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Name two of these skills required for entrepreneurial success.
A: What are motivation, financial literacy, critical thinking, risk-taking, leadership, creativity, or communication?
The ability to beat competitors in terms of price or quality, translating into greater sales and profits.
A: What is competitive advantage?
In marketing terms, this can be a good, service, experience, idea or information offered to satisfy a need or want.
A: What is a product?
These are two types of business structures used mainly by small to medium business.
A: What are sole trader and partnership
This 'P' refers to how a product reaches customers and includes distribution channels.
A: What is Place?
This person is willing to take risks in the hope of making a profit.
A: Who is an entrepreneur?
The percentage of a total industry's sales that a company controls.
A: What is market share?
This pricing strategy involves setting a high initial price and lowering it over time as the market evolves.
A: What is price skimming?
This is a key advantage of a sole trader/proprietorship.
A: What is complete control or ease of setup?
This distribution channel involves selling products directly from the manufacturer to the end consumer without intermediaries.
A: What is direct distribution?
This person focuses on administration and organisation, while entrepreneurs focus on innovation and risk-taking.
A: Who is a manager?
Porter's two main strategies for gaining competitive advantage.
A: What are lower cost and differentiation?
In this pricing approach, complementary products are priced differently to maximise overall profit.
A: What is complementary pricing?
One holds businesses that are owned and operated by individuals or companies and is driven primarily by profit. The other supports government agencies, public schools, and national parks that focus on market share.
A: What is the Private and Public Sector
These are the four main stages of the Product Life Cycle.
A: What are Introduction, Growth, Maturity, and Decline?
This term refers to the specific group of consumers at which a product or service is aimed.
A: What is a target market?
This strategy involves creating unique product features or marketing approaches to stand out from competitors.
A: What is differentiation?
In this stage of the Product Life Cycle, brand acceptance and market share are actively pursued as sales increase.
A: What is the Growth stage?
In this business structure, owners share profits and have unlimited liability.
A: What is a partnership?
This intermediary buys products in bulk from manufacturers and sells smaller quantities to retailers.
A: What is a wholesaler?
This type of business structure exposes the owner's personal assets to business debts and legal obligations.
A: What is unlimited liability?
A company might use this strategy by laying off its work force and seeking cheaper manufacturing methods overseas.
A: What is lower cost?
In international trade, this intermediary acts on behalf of the exporter to sell products in foreign markets.
A: What is an export agent?
While this offers limited liability and easier capital raising, this other structure offers more privacy and control.
A: What are public company and private company?
A company might do this to avoid the Decline stage, possibly through product diversification or enhancement.
A: What is extending the product life cycle?