Definitions of Key Terms in Business Studies

*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.
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