Domain 1
Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the bands's songs from being stolen or reproduced by others?
Copyright
Other businesses that sell different products or services but is similar enough to be competitive with another business is called what?
Indirect competitor
Product/Market fit occurs when a business continues to grow due to customer demand. True or False
True
What are the elements of a SWOT analysis?
Strength, Weakness, Opportunity, Threat
Joey has opened a restaurant. He paid a large amount of money up front to get the business started. He only sells products that are licensed by someone else. What type of business opportunity is Joey a part of?
Franchise
A non-profit has a ____________ status?
Tax-exempt
What type of marketing is accomplished by companies using specific technical elements to ensure that search engine crawlers easily find and index the content, placing their article in the top search results.
Search Engine Optimization (SEO)
SaaS (Software as a Service)
What are the 4 market segments that is used to collect and analyze sales data?
Behavioral, Geographical, Psychographic, and Demographic
What organization sets the definition for quality standards?
International Standards Organization
What are the 7 stages of the business life cycle stage?
Existence, Survival, Success, Take-Off, Resource Maturity, Pivot or Persist, Exit Plan
What are the 4 P's of a marketing mix?
Product, Price, Place, Promotion
Which distribution channel receives and temporarily stores goods before fulfilling the customer's order and is often used for retail stores?
Distribution
When Korryn was hired, she was told that she would be working 40 hours per week and receive $15 per hour of work. In addition to this she will receive partial ownership of the company in the form of shares. What TWO forms of compensation does Korryn receive?
Hourly and Equity
What two aspects of a product do MVP (minimum viable products) test?
ease of use and functionality
What is a written document that details how a business will be structured, managed, run, and grown?
Business Plan
John's company acquired 5,000 new customers last year. They spend $20,000 in marketing costs and $15,000 in sales costs. What is John's customer acquisition cost (CAC)?
$7
What is the correct order of phases for a product/market fit?
Idea, Prototype, Launch, Traction, Monetization, Growth
What is substituting high quality components with low-cost components that still meet the product's lifetime duration and basic purpose called?
Value Engineering
What is a statement that explains to customers why they should do business with a company.
Value Proposition
What are the 5 stages of the design thinking process?
Empathize, Define, Ideation, Prototype, Test
What are the seven steps of a sales process?
Prospecting, Preparation, Approach, Presentation, Objection, Closing, and Follow-Up
What is the correct order of a quality control testing process?
Set, Establish, Review, Refine
What pricing strategy has a company charge based on the product or service's perceived value?
Value-Based Pricing
What is a for-profit corporation with a lower tax rate that prevents the company from being double taxed?
S-Corporation