Random
Oversees daily operational and administrative functions.
Chief Operating Officer/COO
Creates the company
Founder
Oversees all company finances
Chief Financial Officer/CFO
Highest official in the company, reports to the board of directors
Chief Executive Officer/CEO
Owns stock in the company, votes on management of the company
Stockholder
During which stage of the design thinking process will the design team create multiple inexpensive product versions?
Prototype
Which stage of the design thinking process involves learning about customer challenges?
Empathize
Which business opportunity involves higher start up costs?
Franchise
Which viability factor researches the demand for products and services?
Market size
Which business opportunity obtains licenses to use a brand name?
Licensing
Which section of a business plan explains everything in the business plan?
Executive summary
Which pricing strategy goes with offering lower prices to new customers during a special pricing period?
Penetration pricing
Which pricing strategy goes with prices similar to competitors with a small variation?
Competitive
Which business compensation types goes with a set rate of pay for hours worked?
Hourly
Which business compensation type goes with a set amount of pay in a given period?
Salary
Which business type has no ownership and no US federal taxes?
Non-profit
Which business type is easy to create but comes with unlimited liability?
Sole proprietorship
Which business type has shared financial backing?
Partnership
What is the difference between a product and service?
Products are tangible items and services are acts completed
Which marketing method is commonly seen on the side of a freeway?
Billboard
Which market segment share's a customer's age, gender, and ethnicity?
Demographic
2,000 new customers, $10,000 in marketing costs and $6,000 in sales costs. What is the customer acquisition cost (CAC)?
Hint: formula is (marketing+sales/customers)
$8
What are the four P's that make up a company's marketing mix?
Product, price, place, and promotion
In which step of the sales process would a customer decide to purchase a product?
Closing
In which step of the sales process would potential customers be identified?
Prospecting