Marketing & Sales Essentials
What does the “P” in the 4 Ps of Marketing stand for when referring to how customers learn about a business and or product?
What is Promotion?
What is the simplest form of business ownership, where one person owns and controls the business?
What is Sole Proprietorship
What is the formula for calculating profit?
What is Profit = Revenue − Expenses
What document outlines a company’s goals, target market, finances, and strategy?
What is a Business Plan?
A legal agreement between two or more parties that is enforceable by law is called a what?
What is a contract?
What term describes the specific group of customers a business aims its products and marketing toward?
What is a Target Market?
In which form of business ownership do two or more people share responsibility, profits, and liabilities?
What is a partnership?
What financial statement shows a company’s assets, liabilities, and owner’s equity at a specific point in time?
What is a Balance Sheet?
What is the term for a short, 30–60 second speech that summarizes your business idea or product to spark interest quickly?
What is an Elevator Pitch?
Laws that protect the creations of writers, artists, and inventors—such as logos, music, or inventions—are known as what?
What is Intellectual Property?
What term describes the process of collecting information about customers, competitors, and the market to help make better business decisions?
What is Market Research?
What business document outlines specific tasks, responsibilities, and required qualifications for a particular job within a company?
What is Job Description
If an item cost $40 is sold for $70, this is the markup percentage.
What is 75% markup?
This markup percentage is found using the formula (Selling Price - Cost)/Cost X 100 = 75.
What section of a business plan provides an overview of the company’s mission, purpose, and key goals, and is typically written last?
What is an Executive Summary
What type of law requires businesses to follow rules related to hiring, working conditions, wages, and employee treatment?
What are Labor or Employment Laws?
What marketing strategy involves creating different versions of a product or message to appeal to specific customer groups based on their needs, interests, or behaviors?
What is Market Segmentation?
In inventory management, what do you call the level at which new inventory must be ordered to avoid running out of stock?
Reorder point or inventory control
If a business has $120,000 in assets and $45,000 in liabilities, what is the owner’s equity?
$75,000
Formula: Assets − Liabilities = Owner’s Equity
What part of a business plan analyzes competitors, target customers, industry trends, and the size of the market opportunity?
What is the Market Analysis Section?
What federal law requires employers to provide a safe working environment free from recognized hazards?
What is OSHA (Occupational Safety and Health Act)
This marketing strategy focuses on convincing existing customers to buy more often or spend more per purchase, because it is significantly cheaper than acquiring new customers
What is customer relationship marketing?
A small business wants to reduce operating costs and improve efficiency. Identify two operational areas the business could analyze and explain how improving each area could reduce costs.
What is
This business sells a product for $60, spends $25 to make each unit, and must cover $7,000 in fixed monthly costs.
What is calculating the break-even point? or What is the business cost structure?
Formula: Fixed Costs ÷ (Selling Price − Variable Cost)
= 7,000 ÷ (60 − 25)
= 7,000 ÷ 35
= 200 units
An entrepreneur wants to start a business but faces strong competition. What three elements of a business plan can help differentiate their business from competitors, and how?
What is Value Proposition, Marketing Strategy & Competitive Analysis?
This legal requirement protects employees who report unsafe, illegal, or unethical business practices, preventing employers from firing or retaliating against them