Marketing Mix
What are the 4 Ps of marketing?
Product, Price, Place, Promotion
A group of people identified as those most likely to
become customers.
Target Market
Name the 4 factors of production.
Land, Labor, Capital, Entrepreneurship
A business owned and operated by one person.
Sole proprietorship
Obtaining the money necessary to operate a business.
Financing
What could be called the 5th P?
People
The process of classifying people from a given market into even small groups
Market Segmentation
What are the 4 types of economic systems?
Traditional, command, mixed, market
A management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
CSR
Describe the difference between start-up costs and operational costs.
Money needed to start business vs money needed to continue operations
The process of developing, promoting and distributing
products to satisfy customers’ needs and wants.
Marketing
Name the four types of market segmentation.
Demographics, psychographics, geographics, and behavioral.
Communism, socialism, capitalism
Name the 4 ways to enter a business.
Purchase an existing non-franchise business, take over the family business, start a new business, purchase a franchise business
What is the formula for net worth?
Assets - liabilities = net worth
Purchasers of the product, may or may not use the product.
Customers
How does a customer profile help in identifying a target market?
To develop a clear picture of their target market.
Supply of a product will increase when the demand is great and will fall when the demand is low.
Law of supply and demand
Each partner shares in the profits and losses, with each one’s share of the profits taxed as personal income.
General partnership
What are the four main types of financial statements?
Personal Financial Statement, Income Statement, Cash Flow Statement, Balance Sheet
The idea that you must satisfy a customers’
needs and wants in order to make a profit.
Marketing Concept
What is the difference between consumer markets and industrial markets?
Consumers purchase for personal use, vs business-to-business buying for use in their operations.
3 conditions required for demand to exist:
Desire, buying power, and willingness to give up some buying power.
Personal assets of the owners cannot be taken if the company does not meet its financial obligations or gets into legal trouble.
Limited liability
Discuss the 2 ways of financing a business and what business owners give up for each.
Debt, give up more money due to interest. Equity, give up partial ownership.