Private Enterprise System
Have the right to earn a have the right to earn a __________.
profit
What sector deals with the extraction and production of raw materials and natural resources?
Primary
When a company provides goods or services for free but later charges for extra features.
Freemium
Limited Liability
Corporation
In a direct sales model, employees of a business market a product directly to a ____________.
consumer
Have _________ over operative decisions and activities
control
This sector is a category of businesses that utilize materials produced from the primary sector to create goods.
Secondary Sector
Employees of a business sell a product directly to a consumer.
Direct Sales
Ability to combine skills and resources
Partnership
Marketers that use the direct sales model rely on customer service and __________ to ensure customers will return
relationships
_________ for customers
compete
There are two subsets of the secondary sector, what are they?
Manufacturers and Intermediaries
Customers pay an up-front subscription price for a product or service.
Subscription
Owner maintains full authority
Sole Proprietorship
Companies who utilize the direct sales model typically sell their products outside of a _________ retail shop.
traditional
React to _________ and demand.
supply
What are two types of Intermediaries?
Wholesalers and Retailers
Owner of a company grants another business owner the right to use the owner company’s name.
Franchise
Capable of Raising Funds
Corporation
They often use __________ question-and-answer sessions.
interactive
Private enterprise is a business or industry managed by independent companies or private individuals rather than the _____________.
state
Also known as the service sector. This sector is a category of businesses that provide services to the economy.
Tertiary Sector
Business models describe a precise course of action for how a company will secure _________ and generate _________.
customers
income
Owner keeps all profits
Sole Proprietorship
Direct sales models also perform ________ either in-person or online.
demonstrations