Also called income or profits, earnings are the famous “bottom line”: sales less costs of sales and expenses.

Business Terms Glossary

What Are Earnings?

Also called income or profits, earnings are the famous “bottom line”: sales less costs of sales and expenses. For more, check out our article on the LivePlan blog on net profit, as well as our free Profit and Loss Template.

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What Is Integrated Marketing Communications?

Integrated marketing communications is the practice of blending different elements of the communication mix in mutually reinforcing ways. Check out our article on the outline for a marketing plan to help you think through your marketing efforts.

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What Is a Life Cycle?

A life cycle is a model depicting the sales volume cycle of a single product, brand, service, or a class of products or services over time described in terms of the four phases of introduction, growth, maturity and decline. See product life cycle as well. 

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What Is a Partnership?

Partnerships are hard to describe, because they change so much. They are governed by state laws, but a Uniform Partnership Act that has become the law in most states. That act, however, mostly sets the specific partnership agreement as the real legal core of the partnership, so the legal details can vary widely. Usually the...

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What Are Switching Costs?

Switching costs are the costs incurred in changing from one provider of a product or service to another. Switching costs may be tangible or intangible costs incurred due to the change of this source.

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What Is Perceived Risk?

Perceived risk is the extent to which a customer or client is uncertain about the consequences of an action, often relating to purchase decisions.  

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What Are Resource Requirements (Websites)?

Your resource requirements are the personnel, time, space and equipment necessary to create and maintain your website. Remember that a website is never done—it will always require resources, some of which will be used to periodically create new content.

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What Is Gross Margin?

Gross margin is the difference between total sales revenue and total cost of goods sold (also called total cost of sales). This can also be expressed on a per unit basis, as the difference between unit selling price and unit cost of goods sold. Gross margin can be expressed in dollar or percentage terms.

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Also called income or profits, earnings are the famous “bottom line”: sales less costs of sales and expenses.