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Partnership - A legal form of business organization in which two or more people - the partners - trade collectively Fixed Cost - Those costs which in the short run do not vary with output Marketing - The business function that aims to link the business to the customer and aims to get the right product to the right place at the right time Market Segment - A part of the market for a product made up of consumers sharing common characteristics This segment can then be targeted with appropriate marketing strategies Private Limited Company - An incorporated business that is owned by shareholders but does not have the legal right to offer shares for sale to the public Strategy - A long-term plan of action aiming to achieve a specific objective Product Development - Aiming to meet marketing objectives by designing and developing new products or by adapting and updating existing ones Product Orientation - Focusing on the design and quality of the product often made in traditional ways rather than on using market research to establish the products that are most likely to be successful in the market Market Orientation - A business strategy focusing on the needs and wants of consumers and developing products to meet them Economic Growth - An increase in a nations GDP after adjusting for inflation - an increase in real GDP Loan Capital - Finance raised from external lenders such as bank and debenture holders Profit Margin - The profit made as a proportion of sales revenue Income Elastic - Measures the responsiveness of demand for a product following a change in consumers incomes Price Elasticity of Demand - The responsiveness of demand following a change in the price of a product Leasing - This reduces the cost of acquiring fixed assets by renting them over a fixed time period Productivity -
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