Entrepreneurship Basics
a person who whos and operates a business
entrepreneur
Two businesses that sell similar products are
direct competitors
the percentage of a market's total sales or revenue that a company generates.
Market share
creating goods and services that customers want and need
the marketing concept
setting prices very high
skimming
the process of running your own business
entrepreneruship
The most common type of competition in our US Economy.
Monopolistic Competition
The four P's of marketing
product, price, place, and promotion
The physical aspect of the product
features
the point in which cost and revenue meet
break-even point
ethics
A form of competition where there are a small number of businesses that compete in one industry such as the airline industry.
Oliogopoly
segmentation based on actual statistics such as age, ethnicity, income, etc.
demographics
an economy where consumers have significant influence over the production and distribution of goods and services.
consumer-driven market
an intermediary with access to large amounts of inventory ]that sells the inventory to retailers
wholesaler
unlimited wants combined with limited resources
scarcity
A person or company that makes goods for sale
Manufacturer
A particular group of consumers at which a product or service is aimed.
Target Market
creating an image of the product in the customer’s mind. (starts with a p) Where do you fit?
positioning
perpetual
The choice that is not selected
opportunity cost
A person or thing that provides a service or commodity.
Server
segmentation based on loyalty or usage rates
behavioral
A document setting out a business's future objectives and strategies for achieving them.
Business Plan
determined by using the wholesale cost of an item as the basis for the price charged
cost-based pricing