Marketing
What does "SWOT" stand for in SWOT analysis?
Strengths, weaknesses, opportunities, and threats
Define "risk" in business
The possibility that a company's ability to operate or achieve its financial goals will be threatened
Which individual typically checks the accuracy of a company's financial statements
External auditor
What is product bundling?
Technique of offering two or more complementary goods or services together as a package deal
What is the authorization or license granted to an inventor that prevents others from making, using, or selling their invention?
A patent
What is the difference between public relations and marketing?
PR focuses on building a positive reputation for a company by managing its public image through media relations and relationship building, while marketing primarily aims to directly promote and sell products or services to generate sales and revenue
What is a tariff?
A tax on imported goods
What is ROI? (what it stands for and what it is)
"Return on investment"- a financial metric that measures the profitability of an investment
What is data gathered for the first time for a specific product, service and/or business?
Primary data
When two companies join together to become one company
What are the 4 P's of marketing?
Product, price, place, promotion
What are the 3 most common business structures?
Sole proprietorship, partnership, and corporation
What type of utility is created when a business allows consumers to make purchases on credit?
Possession
Define "business image"
The public perception of a business
What's a unicorn in business?
A startup company, usually privately-held, which reaches a valuation of over $1 billion
What is "sugging"?
Selling under the guise of research- attempting to sell a product by saying you're conducting marketing research
What are the 3 types of unemployment?
Frictional, structural, and cyclical
What is a financial ratio?
A comparison between financial statement items to determine the strength or weakness of a company
Name the 4 stages of the product life cycle
Introduction, Growth, Maturity, Decline
What is "fledgling"?
A company or startup that is young, lacking experience, and still struggling with their business ideas, business model, market, and products or services
What non-probability sampling method involves asking current research participants to help identify other potential participants?
snowball sampling
Explain the difference between a wholesaler and a retailer
Retail involves selling products directly to customers at retail prices, while wholesale involves selling products in larger quantities to businesses at lower prices
What is FICA?
"Federal Insurance Contributions Act"- A U.S. payroll tax collected to fund the Social Security and Medicare programs
What's the difference between demographic, geographic, and psychographic?
Demographic: age, years of education, income, family size, gender, race, marital status.
Geographic: Rural/urban, climate, radius, neighborhood, nearby resources and amenities.
Psychographic: Activities, interests and opinions, personality, attitudes, values
The practice of raising money online through many small donations from regular people, rather than one larger amount from an investor