of state-provided insurance that pays money to individuals weekly when they lose their jobs and meet certain eligibility requirements.
Unemployment insurance
Companies with a small number of shareholders that are privately held by managers, owners, and even families.
Closed corporation
A secure and private enterprise network that shares data o application resources via Internet Protocol (IP).
Intranet