Targeting the Market
A small group of people brought together by a company to discuss and test a new product is called a focus...
What is a group?
If I sell 10 t-shirts at $15 each, my Total Revenue is this amount.
What is $150?
A pizza shop deciding to offer a new gluten-free crust option is this type of decision.
What is a tactical decision?
If a new video game goes viral on TikTok and everyone suddenly wants it, the demand curve shifts in this direction.
What is to the right (or up)?
This massive social media platform has faced potential bans in the U.S. over data privacy concerns with its parent company, ByteDance.
What is TikTok?
Dividing a market based on hobbies, interests, and lifestyle is this type of segmentation.
What is psychographic segmentation?
These are everyday business expenses, like rent and electricity, that aren't tied directly to the materials of the product.
What is overhead (or operating expenses)?
Deciding to move your store to a busier street downtown is a decision based on this.
What is market research data?
If a bad freeze destroys the Florida orange crop, the supply curve for orange juice will shift in this direction.
What is to the left (or down)?
This pop star’s "Eras Tour" became the highest-grossing music tour in history, boosting local economies everywhere she performed.
Who is Taylor Swift?
Looking up data that someone else already collected, like US Census records online, is this type of research.
What is research?
If your Net Profit ends up being a negative number, your business has actually taken a...
What is a loss?
An emergency decision made right after a natural disaster hits a company warehouse is known as this type of management.
What is an operational decision?
When customer demand is much higher than the available supply, it creates this, meaning the store runs out of the item.
What is a shortage?
Brands are increasingly using these online personalities and content creators to market products directly to Gen Z.
What are influencers?
Conducting a brand new survey yourself to gather fresh data from your classmates is this called what?
What is market research?
If my Margin is $30, and my Overhead is $10, my Profit is this amount.
What is $20?
A manager deciding to fire an employee for breaking the rules is this type of decision.
What is a operational decision?
When a store has a lot more supply of an item than demand for it, it creates this, often leading to clearance sales.
What is a surplus?
To fight inflation, this central bank system of the United States often raises or lowers interest rates.
What is the Federal Reserve?
A question on a survey that only allows for a specific "Yes" or "No" answer is known as this type of question.
What is closed-ended?
If my Revenue is $50, and my COGS is $20, my Margin is this amount.
What is $30?
Deciding to lower your prices by 10% to beat a competitor is this type of decision.
What is a tactical decision?
According to the law of demand, when the price of a product goes way up, the demand for it usually does this.
What is goes down (or decreases)?
NASA is planning to send astronauts back to the moon to build a long-term presence under this mythological mission name.
What is the Artemis program?