Business Basics
This is a document that outlines a company’s goals, strategies, and financial projections.
What is a Business Plan?
The 4 Ps of marketing include Product, Price, Promotion, and this.
What is place?
Money a business earns from selling goods or services.
What is revenue?
A legal document that protects a brand name or logo.
What is a trademark?
A new business in its early stages is called.
What is a startup?
This term refers to the group of customers a business wants to reach.
What is Target Market
Advertising through Instagram, TikTok, and Facebook is known as this type of marketing.
What is social media marketing?
Money spent to operate a business.
What are expenses?
This business structure protects owners from personal liability.
What is an LLC?
A quick version of a product used to test an idea before full production.
What is a prototype?
The amount of money left after subtracting expenses from revenue.
What is profit?
This strategy involves giving customers discounts or coupons to attract buyers.
What is sales promotion?
When revenue equals expenses, a business reaches this point.
What is the break even point?
This type of intellectual property protection gives an inventor exclusive rights to make, use, or sell an invention for a certain number of years.
What is a patent?
A short presentation entrepreneurs give to investors to explain their business idea and request funding.
What is a pitch?
A short statement that explains a company’s purpose and values.
What is a Mission Statement?
When a company builds a recognizable name, symbol, or design.
What is branding?
Money invested into a business to help it start or grow.
What is capital?
An official permit required to legally operate a business.
What is a business license?
Money provided to a startup in its early stage to help develop an idea or product.
What is seed funding?
A business owned and operated by one person.
What is a sole proprietorship?
This marketing concept focuses on keeping existing customers satisfied so they continue buying from the business over time.
What is customer retention
Investors who fund startups in exchange for ownership shares.
What are venture capitalists?
A legal agreement between business partners outlining responsibilities.
What is a partnership agreement?
A group or individual who invests their own money in early startups in exchange for ownership.
what is an angel investor?