Biz Structures 101
The simplest and most common business structure, where the owner and the business are legally the same entity.
What is a sole proprietorship?
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
What is an entrepreneur?
Compensation for the number of units produced.
What is Piece Work?
Of the 4 Ps, this one is the actual tangible good or intangible service that the business offers to its customers.
What is Product?
A clearly defined group of consumers that a business aims to sell its products or services to.
What is a target market?
A business structure owned and operated by two or more individuals who share the profits and liabilities.
What is a partnership?
I am the highest ranked employee in a company and I oversee operations and resources.
Who is the Chief Executive Officer (CEO)
Non-cash compensation commonly offered in place of cash or in addition to a lower salary.
This "P" includes all the activities, like advertising, social media, and public relations, used to communicate the product’s value to the target market.
What is Promotion?
This strategic planning grid helps a business evaluate its internal Strengths and Weaknesses and its external Opportunities and Threats.
What is a SWOT analysis?
This type of business is a separate legal entity from its owners, who are called shareholders, and it offers them protection from business debts.
What is a corporation (or C Corp)?
The only business role that is not interchangeable.
Who is the Founder?
Noah's company acquired 6,000 new customers last year. They spent $40,000 in marketing costs and $20,000 in sales costs. Find the customer acquisition cost.
What is $10?
A bundle of the 4 Ps—Product, Price, Place, and Promotion—creates this comprehensive plan to bring a product or service to market.
What is a marketing strategy?
Provides companies with information about values, personality traits, motivations.
What is Psychographic data?
Often abbreviated as LLC, this popular business structure combines the liability protection of a corporation with the tax benefits and flexibility of a partnership.
What is a Limited Liability Company?
Individuals or groups that have an interest in the success of the company.
Who are stakeholders?
The formula used to determine a company's customer acquisition cost.
What is Marketing Expenses + Sales expenses/the number of new customers for the period?
Accomplished by companies using specific technical elements to ensure that search engine crawlers easily find and index content, placing articles in top search results.
Search Engine Optimization Marketing (SEO)
Best for international business even with being double-taxed
What is a C-Corporation?
One or more share the responsibilities and business financials.
Partnership
#Customers at the end of period - #of new customers during the period / #customers at start of the period x 100 or (E-N)/S x100
What is Customer Retention Rate?
What is Mail Marketing?
A short, compelling statement that describes the benefit you offer, for whom you do it, and how you do it uniquely well. It answers the question, "Why should I buy from you?"
What is a value proposition?