| A | B |
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| Marketing | The action or business of promoting and selling products services including market research and adverising. |
| Marketing Concept | Management philososphy according to which a firm's goals can be best achieved through idrntification and satisfaction of the customers sated and unstated needs and wants. |
| Sole proprietorship | only one individual has all the benefits and risks of running an enterprise |
| Partnership | A type of business organization in which two or more individuals pool money skills and other resources and share profit and loss |
| Corporation | A business owned by stockholders who share in its profits but are not personally responsible for its debts |
| Merger | Voluntary joining of two firms on roughly equal terms into one new legal entity |
| Consolidation | combining two or more firm through purchase merger or ownership transfer to form a new firm |
| Expansion | Gaining more territory to create an empire; usually to gain natural resources and markets; also to increase land/power house military bases and spread culture and religion |
| Fransion | A privilege granted to make or market a good on services under a patented process or trademarked name |
| Business-Format Franchise | Arrangement arrangement where the franchisor provides the franchisee with an established business in addition to the right to sell goods or services |
| Sole proprietorship | A business owned by one person who receives all the profits from the business and takes all the risks |
| Partnership | A form of business ownership in which the business is owned by two or more persons |
| Corporation | A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an "artificial being invisible intangible and existing only in contemplation of the law." |
| Merger | Two individual businesses that combine to form one organization |
| Consolidation | A form of business growth in which a corporation acquires many smaller companies |
| Expansion | The stage of the business cycle characterized by increased spending and borrowing increased demand for goods and services increased employment rates and decreased interest rates on loans |
| Franchise | A contractual agreement between a parent company and a franchisee to distribute goods or services |
| Product trade-name franchise | A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as dealership or exclusive distributorship. |
| Business-format franchise | A franchise arrangement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business |
| management | the organization and the coordination of the actives of a business in order to achieve defined objectives |
| planning | a basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources |
| organizing | arranging several elements into a purposeful sequential or spatial (or both) order or structure |
| staffing | the selection and training of individuals for specific job functions and charging them with the associated responsibilities |
| directing | a basic management function that includes building an effective work climate and creating opportunity for motivation supervising scheduling and disciplining |
| controlling | the basic management function (1) establishing benchmarks or standards (2) comparing actual performance against them and (3) taking corrective action if required |
