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Unit 7

Faith McCollum

Unit 7 Vocabulary

Word Bank
Consumer Research, Controlling, Coroporation, Customer Orientation, Directin, First-Line Managers, Franchice, General Patnership, Lability, Limited Patnership, Mangement, Market Research, Marketing Mix, Mid-level Managers, Nonprofit, Organizational (Company) Commitment, Organizing, Partnership, Place/Distribution, Planning, Price, Private, Private, Probduct, Products Research, Promotion, Public, Sole Partnership, Staffing, Top-Level Mangers

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4.An approach to sales and customer-relations in which staff focus on helping customers to meet their long-term needs and wants.
6.Formal measurement and analysis of actions at established check points.
7.Taking command and delegating instructions
9.An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities
10.Identification of the preferences, motivations, and buying behavior of the targeted customer
12.Anything, good or service, offered the company.
13.Profits, liability and management duties are divided equally among partners.
14.The process of selecting and developing the best course of action to accomplish an objective.
16.Identification of a specific market and measurement of its size and other characteristics. Information is collected from direct observation of the consumers, mail surveys, interviews, and from published source
18.Has 100 or fewer shareholders and must adhere to governmental policies. Taxed as a partnership (a lower taxation than other corporations).
21.An independent legal entity owned by shareholders.
25.Limited partnerships allow partners to have limited liability as well as limited input with management decisions.
27.Does not offer shares for sale to the general public.
28.Conduct tactile planning; Spend time doing planning, organizing, and controlling activities.
29.The process of dealing with or controlling things or people.
1.Responsible for the entire organization; conduct strategic planning.
2.Feeling of responsibility that an employee has towards the mission of the organization.
3.Spend most of their time doing staffing, directing and controlling activities.
5.Identification of a need or want and the characteristic of the good or service that will satisfy it
8.Business owned and run by one individual with no distinction between the business and the owner. The owner is entitled to all profits and they are responsible for all of the business’s debts, losses and liabilities.
11.Communicating with customers, information that will assist them in making a decision to purchase a product or service.
15.Being responsible, by law, for something.
16.Controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.
17.Methods of transporting and storing goods, and then making them available for the customer.
19.A single business where two or more people share ownership.
20.Allocates employees to tasks based on their experience to manage work flow.
22.Determining tasks, establish structure, allocation of resources, and development of procedures.
23.Operates to accomplish a specific mission, not to make profit.
24.The amount of money a customer is willing to pay for a product and the seller is willing to sell the product for.
26.Does not offer shares for sale to the general public.

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