CHAPTER 13
What is marketing?
Set of processes for creating, communicating, and delivering value.
Explain the skimming strategy.
Starting off at a high price.
What is accounting?
"language of business."
How is credit worthiness measured?
By FICO score or credit rating.
What are two types of markets?
1) Consumer Market
2)Individual Market
Explain the penetration strategy.
Charging at a low price.
Fields of accounting.
1) Management accounting
2) Financial accounting
3) Owners & Managers
4) Investors & Creditors
5) Government agencies
What's personal finance?
Application of financial principles to the monetary decisions that you make.
How can we collect primary data?
1) Surveys
2) Personal Interviews
3) Focus groups
Which stage has a higher industry profit?
The maturity stage is the highest.
What is an income statement?
Capture sales and expenses over a period of time.
What's compound interest?
What are Branding Strategies?
1) Private branding
2) Generic branding
3) Manufacturer branding
What are different types of stages?
1) Growth stage
2) Maturity stage
3) Decline stage
What are two types of analysis?
1) Breakeven analysis
2) Ratio analysis
Which degree of education has a higher average income and which one has a lower average?
Highest= advanced degree- $88,187
Lowest= high school dropout- $28,796
List all of the market segments.
1) Demographic segmentation
2) Geographic segmentation
3) Behavioral segmentation
4) Psychographic segmentation
List pricing strategies.
1) Cost based pricing
2) Demand based pricing
3) Dynamic pricing
4) Prestige pricing
5) Odd- Even pricing
6) Loss Leaders
7) Bundling
What does a balance sheet report?
- assets
- liabilities
- owner's equity
What are simple requirements for financial planning?
1) What's your annual income
2) How much debt they have and monthly payments on it.