Vocabulary
What does the letters in SWOT Analysis stand for?
What is Strength, Weakness, Opportunities, and Threats?
Is strategic planning done for the long term or short term?
What is Long term?
Plans out a company’s overall strategies and polices.
Who is the Chief Executive Officer (CEO)?
This form of pay is based on the number of hours worked.
What is hourly?
What does CAC stand for?
What is Customer Acquisition Cost?
A company's ability to turn customers into repeat buyers and prevent them from switching to a competitor.
What is Customer Retention?
Explains why a consumer should buy a product or service to meet a need or want. I.e. Why do we care what your product does??
What is Value Proposition?
Manages and handles the daily business operations of the company
Who is the Chief Operating Officer (COO)?
This type of pay is a fixed amount earned per year rather than hourly.
What is salary?
Managers use this type of plan to prepare for major long term company goals over several years.
What is a Strategic Plan?
Donovan is a barber. He recently invented a plastic tool that allows barbers to line up edge lines and cut on an angle. He wants to sell his invention to other barbers. How should he protect his intellectual property?
A) Trademark B) Copyright C) Utility Patent
D) Intangible
C) Utility Patent
Which of the following is considered market research?
A. Selling products
B. Conducting surveys
C. Hiring employees
D. Making a logo
What is B. Conducting surveys?
Develops the company’s strategy for using technological resources.
Who is the Chief Technology Officer (CTO)?
This type of pay gives employees a percentage of what they sell. Car salespeople, real estate agents, and many retail workers often earn this type of pay.
What is Commission?
Is issued by the United States government for the invention of a new product, a new process, or a new method of doing something.
What is a patent?
Brayden wants a special pair of Nikes for his 17th birthday. However, he has been unable to find a pair he likes (#drip) in any of the shoe stores. He has decided go online to order a custom pair from Nike. By doing, so this is an example of which sales channel:
A) Wholesale
B) B2B
C) Distribution
D) Direct to Customer
What is D) Direct to Customer?
A company's ability to turn customers into repeat buyers and prevent them from switching to a competitor.
What is Customer Retention?
Is responsible for all computer-related information technology within an organization
Who is the Chief Information Officer (CIO)?
This pay structure rewards workers based on each unit or item they produce.
What is piecework?
An economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
What is demand?
Brand recognition, trade secrets, mineral rights, trademarks, air rights, domain names, and intellectual property are kinds of this type of asset?
What are Intangible Assets?
Name the Steps of the Sales Process Actions in Order:
What are:
1. Prospecting
2. Preparation
3. Approach
4. Presentation
5. Handling objections
6. Closing
7. Follow-up
Oversees all business and financial operations
Who is the Chief Financial Officer (CFO)?
What are the steps of the Design Thinking Process?
1) Empathize
2) Define
3) Ideate
4) Prototype
5) Test