Marketing
What are the four P's of marketing?
Product,Price,Place,Promotion
What is Advertising?
A way to promote a product.
What is Budgeting?
A Plan for how you spend and save your money.
What is profit?
Money a business has left over after subtracting its expenses from its revenue
What is entrepreneurship?
Starting and running your own business.
What is Market Research?
Research is the process of gathering and analyzing information about customers and competitors.
What is a slogan?
A short phrase that is used to represent a brand or product
What is a fixed expense?
This type of expense stays the same each month like rent or your phone bill.
What is gross profit?
This type of profit is calculated before subtracting expenses like rent salaries or marketing cost.
What is an entrepreneur?
A person who creates and manages a new business taking risks to make a profit.
What is Marketing?
Getting people to want your product or service.
What are some types of way to advertise a product?
Social media,Television,Billboards.
What is emergency fund?
money you set aside for unexpected cost like car repairs or medical bills.
What is Cash Flow?
Even if a company makes profit it could run into trouble if it isn't managed.
Why is entrepreneurship important?
It creates jobs, boosts the economy and brings new ideas and products to the market.
What is a marketing strategy?
A marketing strategy is a plan that outlines how to achieve marketing goals.
Whats the difference between advertising and sales?
Advertising makes the public aware of a product and sales involves making the product available for purchase.
What is the 50-30-20 method?
Spend 50 on needs 30 on wants and save 20
If a company earns $5,000 in revenue and spends $3,500 on expenses what is the total profit?
$1,500
What are 3 qualities of successful entrepreneurs?
Creativity,Problem solving skills,Adaptability,Work ethic,confidence,vision,passion,Discipline,Leadership, Decision making.
What is market research?
Market research is the process of gathering information about customers and the market.
Why is advertising important?
It helps increase brand awareness.
What are 3P's in budgeting?
Paycheck Prioritize and plan.
What is the difference between profit and revenue?
Revenue is the total amount of money a business brings in from sales. Profit is the remaining revenue after subtracting all expenses.
What does SWOT stand for?
Strength,Weakness,Opportunity,Threats.