Business Basics
An organization that sells goods/services
What is a business?
The act of promoting a product
What is advertising?
One reason businesses fail
Poor Planning, No Demand, or Bad Marketing
Money left after costs
What is profit?
One problem a business could have
(Any reasonable response)
The Specific group of customers a business aims for
What is the target market
One way to advertise
Social Media, TV, Posters, Etc.
What happens if a business ignores customers
What are lost sales?
Total money earned
What is revenue?
An aspect of a "good" business idea
What solves a problem/something people will buy
The Relationship between how much is available vs what people want
What is supply and demand?
The identity of a business
What is a brand?
The importance of quality
Costs of running a business
What are expenses?
An example of a product
(Any reasonable answer)
Someone who starts and runs a business
What is an entrepreneur?
The reason social media advertising is important for businesses is
What is reaching many people quickly?
A bad pricing strategy
What is too high or too low?
The profit if something sells for $10 and it costs $6 to make
What is $4?
Improving something or creating something new
What is innovation?
A written plan describing how a business is run
What is a business plan?
Aspects of an effective ad
What is grabbing attention and clear message
A mistake new entrepreneurs make
What is the lack of research or poor money management?
What profit does for a business
What keeps the business alive/growing
The importance of creativity to a business
What is standing out or attracting customers?