Marketing
What is the OVERALL purpose of marketing?
To find out what your customers want and need so that you can sell your product more effectively
What are entrepreneurs?
Define NET PROFIT. "The difference between ___________ and ___________."
total expenses and income(revenue) from net sales
What are payments covering the bills resulting from daily business operations called?
Expenses
What is a customer-focused approach to marketing mean?
What are the 4 Ps of marketing?
(1) product, (2) price, (3) place, (4) promotion
Name 5 characteristics of entrepreneurs.
Passion, Commitment, Determination, Risk-taking, Innovative, and Vision
What are capital resources?
The resources any business needs to produce a product or service.
What are net sales revenue?
the income from the product or service sold
What are the five types of businesses? Describe them.
Micro (1-10 staff), Small (11-50), Medium, Large, and Enterprise (>1000)
What are the 4 C's of marketing?
(1) cumstomers, (2) cost, (3) convenience, and (4) communication
What are the drawbacks to starting your own business? (Name 3)
(1) Risk losing money, (2) will have to work very hard, (3) will have to set up everything yourself, (4) will take time before you will see any profits
What are the 2 types of capital?
fixed and working
What is the breakeven point?
The minimum sales revenue that must be achieved for the business to recover all its expenses
What are the needs of any business? (Name 3)
(1) equipment, (2) place for operation, (3) all the materials and supplies needed to make product
Customer convenience AND how you will promote and communicate the value of your product are two things you consider when you are doing what?
What are 3 advantages to becoming an entrepreneur?
(1) you get to be your own boss, (2) you have freedom and creativity to decide things, (3) you have the potential to make a lot of money, (4) you can do what you love
What do you get when the salves are ABOVE of breakeven point?
a profit
What is working capital?
Assets acquired and used up to run the business over shorter periods of time
What is the equation for net profit?
Net profit = Net sales revenue - Expenses
Name the 5 purposes of market research.
(1) help identify customers, (2) understand their needs, (3) how to give them the best service for convenience, (4) what price to charge, (5) how to earn a profit
(1) requires less money, (2) provides freedom to owners, (3) gain experience before going big
Fixed capital
Name 5 ways you can better understand your customers wants and needs?
What are focus groups?
when you gather a group of people together to ask them questions