Unit 1
an organization that provides free, comprehensive business consoling for small business owners form qualified volunteers
Service Corps of Retired Executives (SCORE)
the amount of sales or revenues that it must generate in order to equal it's expenses
break-even point
Actions intended to satisfy consumers' wants/needs while encouraging customers to buy a business's products rather than competitor's
marketing
Processes by which marketers ensure that products are distributed to customers efficiently and effectively
Channel Management
costs that vary depending on the number of products sold
variable costs
government agency that provides support to entrepreneurs and small businesses
Small Business Association (SBA)
The physical and social characteristics of the population
Demographics
Combination of four elements (product, place, price, promotion) needed to successfully market a product
marketing mix
a channel of distribution in which goods and services move directly from the producer to the consumer or industrial user
Direct Distribution
the paid non-personal presentation of goods, ideas, or services directed at a mass audience by an identified sponsor by means of print or broadcast
advertising
A person who organizes, manages, and takes on the risks of a business.
ENTREPRENEUR
activities related to the production and distribution of goods and services in a particular geographic region.
economy
Particular group of customers that a business seeks to attract
target market
intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers
Wholesalers
costs that do NOT vary with the number of products sold
fixed cost
A new method, idea, product, etc.
Innovation
The process of systematically scanning for technological, political, and regulatory, social, and demographic changes to discover opportunities to produce new goods and services
entrepreneurial discovery
A business that is owned and operated by one person
sole proprietorship
the systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market
Market Research
A written document that describes all the steps necessary for opening and operating a successful business.
Business Plan
Individuals decide what, how, and for whom goods and services are produced.
Market Economy
an overview of the primary issues related to a business/venture idea.
feasibility
Designing products & directing marketing activities to appeal to the whole market
mass marketing
A type of channel conflict that occurs between channel members at the same level (e.g., two retailers)
Horizontal Conflict
During which stage of the product life cycle is a business likely to try to stabilize the price of the product?
Maturity