Trivia
The practice of marking up prices by 100% or doubling the cost
A system used by a society to allocate goods and services among its people
What is a business
An organization that provides products and services in exchange for money
Whats a target market
A group of consumers most likely to want to purchase a business's product or service
5 P's of marketing
Product
People
Place
Price
Promotion
Market
A group of potential customers who are willing and able to purchase a particular product or service
Command economy. Name two facts about this.
Government control of businesses
dictatorship
socialism/communism
Name a pro and a con of being an entrepreneur
Independence, satisfaction, financial reward, self-esteem
Failure, obstacles, loneliness, financial insecurity, long hours
What are the four goals of advertising
AIDA
Attention, Interest, Desire, Action
Differentiator
a unique characteristic that distinguishes one business from another
Psychographics
Characteristics of consumers
High supply= low price
Low supply= High price
Supply and Demand
External opportunities. (Name one. You have two guesses)
Noticeable need that can be met
Might be lacking in passion/interest to you
Maybe you're willing to do it anyway
Name the three graphics
Demographics, Psychographics, Geographics
What is a Sole Proprietorship
Owned by one person who keeps 100% of profits, but has potential for 100% loss and liability/responsibility. (costs is quite low to set up)
Internal opportunity (Name two. You have three guesses)
Passion, might be hard to find customers or meet a need, maybe you're willing to do it anyway
When did the stock market crash and what pricing was significantly greater after this crisis? (Not COVID crash)
2008. People had too many loans and were tied up, this drove up housing prices
What is a wholesale
The selling of goods in large quantities to be retailed by others
True or False. Socialism can be easily described as a market economy due to the idea that socialists tend to give free enterprise of the market while the government controls other aspects of life. If False, please state a True answer to what Market economy is. This has to be 100% correct to get points
False, Market economy is
free enterprise
capitalism
voluntary exchange
The invisible hand theory believes an equilibrium will be made through supply and demand. What market must this be in?
Free markets create an equilibrium between supply and demand for goods. consumers and firms can create an efficient allocation of resources for the whole of society.
Competitive intelligence.
Gathering direct info about/from the competition.
Name 4/6 Entrepreneurial opportunities. (You have four guesses)
Problems
Change
Unique Knowledge
Inventions and tech advancement
competition
existing products and services
How many months of fixed costs are we supposed to calculate for
three
Mass market approach benefit and challenges
Benefits
More customers
Challenges
Expensive, must keep innovating, must keep everyone interested and coming back
What should the debt ratio be at minimum
40%