Business Basics
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats.
What are the 4 P's of marketing?
1. Product
2. Place
3. Price
4. Promotion
CEO
Chief Executive Officer
This company initially started as a social networking platform for college students and now has over 2.8 billion active users.
What is Facebook?
This law states that as the price of a good or service increases, the quantity supplied increases, while the quantity demanded decreases, and vice versa.
What is the law of supply and demand?
This type of business ownership involves two or more individuals who share responsibility, profits, and liabilities.
What is a partnership?
What is a target market?
A target market is a group of consumers at which a product or service is aimed.
GDP
Gross Domestic Product
This company became the first to reach a $1 trillion market capitalization in 2018.
What is Apple?
This document outlines a company's objectives, strategies, target market, and financial projections before launching.
What is a business plan?
These are the two main things a business provides to consumers in exchange for money.
What are goods and services?
What is marketing?
The action or business of promoting and selling products or services.
HR
Human Resources
Founded in 1987, this company is known for its innovative video game consoles and has been a leader in the gaming industry with its Xbox series.
What is Microsoft?
In 1971, Nike paid this amount to graphic design student Carolyn Davidson for creating the iconic Swoosh logo.
$35
This term refers to the point at which total revenue equals total costs, meaning a business is not making a profit or a loss.
What is the break-even point?
What is market segmentation?
Market segmentation is the process of dividing the market into subsets of customers who share common characteristics.
BEP
Break Even Point
This company introduced the first general-purpose credit card in 1958, now one of the largest payment networks in the world.
What is Visa?
This economic indicator measures the total value of goods and services produced in a country within a year.
What is Gross Domestic Product (GDP)?
This market structure exists when a single seller controls an entire industry with no close substitutes, giving them significant pricing power.
What is a monopoly?
What is brand positioning?
Brand positioning is the process of defining how a brand wants to be perceived in the minds of its target audience in comparison to competitors.
Chief Financial Officer
This company filed for the largest bankruptcy in U.S. history in 2008, with over $600 billion in assets, marking a pivotal moment in the global financial crisis.
What is Lehman Brothers?
This agreement between Canada, the U.S., and Mexico, which was replaced by the USMCA, aimed to eliminate trade barriers.
What is NAFTA?