that is incurred due to product defects or negligent actions. Manufacturers or
retail establishments are held responsible, even though the defect or action may
not have been intentional or negligent.
required by commercial operations to conduct business, such as: office copiers,
automobile wheel balancers, auxiliary power suppliers and air compressors.
record of transactions, including payments, new debit and deposits, incurred
during a defined period of time.
marketing tool used to capture public attention and influence purchasing
decision for a product or service. Utilizes various forms of media to generate
consumer response, such as flyers, magazines, newspapers, radio, television and
production and sale of commodities and products from the commercial farming
study targeted to use in a product or process.
financial statement listing the total assets and liabilities of a company at a
point at which revenues exceed expenses.
short-term loan made in expectation of intermediate-term or long-term financing.
Can be used when a company plans to go public in the near future.
who matches resources available for
radical innovation with those who need them.
group session where employees contribute their ideas for
solving a problem or
meeting a company objective without fear or retribution or ridicule.
individuals who are usually former
executives who invest in
Business architect is a person that initiates
new business ventures or leads
business innovation, designs a
winning business model, and builds a
sustainable balanced business
system for a lasting success.
formation of a new establishment or enterprise.
factors that can affect the financial performance of a business.
period of economic recession and recovery. These cycles vary in duration.
voluntary or involuntary closure of a firm or establishment.
of a business causing a loss to at least one creditor.
purchase of the name, trademark and an ongoing business plan of the parent
corporation or franchiser by the franchisee.
legal authorization issued by municipal and state governments and required for
distinct product or service, sold to a uniform set of customers facing a well
defined set of competitors, offering products or services that are similar to
Business model converts innovation to
economic value for the
business. It describes how a business positions itself within the
chain of its industry and how it intends to sustain itself, that is to generate
must register their business names with local governments. The procedure is part
of the business licensing process and prevents any other business from using
that same name for a similar business in the same locality.
document that spells out a company's expected course of action for a specified
period, usually including a detailed listing and analysis of risks and
uncertainties. For the small business, it should examine the proposed products,
the market, the industry, the management policies, the marketing policies,
production needs and financial needs. Frequently, it is used as a prospectus for
potential investors and lenders.
analysis is a strategy development tool based primarily on the market share of
businesses and the growth of markets in which businesses exist.
The complete and
dynamically coordinated set of collaborative and transactional activities that
value to customers.
establishment primarily engaged in rendering services to other business
organizations on an fee or contract basis.
offered to commercial enterprises, such as: equipment maintenance, supplying of
part time personnel, engineering design and management consulting.