Marketing
What is the group of people a business wants to sell its product to?
What is a target market
Money a business earns from selling goods or services is called what?
What is revenue
A person who starts and runs a business.
What is an entrepreneur
The amount customers pay for a product.
What is price
A place where goods and services are bought and sold.
What is a market
The 4 P’s stand for Product, Price, Place, and this.
What is Promotion
The take home price of your product after you have paid employees and manufacturers is called?
What is profit
A detailed plan outlining how a business will operate
What is a business plan
This pricing strategy sets prices higher to show quality or luxury.
What is premium pricing
This term describes the reputation of a business.
What is brand image
What is a short phrase used to represent a brand, like Nike’s “Just Do It.” called?
What is a slogan
This type of cost does not change, like rent.
What is a fixed cost
This type of business is owned by one person.
What is a sole proprietorship
This occurs when supply is lower than demand.
What is a shortage
When one company controls an entire market.
What is a monopoly
What type of marketing uses social media platforms like Instagram and TikTok.
What is digital marketing
This financial statement shows a company’s income and expenses over time.
What is an income statement
Money invested into a business to help it grow.
What is capital
A product’s life stages include introduction, growth, maturity, and this.
What is decline
This economic system is based on supply and demand with little government control.
What is a free market economy
What pricing strategy involves selling a product at a low price to attract customers.
What is penetration pricing
This is the point where total revenue equals total costs.
What is the break-even point
This term refers to the risk of losing money in a business venture
What is financial risk
Charging different prices for the same product based on customer segments.
What is price discrimination
A legal document that gives exclusive rights to an invention.
What is a patent