Forms of Ownership
Most common form of ownership in America, easiest to start/end
Sole proprietorship
The environmental factor that involves tariffs and their trade impacts
Global
"People who like to ski"
Psychographic
Original "Jake from State Farm" commercial
Humor
Why are so many people over the age of 50 using "6-7"?
We don't know
What's the biggest disadvantage of the corporation form of ownership?
Double taxation
(Taxed once upon corporate income, another time on dividends paid out to shareholders)
The environmental factor that involves demographic changes to a population
Social
"40 year old working class Americans making between $60,000 - 80,0000 per year"
Demographic
Selling razor handles for a cheaper price to encourage sales of the razor blades which are more expensive
Loss leader
Name the previous 6 US Presidents
Trump
Biden
Obama
W. Bush
Clinton
H.W. Bush
What's the biggest advantage of an LLC form of ownership?
Limited liability!!!
"Target using barcodes and self checkout"
Technological
Volume
Black Friday Sale!
Promotional Pricing
Name the previous 3 championship title winners of any sport
*answers vary*
A sole proprietor who wants to better protect their personal assets/property would be a good match for which form of ownership?
LLC (Limited Liability Company)
"UPS improving their employee benefits and starting salary for truck drivers"
Competitive
Buying baking soda to keep in the kitchen in case of grease fires
Benefit
Fear
What did I dress up as for Halloween?
A. Myself
B. Peter Griffin
C. Abraham Lincoln
D. Wacky inflatable flailing arm guy
E. Mr. Plaza
D. Wacky inflatable flailing arm guy
What are 2 disadvantages of the franchise form of ownership?
-Split profits
-Large start-up costs
-You're held to certain limitations of how you're able to run your business
Economic & legal
Segmenting your market based on people whose homes have lawns
Geographic
4 for $20!!!
Multiple pricing
Jeff Bezos gained a "proof of concept" with Amazon before scaling it to the mega-online marketplace it is today.
What did they originally do to prove that selling products online would work?
Sold books