Promotion
This is the communication businesses use to inform and persuade customers about products.
What is promotion?
Costs that stay the same regardless of production level are called these.
What are fixed costs?
A person who starts and manages a business is called this.
What is an entrepreneur?
Collecting information about customers and competitors is called this.
What is market research?
This member of the distribution channel sells products directly to consumers.
What is a retailer?
This part of the communication process receives the message.
What is the receiver?
Revenue-Expenses=
What is profit?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
A short statement explaining a company’s purpose is called this.
What is a mission statement?
This member buys products in bulk and sells to retailers.
What is a wholesaler?
These are the four steps in the AIDA Model.
What are Attention, Interest, Desire, and Action?
Costs that increase when more products are produced are called these.
What are variable costs?
This is a short persuasive speech that quickly explains a business idea.
What is an elevator pitch?
Creating a unique identity through names, logos, and colors is called this.
What is branding?
Name five methods of transporting products.
What are truck, rail, air, ship, and pipeline?
Anything that interferes with communication is called this.
What is noise?
This is the point where total revenue equals total costs.
What is the break-even point?
This document explains a company’s goals and plans for operating.
What is a business plan?
This explains why customers should buy a product instead of a competitor’s
What is a value proposition?
This is the final member of the distribution channel who buys and uses the product.
What is the consumer?
This type of promotion focuses on improving a company’s image rather than selling a product.
What is institutional promotion?
This formula is used to calculate the break-even point.
What is Fixed Costs ÷ (Selling Price – Variable Cost)?
A startup creates a document that includes its logo, brand colors, fonts, slogan, and rules for how the company should look across social media, advertisements, and packaging. What is this document called?
What is a Brand Kit?
The path products take from producer to consumer is called this.
What is a channel of distribution?
This distribution channel goes from producer to consumer with no intermediaries.
What is a direct channel?