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unit 3
this is for unit three in marketing lol
| Question | Answer |
|---|---|
| Sole Proprietor | A type of business owned by one person. Characteristics include easy start-up, owners keep all profits, and make all important decisions. |
| Partnership | A type of business owned by two or more people. A legal agreement between owners is necessary. Advantages included pooled skills, pooled capital and divided |
| Corporation | A separate legal entity owned by its stockholder and established through an application for a business charter in the state in which they do business Characteristics include easy access to capital through stock sales and legal protection for stock owners |
| Manufacturer | A business that produces finished goods using raw materials and sells the products to wholesale or retail markets. |
| Service Industry | A business that provides labor for which they are paid rather than producing physical goods. Some examples are mechanics, hair-stylists, or accountants. |
| Franchise | A written contract granting permission to sell someone else's product in a prescribed manner in a specific territory. |
| Customers | The actual or prospective purchaser of products or services |
| Consumers | The ultimate user or consumer of goods, ideas, and services |
| Tangible | capable of being perceived especially by the sense of touch, something you can touch |
| Intangible | Intangible- NOT something you can touch |
Created by:
izzymenendez
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