The person who USES a product, whether or not they paid for it.
What is a consumer?
100
Any physical or virtual space where sellers and buyers interact.
What is a market?
100
The "T" in PESTEL.
What is Technological?
100
This statement describes the FUTURE: where the business is going and what it believes.
What is a vision statement?
100
The legal structure with ONE owner who is personally liable for all of the business's debts.
What is a sole proprietorship?
100
This company owns Facebook, Instagram, and WhatsApp.
What is Meta?
200
A haircut, a bus ride, and streaming a song are all examples of this type of product.
What is a service?
200
A product that is basically the same from every seller, like plain mangoes at the market.
What is a commodity?
200
An individual who develops a new business and assumes the risks and potential rewards.
What is an entrepreneur?
200
Skills and expertise that let a business OUTPERFORM its rivals, like "we deliver faster than anyone in the city."
What are core competencies?
200
The only business structure that can raise money by selling shares to the public.
What is a corporation?
200
The name for the first time a private company sells its shares to the public on a stock exchange.
What is an IPO (initial public offering)?
300
On Spotify's free tier, this group pays the money, which makes them the customer instead of the listener.
Who are the advertisers?
300
The portion of all the buyers in a market who choose one business instead of its rivals.
What is market share?
300
Inflation, unemployment, and household income are all examples of this PESTEL factor.
What is Economic?
300
A business that seeks profit AND a social objective through its product, its operations, or its financial model.
What is a social enterprise?
300
Paying another business to do a job for you, like payroll or security, to increase efficiency or reduce costs.
What is outsourcing?
300
Known as the "Oracle of Omaha," this famous investor stepped down as CEO of Berkshire Hathaway at the end of 2025.
Who is Warren Buffett?
400
A problem, need, or want that no business is solving well yet.
What is a market opportunity?
400
Patents, high startup costs, and government regulations are all examples of these.
What are barriers to entry?
400
The simplest version of a product idea, with only core features. It may be a sketch, a description, or a model.
What is a minimum viable product (MVP)?
400
Customers, government agencies, and community members are examples of this type of stakeholder.
What are external stakeholders?
400
Instead of raw materials, a SERVICE business's supply chain acquires these three things.
What are employees, resources, and delivery systems?
400
In July 2025, this computer chip company became the first company in history to be worth $4 trillion.
What is Nvidia?
500
A shoe costs $30 to make and sells for $150. Charging a higher price than it cost to produce is called this.
What is value capture?
500
In a competitive market, sellers seeking higher prices and buyers seeking lower prices tend to establish this.
What is a (prevailing) market price?
500
Name all THREE strategies businesses use to generate new product ideas.
What are talking to potential customers (observe, interview, survey), researching the market and technology, and experimenting to build new capabilities?
500
This exists when a core value conflicts with another core value, or with a business goal or practice.
What is an ethical dilemma?
500
Unlike accounting, which records what already happened, this department secures funds and decides what to do next.
What is finance?
500
Based in Taiwan, this is the world's largest contract chip maker, producing chips for Apple and Nvidia.
What is TSMC (Taiwan Semiconductor Manufacturing Company)?