Vocabulary
This is the action of promoting and selling products or services
Marketing
The first section to the Marketing Plan
Executive Summary
Simple, Easy to start up, Not Expensive to start up - Usually a small, local business
Sole Proprietorship
This helps build brand awareness
Promotion - First Function
Every time a business is created, it gives ___ the opportunity to create the perfect product or service
Entrepreneurs
A general direction in which something is developing or changing
Trend
What does SWOT Analysis stand for?
Strengths, Weaknesses, Opportunities and Threats
The simplest type of business ownership when 2 or more people are involved
Partnership
Market research to figure out what people want and how to deliver the best product possible
Product Management
Every new business created helps provide a substantial amount of ___ for local individuals to fill
Jobs
Core activity that a business performs to earn revenue (money)
Operating Activity
What is the last part to the Marketing Plan?
Budget
Being responsible for something by law
Liability
What is your product or service worth?
Pricing
There is a demand for ___ and more ___ products and services to grow with the expansion of society
Newer, Exciting
The process of getting things done with the aim of achieving goals effectively and efficiently
Management
This describes your marketing activities on a high level and embodies what your business is about
Mission Statement
Separates the owner’s personal and professional assets, NOT ran by stockholders
Limited Liability Company (LLC)
The overall budget
Financing
People in society pay ___ on anything that is purchased
Taxes
A management concept where companies integrate social and environmental concerns in their business operations
Corporate Social Responsibility
This is where you are diving deeper into your target market and you are finding out exactly who you need to sell to
Buyer Persona
The business is completely separate from owners- RAN by Stockholders
Corporation
Where you sell your products or services and how you get them into your customer’s hand
Distribution
Businesses tend to create the ___ thing that people just can’t live without
Newest