Vocab
A comprehensive document detailing a company's goals, strategies, and financial projections.
A business plan
A company's _________ is what guides the direction of the business and provides them with purpose
mission/mission statement
Part of the promotional mix that informs customers of your product/service.
Advertising
Identify a tactic that would support the following objective:
Increase iPhone sales by 20% during the holiday season
*answers may vary*
Since 1945, this country equips their tanks with tea-making facilities
Great Britain (England)
Tools used/things done to achieve objectives
Tactics
This part of the business plan involves setting measurable goals
Objectives
List the 4 parts of the marketing mix (4 P's of Marketing):
HINT: You cannot sell a product/service successfully without them!
Product
Price
Place
Promotion
Panera and McDonald's both solve the same problem for the same group of people, but through a different solution.
Panera would be a ____________________ to McDonald's.
Indirect competitor
Who was the first ruler of the Mongol Empire?
Genghis Khan
Company that offers a solution that is different from yours but addresses the same problem/need.
Indirect competitor
This part of the business plan involves identifying other businesses who might be selling to the same group of people as you
Competitive Analysis
Part of the promotional mix that includes things like text messages, emails, or physical mail/flyers
Direct Marketing
EG Solutions sold 48 name badges in the month of April for $4 per name tag.
Each name tag cost approximately $1.50 to produce.
What is the net profit/loss for EG Solutions in the month of April?
$120
COGS = $72
Revenue = $192
$192 - $72 = $120
What do you call a bear with no teeth?
A gummy bear
The costs DIRECTLY related to producing a good/service
Cost of Goods Sold (COGS)
Profit or losses
Net income/net loss
This part of the promotional mix involves having employees who attempt to create/find new customers for the business
Personal Selling
Sally is selling homemade cookies at school that she made at a cost of $1.75/cookie. The cookies are homemade, and will be available during all lunch blocks in the cafeteria.
Students can pay using card or cash, and the cookies will be priced at $1.50.
Which part of Sally's Marketing Mix needs to be adjusted?
Who was the first U.S. President to win a Nobel Peace Prize?
Theodore Roosevelt
The structure a business uses to generate income.
BONUS +300 points if you can name each type
Revenue model
Transactional, subscription, & freemium
The ___________ involves the framework used by businesses to successfully sell a good/service, while the _____________ involves the different methods of communicating with a customer audience
Marketing Mix, Promotional Mix
Provide 3 ways that Public Relations helps maintain a company's brand/reputation:
-Crisis management; PR involves handling the aftermath of negative events
-Press releases; PR involves direct communication with the press through written releases
-Charity & community events; PR can include community involvement and supporting local initiatives
-Social media; PR can include interacting with customers on social media to help maintain a positive brand image
An Elk Grove-based landscaping company recently began operations. However, they've noticed that not many people are aware of their business.
They are confident that once people realize the business exists, the customers will start stacking up.
Which promotional mix element would help the business in this situation? BE SPECIFIC!
Advertising, Personal Selling, or Direct Marketing.
List the 4 U.S. Presidents on Mount Rushmore
Washington, Lincoln, Jefferson, & Roosevelt