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Marketing
Entrepreneurs
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Definitions
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100

What is the OVERALL purpose of marketing?

To find out what your customers want and need so that you can sell your product more effectively

100

What are entrepreneurs?

People who start and run a new business.
100

Define NET PROFIT. "The difference between ___________ and ___________."

total expenses and income(revenue) from net sales

100

What are payments covering the bills resulting from daily business operations called?

Expenses

100

What is a customer-focused approach to marketing mean?

The entrepreneur figures out what customers want, need, and will pay for your product.
200

What are the 4 Ps of marketing?

(1) product, (2) price, (3) place, (4) promotion

200

Name 5 characteristics of entrepreneurs.

Passion, Commitment, Determination, Risk-taking, Innovative, and Vision

200

What are capital resources?

The resources any business needs to produce a product or service.

200

What are net sales revenue?

the income from the product or service sold

200

What are the five types of businesses? Describe them.

Micro (1-10 staff), Small (11-50), Medium, Large, and Enterprise (>1000)

300

What are the 4 C's of marketing?

(1) cumstomers, (2) cost, (3) convenience, and (4) communication

300

What are the drawbacks to starting your own business? (Name 3)

(1) Risk losing money, (2) will have to work very hard, (3) will have to set up everything yourself, (4) will take time before you will see any profits

300

What are the 2 types of capital?

fixed and working

300

What is the breakeven point?

The minimum sales revenue that must be achieved for the business to recover all its expenses


300

What are the needs of any business? (Name 3)

(1) equipment, (2) place for operation, (3) all the materials and supplies needed to make product

400

Customer convenience AND how you will promote and communicate the value of your product are two things you consider when you are doing what?

Deciding on a place for your business.
400

What are 3 advantages to becoming an entrepreneur?

(1) you get to be your own boss, (2) you have freedom and creativity to decide things, (3) you have the potential to make a lot of money, (4) you can do what you love

400

What do you get when the salves are ABOVE of breakeven point?

a profit

400

What is working capital?

Assets acquired and used up to run the business over shorter periods of time

400

What is the equation for net profit?

Net profit = Net sales revenue - Expenses

500

Name the 5 purposes of market research.

(1) help identify customers, (2) understand their needs, (3) how to give them the best service for convenience, (4) what price to charge, (5) how to earn a profit

500
Why do people start small businesses (and not large)? (3 reasons)

(1) requires less money, (2) provides freedom to owners, (3) gain experience before going big

500
What type of capital is in the form of assets that provide long-term?

Fixed capital

500

Name 5 ways you can better understand your customers wants and needs?

(1) Ask them FACE to FACE, (2) Ask them questions ONE, (3) Ask them to respond to questions in the MAIL, (4) Ask them questions over the PHONE, (5) Ask questions in a FOCUS GROUPS, (6) Test the product by selling to a small group and seeing their reactions, (7) just OBSERVING customers behavior
500

What are focus groups?

when you gather a group of people together to ask them questions