Compensation Types
Paying a field worker for the amount of based on the amount of products they picked.
What is piece work?
Starts a company or business from an idea or passion.
Who is a Founder?
Marketing Expenses + Sales Expenses / Number of new customers for the period.
What is Customer Acquisition Cost?
Entrepreneurship is?
What is setting up a Business with an aim to make a PROFIT!
Greatest benefit of being Entrepreneur.
What is control of your schedule?
Market segment shares a customer’s age, gender, and ethnicity?
What are Demographics?
Step of the sales process would you address customer concerns.
What is Objection?
Zach owns a shoe store. He has a new line of limited-edition running shoes that he will be selling in his store soon. The cost of manufacturing the shoes was $20 per pair, and he wants to make a 20% profit on each pair he sells. What is Zach's selling price?
What is $24.00?
Employee receives percentage of sale.
What is commission?
Legal structure with no double taxation.
What is a S-Corporation?
Cost Price + Profit Margin
What is Selling Price?
Oversees company finances.
Who is the Chief Financial Officer (CFO)?
Element of Marketing Plan that provides a synopsis of details to be outlined later in the plan.
What is the Executive Summary?
Market segment shares a customer’s location?
What is Geographical data?
Step of the sales process would potential clients be contacted.
What is Approach?
Shama owns a restaurant. A new dish is being added to the restaurant’s menu. The cost of making the dish is $7.00, and she wants to make a 50% profit on each dish he sells. What is Shama’s selling price?
What is $10.50?
Employee receives a lower compensation (pay) and part of the company's stock.
What is Equity?
A single-page business summary.
What is a Lean Canvas?
Marketing Costs= $1,000
Sales Costs=$10,000
Salaries=$96,000
What was the Customer Acquisition Costs?
What is $110?
Reports to the Board of Directors.
Who is the Chief Executive Officer (CEO)?
Sales Channel opened to manufactures because of digital tools.
What is Direct to Consumer?
Market segment anticipates a customer’s needs?
What is Behavioral data?
Step of the sales process would a customer decide to purchase a product.
What is Closing?
Lucas owns an auto repair shop. He has $20,000 in cash, $5,000 in inventory, a $5,000 credit card balance, and $5,000 in long-term debt. What is Lucas' equity?
What is $15,000?
Employees most affected by minimum wage laws.
What are hourly employees?
Research your user's needs
What is empathize?
Assets minus Liabilities.
What is Equity?
Oversees daily operational and administrative functions.
Who is the Chief Operational Officer (COO)?
To be among the top Internet searches.
What is Search Engine Optimization (SEO)?
Market segment shows how a customer views the world?
What is Psychographic data?
Step of the sales process would a presentation be shown to a customer.
What is Presentation?
Daniel’s income last month was $20,000. His cost of goods was $1,000 and his total expenses were $5,000. What was Daniel’s net income?
What is $14,000?
An employee receives a set amount of pay.
What is salary?
State your user's needs and problems.
What is define?
Current Revenue (1 month) x 12 months.
What is Run Rate?
Has a vested interest in the success of the company.
Who is the Stakeholder?
Stage of the design thinking process involves learning about customers' challenges.
What is Empathize Stage?
Bakery is a Physical Sales Channel.
True or False
What is True?
Step of the sales process would potential customers be identified.
What is Prospecting?
Melinda sells candles. Last month, her starting balance was $11,200, her ending balance was $34,900, and her revenue was $5,000. What was Melinda’s burn rate for last month, and what is her current run rate?
What is $60,000?