Business Basics
What is an advantage of a partnership over a sole proprietorship?
Shared decision-making and financial resources
Why do businesses need marketing?
To create demand, ensure customer satisfaction, and compete in the market
What should a good personal brand slogan do?
Be memorable, concise, and reflect a person’s values
At which stage of the Product Life Cycle is advertising usually the highest?
Introduction stage
What is one disadvantage of a corporation?
More government regulations and complex taxes
What are the three main components of branding?
Logo, slogan, and brand identity
What is one mistake people make when building a personal brand?
Being inconsistent with their messaging
What happens at the maturity stage of the Product Life Cycle?
Sales stabilize, competition increases, and profits may decline
What are the three main types of business ownership?
Sole Proprietorship, Partnership, and Corporation
What is a push marketing strategy?
A strategy where businesses push their products to customers through promotions and distribution channels
What is the main purpose of personal branding?
To establish a professional identity and differentiate oneself from others
What is the decision point in the Product Life Cycle?
When a business decides whether to innovate, reposition, or discontinue a product
What is the main difference between a need and a want?
A need is necessary for survival, while a want is not.
What is an example of a pull marketing strategy?
Using social media influencers to generate demand
What platform is commonly used for personal branding?
What makes a non-traditional PLC different?
It does not follow the typical introduction-growth-maturity-decline pattern
What are the three factors of production?
Land, Labour, Capital
What is the purpose of market research?
To understand customer needs and improve marketing strategies
Name steps to build a personal brand.
Identify strengths, define target audience, create an online presence, maintain consistency, engage with the audience
Why is it important to understand the Product Life Cycle in marketing?
To adjust marketing strategies and maximize product success