Functions of Business
Function of business that deals with creating products and delivering services that people buy
**daily functioning of a business like manufacturing, purchases, and logistics**
Operations
Which market segmentation are they using?
Geographic
Which forms of business ownership have unlimited liability?
Sole proprietorship & partnership
Customer problems/needs
how many toes does a cat have?
18
Function of business that deals with collecting, storing, securing, and analyzing data
Information management
A luxury car dealership is evaluating where they should open their store location.
They determine that they should target a town/community with an average household income of over $200,000.
Which market segmentation are they using?
Demographic
Which forms of business ownership have limited liability?
Corporation & Limited Liability Company (LLC)
This part of a BMC includes all of the ways a business will make its product/service available to consumers
Channels
Who did the Chargers lose to this week?
Raiders
Yeti coolers begins to target people who have a need for ice to remain cold for longer periods of time like campers, athletic teams, and movie production sets.
Which market segmentation is it?
Benefit
Which form of ownership has an ownership group made up of stockholders?
Corporation
Bonus 100 points - do all corporations offer stock to the public?
This part of the BMC includes the one thing a business does BETTER than everyone else.
In other words, it's the thing that makes them special compared to competitors
UVP (Unique Value Proposition)
Staff member here at EG who was a teacher when Marshall was a freshman at Hersey
Dr. Kelly
Recruiting, onboarding, training, hiring, and terminating are duties of which function of business?
Human Resources (HR)
A new cookbook app targets people who love to cook or are interested in getting into cooking.
Which market segmentation is it?
Psychographic
How are LLC's taxed?
LLC's have tax flexibility-- they can choose which form of ownership they want to be taxed as
This part of a BMC includes all of the ways a business will bring in money
Revenue streams
Which country lost a war to emu birds?
Australia
Strategy
Having a rewards program that targets loyal customers and encourages repeat (high usage) consumption
Which segmentation is it?
Volume
What is the biggest disadvantage of the corporation form of ownership?
Double taxation
Corporate profits get taxed twice --> profits themselves, then shareholders pay capital gains tax on dividends from stocks
Key metrics