Business Basics
This is an organization that provides goods or services to earn a profit.
What is a business?
A person who starts and runs a business.
Who is an entrepreneur?
Product, price, place, and promotion are known as this.
What are the 4 Ps of marketing?
These include sole proprietorships, partnerships, and corporations.
What are types of businesses?
These are expenses needed before opening a business.
What are startup costs?
A specific group of customers a business wants to reach.
What is a target market?
These are people or groups affected by a business’s decisions.
Who are stakeholders?
A written document outlining business goals and strategies.
What is a business plan?
This includes a business’s name, logo, and image.
What is branding?
This refers to doing what is morally right in business practices.
What is business ethics?
The relationship between possible loss and possible gain.
What is risk vs reward?
Gathering data about customers and competitors.
What is market research?
One explains why a business exists; the other explains what it wants to become.
Mission vs vision
A factor that gives a business an edge over competitors.
What is competitive advantage?
Methods businesses use to set prices for products.
What are pricing strategies?