Business Financials
Name this formula:
(Marketing expenses + Sales expenses)
________________________________
Number of new customers for the period
What is Customer Acquisition Cost? (CAC)
Receives, processes, and fills customer orders on behalf of your business. Example: Amazon
What is a fulfillment center?
Identifies the market from which your company is likely to see the most sales.
What is target market?
Name 3 characteristics of a successful entrepreneur.
Bonus 100 points if you can describe what the characteristics mean.
What are:
1. Self-reliance
2. Forward-thinking
3. Resiliency
4. Risk tolerance
5. Growth mindset
6. Critical thinking
7. Creative/innovative
Businesses that sell the same or similar products that your company sells.
Bonus 100 points: Provide an example.
What are direct competitors?
Name this formula:
[(E-N)/S]x100
E: Number of customer at the end of the period
N: Number of new customers during the period
S: Number of customers at the start of the period
What is Customer Retention Rate?
Receives and temporarily stores goods before fulfilling the customer's order. These commonly service retail stores. Example: Ordering something online for in-store pickup.
What is a distribution center?
A statement that explains to customers why they should do business with your company.
What is value proposition?
1. A _-corporation is provided with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders (lower taxation). It is a for-profit corporation with limited liability.
2. A _-corporation taxes the company separate from its owners and is ideal for international business.
What is:
1. S-corporation
2. C-corporation
Businesses that sell products that are different from yours but are similar enough that their products could satisfy the same need.
Bonus 100 points: Provide an example.
What are indirect competitors?
[(Selling Price - Purchased Price)/Purchased Price]x100
What is Return on Investment? (ROI)
Provide 3 factors of external quality standards.
What are:
1. Health & safety inspectors
2. Government agencies
3. Industry leaders
Each letter in SWOT stands for _.
Bonus 200 points: Provide an example for each letter.
What are:
1. Strengths (skilled staff, top of the line equipment)
2. Weaknesses (limited resources, financial limitations)
3. Opportunities (increased customers, competitor closes)
4. Threats (competition, environmental changes)
1. Ideal for a single owner desiring low risk because owners are not personally liable for the company's debt.
2. Easy to create, single owner, high risk.
What is:
1. Limited liability company (LLC)
2. Sole proprietorship
List the four Ps (marketing mix).
What are product, price, place, promotion?
Linda’s company acquired 6,000 new customers last year. They spent $40,000 in marketing costs and $20,000 in sale costs. What was Linda’s customer acquisition cost?
What is $10?
Extra 100 points for listing them in the correct order.
1. Define quality standards
2. Establish testing methods
3. Review results
4. Refine and improve processes
The following are elements of a _ plan.
Executive Summary & Business Description
Situation Analysis
Target Market
Delivery Plan
Marketing Mix
Strategies & Tactics
Offer or Message
Budget
What is a marketing plan?
Name these 3 key elements that every business should have:
1. Includes an executive summary, a marketing plan, an organizational structure, and a financial plan. It outlines the goals and shows investors how their investments will help the company achieve their goals.
2. A brief overview of the business plan, and it outlines the business, what funding is needed, and financial projections. Typically presented to investors in a slideshow.
3. A one-page document covering problems, solutions, and key details of a business plan. It is helpful to gather feedback from other people to brainstorm ideas.
What are:
1. Business plan
2. Pitch deck
3. Lean canvas
Name this process:
1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test
Bonus: Extra 200 points if you can describe what happens at each stage (do not have to write this down - can be verbal).
What is the design thinking process?
Number of customers at the end of June: 300
Number of customers at the start of June: 310
Number of new customers acquired in June: 20
What was the retention rate in the form of a percentage?
What is 90%?
Name this process:
1. Idea
2. Prototype
3. Launch
4. Traction
5. Monetization
6. Customer Development
7. Growth
Bonus: Extra 300 points if you can describe what happens at each stage (do not have to write this down - can be verbal).
What is Product/Market Fit Hypothesis?
Name this process:
1. Prospecting
2. Preparation
3. Approach
4. Presentation
5. Objection
6. Closing
7. Follow-up
Bonus: Extra 300 points if you can describe what happens at each stage (do not have to write this down - can be verbal).
What is the Sales Process?
Name this process:
1. Existence
2. Survival
3. Success
4. Take Off
5. Resource Maturity
6. Pivot or Persist
7. Exit Plan
Bonus: Extra 300 points if you can describe what happens at each stage (do not have to write this down - can be verbal).
What is the business life cycle?
Name 4 types of intellectual property.
Intellectual property: Creative work or invention to which an individual has been given rights.
Examples: Music, movies, inventions, recipes.
What are:
1. Copyrights (protects creative works such as music, books, movies)
2. Patents (protects inventions)
3. Trademarks (protects brand names, logos, business names)
4. Trade Secret Laws (protects company practices, processes, formulas/recipes)