Business Basics
A person who starts and runs their own business.
What is an entrepreneur?
The “4 Ps” of marketing are product, price, promotion, and this.
What is place?
Goods made in one country and sold to another.
What are exports?
When demand is high and supply is low, prices usually do this.
What is go up?
This strategy involves selling the same product and using the same marketing worldwide.
What is globalization (or global standardization)?
A company’s main goal is usually to earn this.
What is profit?
A short phrase or jingle that helps people remember a brand.
What is a slogan?
This continent includes major economies like China and Japan.
What is Asia?
The cost of borrowing money, usually shown as a percentage.
What is an interest rate?
When a company changes its product or message to fit local cultures, it's using this strategy.
What is localization (or adaptation)?
The amount of money a business brings in before paying costs.
What is revenue (or sales)
This strategy involves lowering prices to beat competitors.
What is competitive pricing (or price competition)?
Selling the exact same product in every country is called this strategy.
What is standardization (or global strategy)?
The central bank of the U.S. is known as this.
What is the Federal Reserve (or the Fed)?
A company that gives permission to another business to use its brand and business model in a new country.
What is franchising?
A visual chart that shows who reports to whom in a company.
What is an organizational chart?
The group of people most likely to buy your product.
What is a target market?
One major challenge when doing business in another country.
What is language, culture, currency, or laws?
The general rise in prices over time is called this.
What is inflation?
Partnering with a local business to enter a foreign market is called this.
What is a joint venture?
The three basic resources businesses need: land, labor, and this.
What is Capital?
Companies often conduct this to learn what customers want.
What is market research?
The practice of moving production or services to another country.
What is outsourcing (or offshoring)?
The total value of goods and services a country produces each year.
What is GDP (Gross Domestic Product)?
This strategy involves producing goods in one country and selling them in another, without owning facilities abroad.
What is exporting?