BUSINESS OWNERSHIP
One person owns the entire business and is personally responsible for its debts. What type of business ownership is this?
Sole Proprietorship
Walmart sells products directly to customers. What industry is Walmart in?
Retail
An employee makes an Instagram post advertising the company's new fall menu. Which business function is responsible?
Marketing
What do we call the specific group of customers that a company wants to sell its products to?
True or False: A need is something necessary to live, while a want is something you would like to have.
True
Albert and Nicole own a pizza shop together. They split the profits and are both personally responsible for the business's debts. What type of ownership is this?
Partnership
A company sells car parts in large quantities to automobile manufacturers. What industry is this?
Wholesale
A company reviews applications and resumés to decide who to hire. Which business function is responsible?
Human Resources
A company targets customers based on age, gender, income, and education. What type of market segmentation is this?
Demographic
Paul's Pizza can make only 200 slices, but 400 customers want to buy one. Is this a surplus or shortage?
Shortage
A company is owned by people who purchase shares of the business. Those shareholders are not personally responsible for the company's debts. What type of ownership is this?
Corporation
A factory takes raw materials and turns them into furniture. What industry is this?
Manufacturing
A worker installs security software and fixes problems with company computers. Which business function is responsible?
Information Technology (IT)
Nike targets people who value fitness, enjoy sports, and live an active lifestyle. What type of segmentation is this?
Psychographic
If demand is HIGH but supply is LOW, what will most likely happen to the price?
The price will increase.
Susan and Thomas own a law firm together, but their personal assets are protected if the business gets into debt. What type of ownership is this?
LLC
A barber shop cuts people's hair instead of selling them a physical product. What industry is this?
Service
The leadership team reviews revenue and expenses and creates next year's budget. Which business function is responsible?
Finance
A snow-removal company advertises mostly to people who live in Colorado because of the climate and location. What type of segmentation is this?
Geographic
Two pizza restaurants are trying to attract the same customers. One lowers its pizza from $15 to $12. Is this price competition or non-price competition?
Price Competition
Name ALL FOUR types of business ownership we studied.
Sole Proprietorship, Partnership, Corporation, and LLC
I'm thinking of an industry. This business buys large quantities of products and sells them to OTHER BUSINESSES rather than directly to consumers. What am I?
Wholesale
A company surveys customers to learn what they want and then develops a brand-new product based on the results. Which business function is responsible?
Research & Development (R&D)
Starbucks sends special offers to customers based on what they usually buy and rewards customers who repeatedly purchase drinks. What type of segmentation is this?
Behavioral
Dunkin' completes a SWOT analysis. Starbucks is one of its biggest competitors. Which part of SWOT would Starbucks most likely be: Strength, Weakness, Opportunity, or Threat?
Threat