Make
What is a product?
A good or service that you sell.
What is an org that helps new entrepreneurs?
What makes a good entrepreneur?
What is market research?
Getting info to help you sell to prospective customers.
What is demand?
Amount of people willing to buy something
Name one of the four main business types.
LLC, Corporation, Partnership, Sole proprietorship
What is a customer
What are the components of the marketing mix?
What is a service?
Something that is done for you (intangible)
Difference between a want and need?
A need is something necessary for survival and want means it is just desired.
Why is promotion important?
To get people to want to buy your product.
What is the peak of the bell curve for a product?
Maturity
What is a good?
Why is place important for selling products?
You want to maximize traffic of potential buyers.
What is supply?
How much of a product is available.
What is price point?
How much you charge for a good.
What is the importance of marketing?
To have a strategy to be successful.
Is bread a need or a want?
Why is it important to maintain pricing?
To maximize profits.
What is a disadvantage of a partnership?
Disagreements with partners. You have to split profits. You still have a lot of liability.
What is an example of a service?
Hair cut, cleaning something, waiter bringing food
What are examples of needs?
food, shelter, water
What is a tangible product?
A good
List the life of a product in order
What is an intangible product?
A service