-Establishing+A+Business

Vocabulary List for Topic 3 - Establishing A Business.

intrinsic qulaities - attitudes, skills and abilities that are an inherent, or natural part of a person. Franchise - an agreement where an exisitng bs sells the leagl right to another entrepreneur or bs to use it's well-known product and its trade name, methods and procedures. Mentor - a more experienced and skilled individual who teaches and provides advice and guidance to a less experienced person. Demography - a study of particular features of the population, such as age, gender, income and cultural background. Strengths - what a bs does well. Tariff -a tax on an imported good. Quota - a limit on the amount of a product that can be imported. Penetration pricing - a pricing startegy where prrices are set as low as possible to gain an immdeiate group of customers. Mass market - where the products are aimed at all consumers eg: bread, milk. Niche market - a smaller section of a larger market segment - eg: Rolls Royce.