Marketing
Communicating a message about a product or service to customers.
What is marketing?
The route a product takes to reach its final customer.
What is distribution channel?
Costs that stay the same no matter how much a business produces.
What are fixed costs?
A person who starts and runs a business.
What is an entrepreneur?
Firsthand research like surveys, interviews, or statistics.
What is primary data?
A written outline of how a company will promote its _____.
What is product/service?
The system a company uses to deliver products from the manufacturer to the _____.
What is a customer?
The money earned for each hour of _____.
What is work?
The person who starts and launches a new company, turning an idea into a _____, is called a founder.
What is a busines?
When a customer repeatedly chooses your company over competitors, this is a sign of strong _____.
What is customer retention?
A startup creates a simple version of a new app to test user interest before full development. This early version is called a _____.
What is an MVP (Minimum Viable Product)?
A local fast-food restaurant operates under McDonald’s brand, using their recipes and systems. This is an example of a _____.
What is a franchise?
A factory worker gets paid $5 per widget assembled. This type of pay is called _____.
What is piece work?
Thomas Edison invents a new type of lightbulb and files for legal protection. This protection is a _____.
What is a patent?
A support agent explains how a new product feature solves a customer’s problem, helping them see its value. This is an example of a _____.
What is a sales pitch?
How does brand recognition differ from brand awareness?
What is recognition is when customers can recall or identify a brand, while awareness is knowing a brand exists.
How do operating costs differ from one-time startup costs?
What is operating costs are ongoing daily expenses, while startup costs are one-time initial expenses.
How does profit differ from revenue?
What is revenue is total income from sales, while profit is what remains after all expenses are subtracted.
How does an owner differ from a founder?
What is an owner is someone who currently owns a business, while a founder is the person who initially creates it.
How does a growth mindset differ from a fixed mindset?
What is growth mindset believes abilities can improve with effort, while a fixed mindset believes abilities are static.
A company designs a product that perfectly satisfies customer needs, resulting in rapid sales growth. What marketing concept does this describe?
What is product/market fit?
A store keeps a large stock of shoes on hand to meet customer demand. Which business concept does this represent?
What is inventory?
A business notices its customer acquisition cost is higher than the revenue a new customer generates in their first year. What strategic action should the company consider?
What is to reduce customer acquisition cost, improve conversion efficiency, or increase customer value to ensure profitability.
Two friends launch a bakery together, sharing responsibilities and profits equally. What is their business structure?
Who are partners?
A customer service representative notices a recurring problem in orders and takes the initiative to propose a new process that prevents future issues, improving customer satisfaction. This demonstrates an employee’s ability to contribute to _____.
What is employee personal agency?