Level 1
Define:
Direct Competition
is competition from any company that offers the same product or service as you
Define:
Indirect Competition
refers to a business whose products or services are different from yours but potentially could satisfy the same need within the same target audience.
Define:
Forward-Thinking Mentality
Thinking about and planning for the future.
Define:
Grit
The characteristic of being able to tackle goals with courage and perseverance.
Define:
Intellectual Property
A creative work or invention to which an individual has been given rights.
An individual who aspires to start and run a successful business.
Entrepreneur
The top executive leader within a company who oversees operations and resources and makes the major strategic decisions for the organization.
CEO
Creates budgets, analyzes financial data, and forecasts company profits.
CFO
Manages the technological requirements of a company.
CTO
Oversees the day-to-day administrative functions of a business; second in command.
COO
Prices that targeting customers looking to save as much money as possible
Economy Pricing
Pair several products together and selling them for less money than each would be individually
Bundle Pricing
Setting prices low until after a reliable customer base is established, then raising prices
Market Penetration
What are SWOT analysis threats?
A threat is anything that poses a risk to a company's success and growth in the context of a SWOT analysis.
High quality products marketed to high-income individuals
Premium Pricing
Piece work
Compensation for the number of units an employee produces
A for-profit corporation with a lower tax rate that prevents the company from being double taxed
A _____ corporation
S corporation
Salary
Payment for the hours an employee has worked
Commission
Fixed payment amount for each pay period
Hourly Pay
Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares
A non-profit has a __________ status.
A non-profit has tax-exempt status.
Sharon owns a law firm. She has recently begun earning more money, and the firm's finances are doing well. In which business life cycle stage is Sharon?
Sharon is in the success stage
A target market is the __________ to which a company markets its products and/or services.
customer group
Setting high prices when a product is introduced and then gradually lowering the price
Price Skimming
What is a value proposition?
A value proposition is a statement that explains to customers why they should do business with a company.