Business Goals & Economics
The goal of a business focused solely on generating revenue.
What is profit?
This business area is responsible for hiring, training, and employee benefits.
What is Human Resources?
A business owned and operated by one individual.
What is a sole proprietorship?
A specific group of consumers targeted by a business.
What is a target market?
This “P” involves setting the amount consumers will pay for a product.
What is Price?
This economic system emphasizes private ownership and free markets.
What is capitalism?
This area focuses on creating strategies to sell products or services.
What is Marketing?
A business owned by two or more people sharing profits and responsibilities.
What is a partnership?
Dividing a market into groups based on demographics, geography, psychographics, or behavior.
What is market segmentation?
The “P” that involves the physical location or distribution channels of a product.
What is Place?
The three main goals of businesses.
This function involves acquiring resources, producing goods, and delivering services.
What is Operations Management?
This legal structure provides limited liability to its owners but is taxed as a partnership.
What is an LLC (Limited Liability Company)?
The entire experience a customer has while interacting with a brand.
What is the customer journey?
This “C” refers to meeting the needs and expectations of your audience.
What is Customer?
The three main forms of economies.
What are Capitalism, Socialism, and Communism?
This area focuses on managing cash flow, securing funding, as well as making forecasts and analyzing trends.
What is Finance?
A business type focused on charitable purposes and exempt from taxes.
What is a nonprofit?
This type of segmentation focuses on customers' lifestyle and interests.
What is psychographic segmentation?
This “C” is about establishing dialogue with the audience to foster relationships and trust.
What is Communication?
This measure of economic performance accounts for the total value of goods and services produced within a country.
What is Gross Domestic Product (GDP)?
Preparing financial statements and ensuring accurate records fall under this area.
What is Accounting?
This type of business is a separate legal entity and is owned by shareholders.
What is a corporation?
A company’s efforts to improve each step of the buyer’s experience.
What is customer experience?
The “P” that encompasses employees and their role in delivering services.
What is People?