ENT202: INTRODUCTION TO ENTREPRENEURIAL VENTURES

_________is a set of activities, which leads to the manufacturing of goods or provision of services to
satisfy the consumers at a profit
Business
___________is an undertaking involving uncertainty as to the outcome, especially a risky or
dangerous one Venture
___________is an undertaking by a firm or organization established by a social entrepreneur that
seeks to provide systemic solutions to achieve a sustainable, social objective.
social venture
_______define three models for social ventures: leveraged nonprofit, hybrid nonprofit and social
business.
Elkington and Hartigan

The distinguishing characteristic of the social venture versus the business venture is the
primacy of their objective to solve social problems and provide social benefits.
________refers to that part of business activities which is apprehensive with the extraction,
production or fabrication of products
Industry
_______the goods produced by an industry are consumed by the final customers are called
consumer‘s goods
if goods are used for further production of wealth they are called ________
producer‘s or capital goods.
When goods produced by an industry are further processed into finished products by another
concern they are known as _____
intermediate goods
________are those industries which extract, raise or fabricate raw materials from above or beneath
surface of the earth.
Extractive industries
________covers all the activities related to production and distribution of goods and services from the
place of production to the final consumers with an aim to earn profit.
scope of business or social venture
there are types of business activities
two
_________refers to that part of business activities which is apprehensive with the extraction,
production or fabrication of products
Industry
__________the goods produced by an industry are consumed by the final customers are called
consumer‘s goods
if goods are used for further production of wealth they are called ________
producer‘s or capital goods.
When goods produced by an industry are further processed into finished products by another concern
they are known as _________
intermediate goods
_________are those industries which extract, raise or fabricate raw materials from above or beneath
surface of the earth.
Extractive industries
Those industries which are engaged in reproducing and multiplying certain species of animals and plants
and selling them in the market for profit are known as
genetic industries
as the name signifies are engaged in the construction of building, canals, brides, dams, roads etc.
Constructive industries
are those which are concerned of converting raw material or semi finished products into finished
products
Manufacturing industries
is the exchange of goods and services among buyers and sellers in which both parties received a
benefit
Trade
There are classification of trade
Two(internal and external)
The process of buying and selling of goods within the edge of a country is called
internal trade
The process of purchase of goods in huge quantity from producers and their resale to retailers is known
as
wholesale trade
The purchase of goods or services from the wholesalers and selling in small quantity to the ultimate
consumers is known as
tail trade
The purchase and sale of goods between two countries are called
external trade or foreign trade
involves the purchase of goods from foreign countries to be sold in the home country
Import trade
- involves the purchase of local goods to be sold in foreign countries
Export trade
sector ismade of direct and indirect services
Service sector
are those services that are provided by professionals, such as health care, teaching, legal services
direct services
are those that are offered to enhance the activities of industrial and commercial sectors
Indirect services
In business parlance, are also called aids to trade
Indirect services
These business activities are also known as
business components
there are scopes of business activites
three(industrial,commercial,service sector)
Long-term character of venture includes
independents, believers, conservers, architects, and controllers
tend to create venture frameworks within which they can continue to innovate and build
according to a consistent structure or idea
Believers
the will also continue to exert his efforts and retain responsibility for maintaining it on an even
keel.
Conserver
is especially committed to continual elaboration of his enterprise, but this requires maintenance of
the structural foundations as well
Architect
resemble independents but are somewhat less reliable in terms of long-term commitment
Controllers
tend to be loosely committed to particular ventures but dedicated to enterprising as an ongoing
activity
Short-term venturers
Short-term venturers include
income seekers, players, poets, professionals and searchers
are essentially opportunists, willing to abandon one venture for another if better opportunities
arise to increase their personal wealth or power
Income seekers and players
are short-term venturers in the sense that their attention spans for a given enterprise depend
on the venture‘s level of intellectual or emotional novelty or freshness
Professionals
- also has a relatively short attention span and a chronic need to explore new avenues of experience
Poet
is the least predictable of entrepreneurial types in terms of his long-term commitment to venture
Searcher
business is the type of business organization that is formed without any formal authority from an
existing government
non-corporate
Sole proprietorship is otherwise known as
one man business
is a type of business that is formed and owned, by one man and members of his immediate
family.
Sole proprietorship
is defined as ―the relationship, which subsists between persons carrying on a business in
common with a view of profit
Partnership
each partnership is free to develop its own agreement, which may incorporate some of the clauses in
the agreement provided by the act,this is called
article of partnership
It is a legal agreement and not a legal requirement, which specifies the rights, powers and
interests of the members of the partnership.
article of partnership.
is the partnership business where the liability of members is hot restricted to their investment
Ordinary Partnership
is a partner who has an invested capital in the business and participates actively in running the
affairs of the business.
General or Ordinary Partner
is a partner who does not take part in the management of the business but has an invested capital
in the business
Sleeping or Dormant
-is a partner who had retired from the partnership leaving his capital in the business as loan,
which attracts interest varying with the profit
quasi partner
is the type of partnership in which the liabilities of the partners are restricted to the business
assets in case the business fails in a welter of indebtedness
Limited Partnership
A is a partner whose liability to the partnership debts and obligations is limited to the amount
of capital, which he contributes
limited partner
involves a liaison between existing private and public organizations each of which is able to
contribute highly specialized services or facilities to the common enterprise, which is usually of major
industrial significance
Industrial Partnership
is a form of business where two or more parties come together to undertake a particular business
transaction for a common benefit
Joint venture
- is the form of business that .is subject to legal and government regulations before they can be
formed
Corporate Business
is an association of individuals, artificial being, invisible, intangible and only existing in the
contemplation of law
corporate business
are corporations owned by members of the public
Private Corporate Business
are companies that are owned by minimum of two and a maximum of fifty persons, who buy
shares from the company and become shareholders
Private Companies
 are companies that enable the investing public to share from the profit of the business without
necessarily participating in the management of the business
Public Companies
The major differences between private and public companies are the
number of shareholders and the issuing of shares
means an entity that is created by the state to carry out public missions and services
Public corporate business
a public corporation participates in activities or provides services that are also provided by
private enterprise.
The full procedure for formation, registration, and filing of specific documents and returns of
companies whether private or public companies in Nigeria is governed by the Companies
Decree No.51 of 1968.
A company is incorporated when its existence as a separate entity is
Recognized
regulates the powers of the company and fixes its objects in relation to the outside world.
memorandum of Association
is an offer of shares to the public, and must also be sent to the Registrar of Companies
Prospectus
is when the general public is invited to buy shares
Shares subscription
The share which a company offers to the public is called
share capital
is the capital requirement of a firm by the registrar of companies or the corporate Affair of a
business
Authorized Capital
is also known as registered capital or nominal capital
Authorized Capital
The actual value of shares, which a firm has offered from its authorized capital, is known as
issued capita
The value of share capital that a subscriber, is called up to pay, is known as
called up capital.
The total value of shares which have actually been paid for when the subscriber was called up, is
known as
paid up capital
The balance of share capital that is yet to be paid by a subscriber which was voluntarily made so by the
firm is celled
reserve capital
refers to the merging of companies to form an organized whole. When companies are
amalgamated the name of the company, the management of the company and probably, the structure
of the company may change
Amalgamation
There are types of company amalgamation
Two(vertical and horizontal integration)
occurs where firms in the same stage of productive process come together as one: For example,
where two or more furniture manufacturers come together as one.
Horizontal Integration
-- firms at different stages of productive process merged together
Vertical Integration
has argued that organizations are basically physical structures because they do not only wear or
resemble physical entities but they, like other physical structures, assume the form of offices,
buildings, factories, furniture, equipment and other tangible assets found in the workplace.
Pfeffer
is the process of using available resources to achieve stated organizational objective by
directing and controlling the efforts of the organizational members
Management
is the practice of consciously and continually shaping organizations. All organizations have
people who are responsible for helping them achieve their‘ goals
Management
involves the coordination of human and material resources toward objective accomplishment.
Management
is mental (thinking, intuiting, feeling) work performed by people in an organizational system
Management
convert diverse resources of people, machines, material, money, time, and space into a useful
enterprise
Managers
is a systematic way of doing things
Process
is the determination of objective and the possible strategies to accomplishing it
Planning
The first step in planning is the
selection of goals for the organization
is the process of arranging and all locating work, authority, and resources among an
organization‘s members so they can achieve the organization‘s goals.
Organizing
involves leading, influencing, and motivating employees to perform essential tasks.
Directing
is the process of ensuring that actual activities conform to planned activities.
Control
is defined as an individual or organization that has the willingness and ability to buy goods and
services that have been offered for sale
Market
is a business philosophy which states that customer‘s want satisfaction is the social and
economic justification for a firm‘s existence
marketing concept
is concerned with ensuring that all categories of staff of a firm are interested in the needs and
wants of the customers
Integrated Marketing Effort
is anything that can be offered to the market for attention, acquisition or consumption, including
physical objects, services, personalities, organizations and desires
Product

are the tangible part of a product which can be seen, felt, handled
Goods
are goods that are bought without proper planning. Purchases of these goods are very
irregular and the consumption almost immediately as they are bought
Convenience Goods
are goods that are bought after comparison on price and quality has been made by the
buyer among competitive sellers
Shopping Goods
are goods that are ‗bought after proper planning has been mad on series of negotiations with
the sellers
Specialty Goods
are those goods a buyer would not ordinarily want to buy because there is no felt need
for them.
Unsought Goods
are those goods that are meant for further production or for the routine operations of a
business firm.
Industrial goods
is the part of a product that gives utility or satisfaction to the consumer . The core product is
the reason why consumer buys a product.
Core Product
is concerned with adding services to the core •and formal products. For example warranty,
guarantee, installation, delivery and other after-sale services
Augmented Product
concept states that a product passes through a life cycle as human beings. It‘s born, grows,
matures and dies
product-life cycle
The first stage of the product life cycle is
introductory stage
 is the stage, which is generally characterized by rapid growth, increased sales, entry of
aggressive competitors and decline in unit cost of production
The second stage of product life cycle
The third stage of the product life cycle is
maturity stage
The fourth stage of the product life cycle is
declining stage
the fifth stage of product life cycle is
extinction stage
is the technique of pricing based on the manufacturing cost and the allocated
operation overheads of the product
Cost—Oriented Pricing
is the pricing method whereby a predetermined percentage is added to the cost of a product
in order to determine its price.
Mark-Up Pricing
is the pricing method that calls for setting a price based on consumer perception and demand
intensity of the product
Demand-Oriented Pricing

involves pricing a product at the average level charged in the industry and It is commonly used
in pure competition and oligopolistic market where homogenous products are sold.
Going-Rate Pricing
is commonly used when firms compete for jobs or contracts on the basis of bids
Sealed- Pricing
is when a firm initially charges a high price on a product and thereafter brings the price low
to accommodate the price elastic segments of the market, skimming pricing is in use.
Skimming Pricing
is a pricing strategy whereby a high price is set on a product in order to enhance the quality or
image of the product-line
Prestige Pricing
is a situation whereby a reseller who has varieties of goods advertised the price of the quality
product low in order° to sell a competitive product of a lower quality.
Bait and Switch Pricing
is a reduction in the price of a product offered to a customer as a motivation to make
him actively participate in purchasing the sellers product. This is also known as trade discount.
Discount Pricing
can be defined as a non- personal paid form of sales presentation through various media by an
identified sponsor
Advertising
is an interactive process between a seller and a potential buyer for exchange transaction of
goods and services.
Personal Selling
is a non-paid commercially significant news or editorial comments about ideas, product or
institution
Publicity
described publicity as free advertisement
Thom-Otuya and Akenbor
is the movement and handling of goods from the point of production to the point of
consumption
Distribution
channel is where goods are moved from the manufacturer directly to the consumers without
any intermediary.
Zero
channel is where goods are moved from the manufacturer through the agent to the consumers
One
channels is the conventional channel of distribution where goods are moved from the
manufacturer to the consumers through the wholesalers and retailers.
Two
are those rules and regulations laid down by a manufacturer in terms of the degree of market
exposure sought by him
Distribution policies
is the distribution of a product through all possible and suitable outlets for mass coverage.
Intensive Distribution
is where a manufacturer carefully selects some reputable dealer in a bid to ensure better
market coverage
Selective Distribution
is the movement of goods through head- loaded by human porter
Porterage
is the movement of goods through roads; constructed by Federal, State or Local Governments
Road
is the transportation of beds through; tracks on which trains run
Rail
- is a transportation mode where goods moved through the rivers
Inland water
____are used for the movement of liquids and gases
Pipelines
There are element of production
Three(inputs, transformation and output)
are the resources, which are to be fed into the production system
iNput
 It is the idle production system waiting to be energized by the input and it consists of machines
and facilities on the one hand and the transformation of technology on the other hand
Transformation
is the final product that results from the transformation of inputs
Output
is also known as intermittent production
Job Production
is the production of one or small number of identical products that meets the specification of
the individual customer
Job Production
is sometimes referred to as repetitive production
Batch Production
refers to the production of goods, the quantity, which is known in advance
Batch Production
is a pre-operating activity concerned with the determination, acquisition and arrangement of
the facilities necessary for future operations
Production planning
is a during-operating activity concerned with the implementation of predetermined operations
plan and the control of all aspects of operations according to such a plan.
Production control
refers to the determination of the processing steps and detailed tasks required to produce each
completed product
Routing
is the determination of what to produce, the quantity to produce, and when the outputs are to
be completed a each processing step in the productive system
Scheduling
implies specific orders is issued to production departments concerning movement of materials,
due dates, and other directives to insure that schedules are met.
Dispatching
of a firm are issues relating to the sources of finance, financial analysis, and management of
working capital and credits
financing decisions
Finance can be obtained from both and sources
internal and external
is the amount available to settle interests on borrowed funds. These ratios measure the long-
term financial strength of the company
Leverage or solvency
is the investment made in order to reduce cost.
Cost-reduction Investment
 is the time period required to generate sufficient incremental profits to recover the initial capital
outlay
is the investment technique which has no consideration for the time value of money
Non-Discounted Cash Flow Method
method chooses the investment with the highest rate of returns it is calculated by dividing the
total cash inflow by the number of years to get the average annual profit, which is multiplied by 100
and divided by the capital outlay.
Accounting rate of Returns Method
are the investment analysis methods that take into consideration the time value of money
thereby discounting future earnings to their present values
Discounted Cash Flow Methods
is the technique of computing the present value of cash flows of an investment proposal, using the
cost of capital as the discount rate, and finding the net present value (NPV) by subtracting the present
value of cash out flows from the presented value of cash inflows
Net Present Value (NPV)
is the discount rate that will equate the present values of a project to zero
Internal Rate of Returns
is also a discounted cash flow method that is determined by the ratio of sum of present value of
cash inflows to the capital outlay
Profitability Index
theory argues that investors are economically rational and risk their investment decisions Modern
Portfolio Theory
theory focuses on a situation where investment is made up of a combination of risky and risk-
free assets
Capital Assets Pricing Model
is the return on investment
Dividend
is the reward a shareholder receives for investing his funds into a business
Dividend
is the systematic recording, analysis, classification and interpretation of financial data for business
use.
Accounting
principle states that it is not compulsory to adhere strictly to any accounting principle where such
adherence has no material effect
Materiality
principle states that every financial transaction should be recorded in double- entry form as
advocated in 1494 by Monk, Luca Pacioli the father of double- entry book- keeping
Duality
are accounts of individuals and firms having dealing, with a business. These entities either buy
from the business or sell to the business
Personnal account
are accounts, which take care of all other items of a business other than debtors and creditors.
Impersonal account
is the account of the assets of a business, such as building, machinery, vehicles, land, stock, cash,
bank,
real account
is the account category for and revenues of a business. Examples of‘ are rent, wages and salaries,
discount allowed, insurance, rates e
Nominal account
is Used for recording credit purchases of goods only
Purchase journal
is Used for recording credit sales of goods only.
Revenue Journal
is Used for recording returns of goods by the firm to suppliers
Returns Outwards Journal
is Used for recording all major cash and bank transactions.
Cash Book
is Used for recording goods returned by our customers.
Returns Inwards Journal
Is Used for recording minor cash expenses
Petty Cash Book
is Used for recording all other transactions that cannot be recorded in other journals
General Journal
Is Used for recording accounts of creditors or payables.
Purchase Ledger
Is Used for recording accounts of debtors or receivables.
Revenue Ledger
Is Used for recording private and nominal accounts.
General Ledger
shows the trading affairs as well as the income and operating expenses incurred by a business
undertaken in order to determine whether profit was made or loss was incurred
Statement of profit or loss
These are goods which are used for running a business. They could be finished goods bought for
resale, raw materials for production, or component parts, hence, there are three types of inventory.
Inventory
refer to those merchandize that are bought for the purpose of resale. They are usually added
opening inventory
Purchases
 is the cost incurred in carrying purchased goods from the market to the company warehouse.
Carriage Inwards
are cost incurred for assisting a customer to deliver the goods bought from us to his warehouse.
Carriage Outwards
refer to the total value of goods that are returned to a seller by a company as a result of
defects of the goods or that the goods do not meet specification.
Return Outwards

refer to the total value of goods sold within a given period of time.
Revenue
are the total value of goods that are returned by a buyer as a result of the problem or otherwise
associated with the goods.
Returns Inward
is a reduction in the monetary value of a product, which is offered by a seller to a buyer.
Discount
are expenses due not yet paid or income due not yet received
Accruals
are expenses paid in advance or income received in advance
Prepayment
refer to the amount of money owned by customers to a business but the tendency of repayment is
very low or zero
Bad debt

Statement of financial position formerly called the

balance sheet
is a financial statement, which shows the financial position of a business.
balance sheet
are the private resources used in starting a business
Capital
are the economic benefits or property owned by the firm
Assets
are those business properties that are not easily converted into cash and they are used for the
generation of income
Non-current assets
are those assets of a business that are cash- like
Current assets
are the debts or obligations owed by a business. Liability could be current or long-term
Liabilities
are the debts owed by a business for a short period of time
Current liabilities
 defined human resources management as the planning, organizing, directing and procurement,
development, compensation, integration, maintenance and separation of human resources to the end
that individual, organizational and societal objectives are accomplished
Flipp
There are basic approaches to management of resources
Two(mechanical and paternalism approaches)
approach sees a labour as a commodity that must be obtained as cheaply as possible and put to
maximum usage
Mechanical approach
recognizes the fact that workers are human beings with feelings and emotions
Paternalism
is the human resources function that is concerned with obtaining the required personnel.
Procurement of Personnel
involves translating the organizational objective into manpower requirements and comparing the
estimated requirements with the workforce currently in existence
Manpower Planning
involves translating the organizational objective into manpower requirements and comparing the
estimated requirements with the workforce currently in existence
Manpower Planning
is a written statement that out the duties and responsibilities of a job. It usually includes the
purpose of tie job, the title, the title of the immediate superior, the tool to be used for the job
Job Description
is a written statement that spells out the qualifications of a person that is required to perform a
given job
Job Specification
is the process of seeking and attracting job applicants with the requisite skills and abilities needed
for the actualization of the organizational goals.
Recruitment
is a face-to-face interaction between the interviewer who is an organizational number, and the
job candidate.
Interviews
is another means of selection which may be used in conjunction with interviews
Test
is designed to predict future potentialities of an applicant such as verbal, quantitative and manual
skills
Aptitude test
reveals the personal traits that may affect the success of the individual as he adjusts to his work.
Personality test
measures the attained skills in a task in which the applicant has past training or experience
Proficiency Test
 is an orientation course, which introduces the selected candidate (new employee) to the firm as
a whole, the jobs, his immediate superiors and subordinates and work group
Induction
is a careful study and examination of the duties and responsibilities of a job that‘ are to be
performed by an employee n order to determine if there is need for training
Job Analysis
has to do with having detailed explanation and examination of the organization‘s paradigms for
the purpose of determining training need
Organizational Analysis
- is concerned with examining the general condition of an employee to determine if he has the need
for training
Employee Survey
is concerned with the evaluation and measurement of the 1ob performance level of an employee to
see if such level conforms to standard
Performance Appraisal
is the training given to an employee while he is right there doing the job. Examples are job
instruction coaching, job rotation, and apprenticeship training.
On the-job Training
is the training given to an employee while he is outside the job
Off the-job training
Off the-job training It is equally called
vestibule training
is the task involved whereby the contribution of an employee in the organization is adequately
rewarded
Compensation
is the movement of labour from one geographical location to another or from one job position to
the other
Mobility of Labour
is a backward movement in job progression
Demotion
is a deliberate disengagement of an employee from the organization on grounds of dwindling
performance, disloyalty, age, or redundancy
Separation
is the human resource function that is concerned with creating enabling working environment for
the workers
Maintenance
is the management function through which managers recruit, select, train and develop members of
the organization towards the realization of corporate goal
Human resource function
is the administrative machinery of a state
Government
defined international businesss as those activities including the movement of goods, that is,
the importing and exporting of commodities—the transaction services such as human resources-
management, accounting, marketing, finance, and legal services
Harris and Morgan
can also be defined as institutional arrangements and practices that facilitate the exchange of
commodities, services, technology, and managerial ideas across national frontiers.
International business
is an organization, which sources its factors of production, produces and markets in multiple
countries for the purpose of furthering overall organization benefit
MNE
arrangement involves contracting for the manufacturing or assembly of products by
manufacturers established in foreign markets, while still retaining the responsibility for marketing
contract manufacturing
recognizes that costs of producing goods and services differ from country to country
The principle of absolute advantage
is the system of production units and flows of products by which it supplies its markets
multinational enterprise logistic plan
is a tax imposed by a government on physical goods as they move into or out of a‘ country.
a tariff (or customs duty)
There are kinds of customs duties
Two(Ad valorem‖ and specific)
is stated in terms of a percentage of the value of an imported article, such as 10 or 20 percent ad
valorem
Ad valorem duty
is expressed in terms of an amount of money per quantity of goods, such as 20 percent per
pound or per gallon
specific duty
are used to regulate trade in commodities to afford protection to domestic producers and are to
bring, about adjustment to a disturbed balance of payments
Quantitative measures of restriction

A good or service that benefits the largest number of people in the largest possible way is called
social good
social products maybe classified as or
public or collective goods
are those goods and services provided by the government because a market failure has occurred
and the market has not provided them
Social goods
is when adequate competition does not exist. In an age where mergers are all too common, the
result has been an increase in larger and fewer firms in many industries
Non-Competitive Markets
is the process of leading and influencing the task-related activities of members of the
organization.
Directing
is the process of arranging and all locating work, authority, and resources among an
organization's members so they can achieve the organization goals
Organizing
is the determination of objective and the possible strategies to accomplishing it.
Planning
is a systematic way of doing things.
Process
Organizations do NOT contribute to the present standards of living of people worldwide.
FALSE
involves the coordination of human and material resources toward objective
accomplishment.
Management
is the amount of capital a firm can issue might not necessarily be the value of shares issued.
issued capital
is the capital requirement of a firm by the registrar of companies or the corporate Affair of
a business.
authorized capital
is when the general public is invited to buy shares.
shares subscription
is an offer of shares to the public, and must also be sent to the Registrar of Companies.
Prospectus
There are different types of meeting are stated in the articles of association.
3
are sent to the Registrar of companies at the same time with the; Memorandum of
Association.
articles of association
regulates the powers of the company and fixes its objects in relation to the outside world.
memorandum of Association
The full procedure for formation, registration, and filing of specific documents and returns of companies
whether private or public companies in Nigeria is NOT governed by the Companies Decree No.51 of
1968.
FALSE
A public corporation enjoys a substantial advantage over other forms of public enterprises.
TRUE
is an association of individuals, artificial being, invisible, intangible and only existing in the
contemplation of law.
corporate society
Which one of the following is NOT an advantage of a partnership.
The liability of the partners is unlimited to their investment, except for a Limited partner
Which one of the following is NOT a disadvantage of a partnership.
The losses and risks associated with the business are borne by every partner.
is a form of business where two or more parties come together to undertake a particular
business transaction for a common benefit.
joint venture
involves a liaison between existing private and public organizations each of which is able to
contribute highly specialized services or facilities to the common enterprise, which is usually of major
industrial significance
industrial partnership
is the movement and handling of goods from the point of production to the point of
consumption.
Distribution
Publicity is a non-paid commercially significant news or editorial comments about ideas, product or
institution.
TRUE
can be defined as a non- personal paid form of sales presentation through various media by
an identified sponsor.
Advertising
is the process of stimulating and increasing sales through market awareness and customer
service.
Promotion
is a pricing strategy whereby a high price is set on a product in order to enhance the quality
or image of the product-line.
prestige pricing
is when a firm initially charges a high price on a product and thereafter brings the price low
to accommodate the price elastic segments of the market.
skimming pricing
A firm could also fix a product price in order to promote its entire product-line.
TRUE
When a firm charges a low price on its product to gain market acceptance, it is NOT practicing
penetration pricing.
FALSE
technique of pricing views the pricing of a product on the buyer??s perception of the
product value.
perceived value pricing
is the pricing method that calls for setting a price based on consumer perception and
demand intensity of the product.
demand oriented pricing
Where the actual cost of the product is equal to or greater than the estimated price, an adjustment
could be made which is known as
target pricing
is the pricing method whereby a predetermined percentage is added to the cost of a product
in order to determine its price.
mark up pricing
is the technique of pricing based on the manufacturing cost and the allocated operation
overheads of the product.
cost oriented pricing
concept states that a product passes through a life cycle as human beings.
product life cycle
is concerned with adding services to the core and formal products.
augumented product
is the physical nature of a product upon which competition is made.
formal product
is the part of a product that gives utility or satisfaction to the consumer.
core product
A product is made up of different levels.
3

concept is a business philosophy which states that customer??s want satisfaction is the
social and economic justification for a firm??s existence.
Marketing
is the type of partnership in which the liabilities of the partners are restricted to the
business .assets in case the business fails in a welter of indebtedness.
limited partnership
is a partner who had retired from the partnership leaving his capital in the business as loan,
which attracts interest varying with the profit.
quasi partner
is a partner who has no invested capital in the business and is not involved in its
management but lends his either as a result of his goodwill or public image
norminal partner
A partner who does not take part in the management of the business but has an invested
capital in the business.
dormant partner
is a partner who has an invested capital in the business and participates actively in running
the affairs of the business.
 defined as the relationship, which subsists between persons carrying on a business in
common with a view of profit.
Partnership
business that is formed and owned, by one man and members of his immediate family.
sole proprietorship
business is the type of business organization that is formed without any formal authority
from an existing government.
non-corporate
is the least predictable of entrepreneurial types in terms of his long-term commitment to
venture.
Search
has a relatively short attention span and a chronic need to explore new avenues of
experience.
Poet
venturers tend to be loosely committed to particular ventures but dedicated to enterprising
as an ongoing activity.
short-term
is especially committed to continual elaboration of his enterprise, but this requires
maintenance of the structural foundations as well.
Architects
are essentially one-time venturers who having established their autonomous enclaves, will
simply act to maintain them into the indefinite future.
Independents
Which one of the following is NOT a Long-term character of a venture.
Independents
are stored in safe places and are released as and when demanded in the market.
warehouse
The risk of damage of goods due to fire, flood, earthquake or other causes us covered by
Insurance
help in carrying goods from the places of production to centers of utilization e.g. Railways,
ships, airlines etc.
Transportation
are those that are offered to enhance the activities of industrial and commercial sectors.
indirect service
are those services that are provided by professionals, such as health care, teaching, legal
services, etc.
direct service
is usually engaged in the provision of intangible products which cannot be seen or felt.
service sector
 involves the purchase of local goods to be sold in foreign countries.
Export

involves the purchase of goods from foreign countries to be sold in the home country.
Import
The purchase and sale of goods between two countries are called
external trade
The purchase of goods or services from the wholesalers and selling in small quantity to the ultimate
consumers is known as
retail trade
The process of purchase of goods in huge quantity from producers and their resale to retailers is known
as
wholesale trade
The process of buying and selling of goods within the edge of a country is called
internal trade
are those which are concerned of converting raw material or semi finished products into
finished products. E.g. Shoes Company, Textiles Mills.
Manufacturing Industries
as the name signifies are engaged in the construction of building, canals, brides, dams,
roads etc.
Constructive Industries
engaged in reproducing and multiplying certain species of animals and plants and selling
them in the market for profit are named as genetic industries.
Genetic Industries
are those industries which extract, raise or fabricate raw materials from above or beneath
surface of the earth.
extractive industries
In case the goods produced by an industry are further processed into finished products by another
concern they are known as
intermediate goods
If the goods are used for further production of wealth they are called
capital goods
refers to that part of business activities which is apprehensive with the extraction,
production or fabrication of products.
Industry
generates profits, but rather than return those profits to shareholders, like business
ventures, it reinvests those profits to further the social venture and the resulting social benefits.
social business
venture recovers a portion of its costs through sales of its goods or services.
hybrid nonprofit
 venture the entrepreneur uses external partners for financial support in providing a public
good.
everaged nonprofit
Which one of the following is NOT a social venture as defined by Elkington and Hartigan (2007).
social character
Elkington and Hartigan (2007) define models for social ventures.
3
may be structured in many forms, including sole proprietors, for-profit and not-for-profit
firms, non-governmental organizations, youth groups, community organizations, and more
social venture
A business is a set of activities, which leads to the manufacturing of goods or provision of services to
satisfy the consumers at a profit.
TRUE'
concept is a business philosophy which states that customer‘s want satisfaction is the
social and economic justification for a firm‘s existence.
marketing
A product is made up of different levels.
3
is the part of a product that gives utility or satisfaction to the consumer.
core product
is the physical nature of a product upon which competition is made.
formal product
is concerned with adding services to the core and formal products.
augumented product
concept states that a product passes through a life cycle as human beings.
product life cycle
is the technique of pricing based on the manufacturing cost and the allocated operation
overheads of the product.
cost oriented pricing
is the pricing method whereby a predetermined percentage is added to the cost of a product
in order to determine its price.
mark up pricing
Where the actual cost of the product is equal to or greater than the estimated price, an adjustment
could be made which is known as
target pricing
is the pricing method that calls for setting a price based on consumer perception and
demand intensity of the product.
demand oriented pricing
technique of pricing views the pricing of a product on the buyer‘s perception of the
product value.
perceived value pricing
involves pricing a product at the average level charged in the industry.
going rate pricing
When a firm charges a low price on its product to gain market acceptance, it is NOT practicing
penetration pricing.
FALSE
A firm could also fix a product price in order to promote its entire product-line.
TRUE
is when a firm initially charges a high price on a product and thereafter brings the price low
to accommodate the price elastic segments of the market.
skimming pricing
is a pricing strategy whereby a high price is set on a product in order to enhance the quality
or image of the product-line.
prestige pricing
is the process of stimulating and increasing sales through market awareness and customer
service.
promotion
can be defined as a non- personal paid form of sales presentation through various media by
an identified sponsor.
advertising
Publicity is a non-paid commercially significant news or editorial comments about ideas, product or
institution.
TRUE
is the movement and handling of goods from the point of production to the point of
consumption.
distribution
is usually engaged in the provision of intangible products which cannot be seen or felt.
service sector
are those services that are provided by professionals, such as health care, teaching, legal
services, etc.
direct service
are those that are offered to enhance the activities of industrial and commercial sectors.
indirect service
help in carrying goods from the places of production to centers of utilization e.g. Railways,
ships, airlines etc.
transportation
The risk of damage of goods due to fire, flood, earthquake or other causes us covered by
insurance
are stored in safe places and are released as and when demanded in the market.
warehouse
Which one of the following is NOT a Long-term character of a venture.
independents
are essentially one-time venturers who having established their autonomous enclaves, will
simply act to maintain them into the indefinite future.
independents
is especially committed to continual elaboration of his enterprise, but this requires
maintenance of the structural foundations as well.
architects
venturers tend to be loosely committed to particular ventures but dedicated to enterprising
as an ongoing activity.
short-term
refers to a problem where under production of goods or services provided by the public sector
lead to Pareto inefficiency or where there is an excessive use of the social goods
Free riding
pointed out that Demand revelation is a superior for making choices
Tideman and Tullock
The term social network also known as virtual community or profile site was coined in ____ by
1954 by J. A. Barnes

is a website that brings people together to talk, share ideas and interests, or make
new friends
social network
Early social networking on the World Wide Web began in the form of generalized online communities
such as
[Link] , Geocities and [Link]
This newer generation of social networking sites began to flourish with the emergence of
[Link] in 1997
first mass social networking site was the
South Korean service, Cyworld, launched as a blog-based site in 1999
became the first popular social networking service in Brazil
Orkut
is an online platform that is used by people to build social networks or social relations with other
people who share similar personal or career interests, activities, backgrounds or real-life connections
social networking service
are primarily for socializing with existing friends (e.g., Facebook)
Socializing social network services
are primarily for non-social interpersonal communication (e.g., LinkedIn, a career and
employment-oriented site).
Networking social network services
are primarily for helping users to find specific information or resources
social navigation social network services
 is a service that allows traders of financial derivatives such as contracts for difference or
foreign exchange contracts to share their trading activity via trading profiles online.
social trade network
is a web hosting service that specifically hosts the user creation of web-based social networking
services, alongside related applications.
social network hosting service
Online bullying is also called
cyberbullying
describes how mass media has gradually replaced interpersonal communication as a socializing
force.
Benniger
Platforms for the Creation of Social Net Work include_
Ning, KickApps, CrowdVine, GoingOn, CollectiveX, [Link], PeopleAggregator, Haystack, ONEsite.

The term "non-governmental organization" was first coined in

1945
is the amount of money that is spent on running an NGO rather than on projects. This includes
office expenses, salaries, banking and bookkeeping costs.
Overhead
World NGO Day is observed annually on
27 February.