What is Business?
What is the difference between a want and a need?
What is a want= something unnecessary but desired
What is a need= something necessary for life
Define Entrepreneurship:
What is an individual who undertakes the creation and ownership of a business.
The mission statement tells: _____ and ______.
The vision statement is the _________.
What is the mission statement is the “what” and the “how,” and the vision is the “why.”
What is Corporate culture refers to the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions. Often, corporate culture is implied, not expressly defined
What are the four types of economies we discussed?
What is traditional, command, market and mixed
What are the four basic types of economic resources?
What is
Natural (land)= natural resources
Human (labor)
Capital= plants, equipment, funds
Entrepreneurship= the ideas, the brain
What is considered a "small business"
What is fewer than 500 people.
We discussed that businesses generally categorize customers into four different ways, what are they?
What is demographic, psychographic, geographic, buying behavior.
What are some tactics for getting the best out of your employees?
What is
Hire the right people
Know strengths and weaknesses
Fair salary
Good working conditions
Incentives
Control over their work
Responsibilities and areas of control
What does SWOT stand for in a SWOT analysis?
What are our three roles in the economy?
What is consumer, worker, citizen
What does the SBA stand for? What do they do?
What is Small Business Administration that provides support to entrepreneurs and small businesses. (1. Access to capital 2. Entrepreneurial Development 3. Government Contracting 4. Advocacy)
For target market, what are the 5 W's of potential customers?
What is: Who, what, when, where, why?
What are the advantages and disadvantages of hiring family? (list at least three each)
What is:
Advantages
Loyalty
Lower costs
Fun
Disadvantages
Get away from business
Disagreements
Lines of responsibility
Personal feelings
What are the stages of the product life cycle?
What is introduction, growth, maturity & decline
What are the three key economic questions?
What is
What goods and services are to be produced?
How should the goods and services be produced?
For whom should the goods and services be produced?
What is the SBA's mission?
What is:
To help people start a business
To help people grow their business
To help people build their business
What are the 4 P's of Marketing?
What is Price, product, promotion, place
What are the five functions of management?
What is planning, organizing, leading, staffing and controlling.
When does February vacation begin?
What is after school on Friday, February 14th.
What are the seven functional areas of business?
What is
Finance and accounts
HR
Customer Service
Marketing/Sales
Research and Development
Admin/IT Support
Productions/Operations
Why does the government encourage the formation of small businesses?
What is to increase entrepreneurship and to entice innovation in the competitive market.
What is the difference between cross promotion and product tie-in?
What is:
*Cross promo- any form of communication through which one industry relies on another industry to promote its product.
*Product tie-in- A product tie-in is the use of ancillary products, such as merchandise, as promotional tools.
What are the eight steps involved for the hiring process that we discussed?
What is
Define job, Post job, Screen resume, Interview, Check reference, Negotiate salary, Hire, Orient
What is a mindshare? List an example.
What is a Mindshare is a marketing term that describes the amount of consumer awareness or popularity surrounding a particular product, idea, or company. First thing you think of even when there are many alternatives and options. It is the consumer perception of a particular brand or product compared to their rivals as measured by the amount of talk or mentions.
Ex: Hybrid- think of Toyota Prius, Cell phone- iPhone, sneakers- Nike, fast food- McDonalds