Business Basics
What is the primary goal of a business?
To make a profit by providing goods or services.
What does the 'P' in the 4 P’s of marketing stand for?
Product, Price, Place, Promotion
What does ROI stand for?
Return on Investment
What is an entrepreneur?
A person who starts and runs a business, taking on financial risks
Who is the founder of Microsoft?
Bill Gates
What is a SWOT analysis
A tool that identifies Strengths, Weaknesses, Opportunities, and Threats
What is the difference between a target market and a niche market?
A target market is the broader audience; a niche market is a specialized subset
What are the three primary financial statements?
Balance sheet, income statement, cash flow statement
What is a 'business plan'?
A written document that outlines a company's goals and the strategy for achieving them
Which company is known for the slogan 'Because You’re Worth It'?
L'Oréal
What is a competitive advantage?
A unique factor that allows a company to outperform its competitors
What does 'branding' mean in marketing?
The process of creating a unique identity for a product or company
What is the formula for calculating profit?
Revenue - Expenses = Profit
What does 'scalability' mean in a business context
The ability of a business to grow its revenue without a significant increase in costs
Which company owns YouTube?
Google/Alphabet Inc
What does 'corporate social responsibility' mean?
A company's commitment to ethical practices, sustainability, and community welfare.
What is influencer marketing?
Partnering with individuals who have a large following to promote a product or service.
What is the difference between fixed and variable costs
Fixed costs remain constant regardless of production levels; variable costs change with production.
What is a franchise, and how does it work?
A business model where individuals purchase the rights to operate under an established brand
Which company is the world's largest furniture retailer?
IKEA
What is the difference between a public and private corporation
A public corporation is traded on the stock market; a private one is not.
What is omnichannel marketing?
A strategy that integrates multiple channels (online and offline) to create a seamless customer experience
What is the purpose of a credit rating for a company or government?
To evaluate their creditworthiness and the likelihood of repaying debt.
What is the difference between a sole proprietorship and a partnership?
A sole proprietorship has one owner, while a partnership has two or more owners sharing responsibility and profits.
What company did Reed Hastings co-found?
Netflix