Into to Marketing
All the decisions needed to take a product from the idea stage directly to the consumer is Mr. Columbus' definition of
Marketing
We define a small business as a business with less than ____ employees
100
This is the simplest form of business ownership it involves only 1 person
Sole Proprietorship
The amount a business is willing an able to produce/sel at a given price
Supply
Pure Market (Capitalism)
State 3 Marketing related decisions that all businesses need to make
Can be almost anything but can catorgize under the 4 ps.
Product Decisions - R&D, Branding Etc.
Pricing Decisions - retail price, sale prices etc.
Place / Distribution Decisions - where to sell, how to deliver
Promotion Decisions - advertising, sales promo, etc.
Explain the difference between these 3 related terms
Sales, Costs and Profit
Sales - money from customers
Costs - money spent to make /generate the product
Profit is your Sales - costs
This form of business ownership involves splitting the company up into many shares
Corporation
The amount consumers are wiling and able to buy at a given price
Demand
Business cycle stage when the economy is beginning to not do well and consumers are spending less, unemployment is rising etc is called a _____ where as the stage of the business cycle when the economy growing and increasing, wages and consumer spending are on the rise, and jobs are easy to find is called an ____.
Recession
&
Expansion
Who is someone who is not a business but still needs to market themesleves?
Charity's
Politicians
Schools / organizations etc.
How can you increase your profit
Either Increase Sales or Decrease Costs
An organization that's goal is to provide a service rather than make money is refereed to as a _____
not for profit or non profit
The point where supply and demand curves intersect. The price at which both suppliers and consumers are happy with the price and quantity.
Equilibrium
Name the 3 factors of production
Natural Resources
Human Resources
Capital Resources
Explain the difference between a good and service
Good is tangible can touch it while a service is intangible its someone doing a task for payment.
What are 2 things a business person can do with the profit their business makes
Keep it for themselves or Re invest it into the business
Explain the difference between a Consumer and a Customoer
Consume uses the product but may not buy it, while customer buys it but may or may not use it.
The Law of Demand states that as the price goes up the demand goes
Down
This economic system involves the govenrment controlling all aspects of life. You can not start a business and cannot own personal property
Pure Command (Communism)
All businesses need to satisfy a customers ___ and ____ in order to be successful.
needs and wants
Name 3 of the 5 Functions of business
Marketing
Management
Finance / Accounting
Operations
Human Resources
The term we use to refer to the general health of the business world is ______. As in we may say the ____ isn't doing very well right now.
Economy
As the price goes up the amount a business is willing and able to make is known as the
The Law of Supply
This economic system has some government involvement and some private enterprise and business.
Mixed Market