Business Basics
To make a profit by providing goods or services.
What is the primary goal of a business?
Product, Price, Place, Promotion
What are the four P's of marketing?
Involves planning, organizing, controlling, and monitoring financial resources to achieve organizational goals.
What is Financial Management?
A person who starts and runs a business, taking on financial risks
What is an entrepreneur?
This entrepreneur co-founded Apple Inc. and was known for his innovative vision in technology and design.
Who is Steve Jobs?
A tool that identifies Strengths, Weaknesses, Opportunities, and Threats
What is a SWOT analysis?
This marketing technique involves dividing a market into distinct groups of buyers with different needs, behaviors, or characteristics.
What is market segmentation?
Balance sheet, income statement, cash flow statement
What are the three primary financial statements?
A written document that outlines a company's goals and the strategy for achieving them
What is a business plan?
This iconic coffee company was co-founded by Howard Schultz, who also helped transform it into a global brand.
What is Starbucks?
A unique factor that allows a company to outperform its competitors
What is a competitive advantage?
The process of creating a unique identity for a product or company
What is branding?
This accounting principle dictates the specific time when revenue should be recorded in financial statements.
What is revenue recognition?
This type of business structure provides its owners with limited liability while allowing profits to pass through to personal income tax returns.
What is a Limited Liability Company (LLC)?
This company is known for its search engine and also owns YouTube and Android.
What is Google/Alphabet Inc.?
A company's commitment to ethical practices, sustainability, and community welfare.
What is corporate social responsibility?
Partnering with individuals who have a large following to promote a product or service.
What is influencer marketing?
A financial calculation to determine the minimum sales needed to cover costs.
What is break-even analysis?
This type of business structure is owned and operated by a group of individuals for their mutual benefit, often sharing profits and decision-making equally among members.
What is a cooperative?
This streaming giant, co-founded by Reed Hastings in 1997, started as a DVD rental service before transitioning to on-demand streaming and producing original content.
What is Netflix?
This type of statement defines a company's purpose and objectives in the present, while another outlines its long-term goals and future aspirations.
What are a mission statement and a vision statement?
A strategy that integrates multiple channels (online and offline) to create a seamless customer experience
What is omnichannel marketing?
This financial metric measures a company’s ability to generate profit from shareholders' investments, expressed as a percentage.
What is return on equity (ROE)?
This type of business model allows individuals to operate under an established brand by purchasing the rights, often with strict operational guidelines and ongoing royalty payments.
What is a franchise?
This South Korean multinational conglomerate, known for its smartphones, televisions, and home appliances, is currently led by Lee Jae-yong.
What is Samsung?