Business Concepts
What is the definition of risk?
The possibility of something to go wrong
What is Branding?
Creates a unique identity for a business or product
Define Revenue
any money earned by the business
What is an entrepreneur?
a person who starts a business
What is a customer?
Someone who purchases goods from a business
What is the definition of risk tolerance?
The level of willingness a person is willing to risk
What is the definition of Demographics?
Statistical data about a population
Define an expense
any cost from running the business.
What does it mean to be innovative
When your creative and you put your ideas into action
what does Quality mean?
The standard of a product or service.
What does Assets mean?
Things a business owns that have value, such as property and equipment.
What does a Unique selling proposition (USP) mean?
The one thing that makes a company's product or service different from its competitors.
What is a Balance Sheet?
a financial statement that provides a snapshot of a company's financial position at a specific time.
What is a lean canvas?
A one page document that discusses key information about the business
What does Personalization mean?
Tailoring the customer experience to individual needs.
What does Break-Even Point mean?
The level of sales at which total revenues equal total costs.
What does a Customer lifetime value (CLV) mean?
The total amount of money a customer is expected to spend with a company over their lifetime
What is an Accrued expense?
a business expense that the company hasn't paid.
What does Piece work mean?
A type of compensation provided for the amount of work produced
Define sales channel
How a business sells its product to the customer.
What does ROI mean? And what does it stand for?
Meaning:The profitability of an investment, calculated as the total benefit received divided by the cost.
Stands for: Return on Investment
What is a Marketing mix and what is it made of?
The set of tactics a company uses to promote its brand or product. This includes the 7 Ps: Product, Price, Promotion, Place, People, Packaging, and Process.
Define Depreciation
A method of spreading the initial purchase cost of a tangible asset over the period for which it remains useful.
What is an MVP and what does it stand for
meaning-An inexpensive product to test the product idea
Stands for- Minimum Viable product
What does Rapport mean?
A close and harmonious relationship where you understand each other.