Domain 1
This targeted group of prospective buyers helps a company focus sales efforts and determine product pricing.
What is a target market?
In compensation, this term refers to non-cash payment provided to employees.
What is Equity?
The four primary steps of the Design Thinking Process are Empathize, Define, Ideate, and this final combination
What are prototype and test?
This initial stage of the business life cycle begins when a business is first created.
What is existence?
This formal document outlines goals and shows investors how their investment will help achieve them through executive, marketing, organizational, and financial plans.
What is a business plan?
This C-level executive manages cash flow, creates budgets, and negotiates all financial matters for a company
Who is the CFO?
This statement directly conveys to customers why they should do business with a company and outlines product value.
What is a value proposition?
Defined as the method used to get a product from the manufacturer to the end user.
What is a distribution channel?
To calculate CAC, you add marketing expenses to sales expenses and divide by this key metric.
What is the number of new customers for the period?
Typically presented as a slideshow to investors, this tool provides a brief overview of the business plan, required funding, and financial projections.
What is a pitch deck?
Data gathered from sources like articles or academic journals that interpret original findings is known as this type of data
What is secondary data?
In this stage of the business life cycle, the owner determines whether to continue growing the business or sell it.
What is take-off stage?
This type of market research data comes from first-hand accounts like interviews and surveys, making it more accurate and reliable.
What is primary data?
Defined as the method used to get a product from the manufacturer to the end user.
What is a distribution channel?
This business model offers ongoing support and training, lower risk to start, but high startup costs and strict location rules.
What is a franchise?
This method is the shortest and least complicated distribution path because it has no intermediaries.
What is direct distribution?
This highest-ranking executive is responsible for the overall success of the business, developing its strategy, and reporting to the Board of Directors.
Local health & safety inspectors, government regulatory agencies, and industry leaders establish these standards to evaluate products or services.
What are External Quality Standards?
The final price a consumer pays for a product in an indirect channel is usually determined by the quantity of these.
What are middlemen (or intermediaries)?
This person has a stake in the company but does not own stock
Who is a stakeholder?
form of compensation for each item produced
What is piece work?
This state is reached when a company's sales volume is high and continues to grow
What is product market fit?
E-commerce orders utilizing couriers or the post office, or sales made door-to-door, fall under this primary category of distribution.
Dropbox and Google Apps are examples of this type of digital product delivered over the internet, which usually requires a subscription fee
What is Software as a Service (SaaS)?
A bakery offers a product or service?
What is a Product?