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Glossary of Business and Financial Terms

GLOSSARY V


Being legaly sufficient, having binding force, and being authorized by law.

The true value of an economic good to its owner or user or sometimes prospective buyer that is based on the productivity of the economic good to that specific individual.

Costs which change depending on the level of sales. These could include commissions for salespeople, sales discounts, etc.

An interest rate that varies with the bank's prime rate.

Having no legal effect.

An amount or quantity. The "volume" of a business is the total it sells over a period of time.


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Interesting Facts

The microwave was invented after a researcher Dr. Percy Spencer walked by a radar tube and a chocolate bar melted in his pocket.
The Pentagon, in Arlington, Virginia, has twice as many bathrooms as is necessary. When it was built in the 1940s, the state of Virginia still had segregation laws requiring separate toilet facilities for blacks and whites.
The oldest city in North America is St. Augustine, Florida, United States. The city was established by the Spanish settlers in 1565.

"If man can take care of man, nature can take care of the rest." ~ Edwin Way Teale

Use Fragrances to Influence Shopping Behavior

A growing number of small businesses are infusing their sales spaces with a variety of fragrances deliberately chosen to influence shoppers and create a positive connection. Science says they are on the right track because smells hit the limbic system of the brain, home to emotions and memory. Ambient scent is probably one of the least expensive techniques to influence shoppers, make them feel more comfortable, cause prospects to stay longer in your business place, which is increasing chance of sale. Make sure your scent is not too intense or overwhelming, because that can lead your potential buyers to the exit, not better sale.



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Your Competition

Analyze the market and accurate all information about your competition. The clearer you are at outset about the competition you'll face, the better your business will be and the greater your chances of success will be. Doing your own research is good way to start.

Like any other business tactic, competition research requires planning and good strategy to be effective. If you plan to hire agency to do the job it is mandatory to know answer to basic question: what do you get for your money? Find out more...