Intro
Businesses operate within a complex web of relationships with various groups. These individuals or groups with a vested interest in a company's success are called _______________
Stakeholders
There are two main types of market research: _______________ research, which relies on information already collected by others, and _______________ research, which involves collecting data directly from the target audience.
secondary, primary
A common form of short-term debt financing is an _______________ , which allows a business to borrow a limited amount of money from a bank account to cover immediate expenses.
Overdraft
What social media platform originally let users compare the attractiveness of Harvard students?
"Us trying to explain to our parents why we haven't finished that documentary about snails #sorrynotsorry"
Netflix
Businesses play a crucial role in the economy by combining resources to create _______________ and _______________
Goods, services
Market _________ involves dividing a broad market into smaller groups who share similar needs and wants. This allows businesses to tailor their marketing efforts more effectively.
Segmentation
_______ finance involves raising capital by selling ownership stakes
Equity
This iconic sports brand's logo designer was paid a mere $35 for the work
Nike
Just a gentle reminder that stepping on our product is basically the same as getting a black belt in pain management. #WorthIt
LEGO
The three main sectors of the economy are the ________, __________ and ______________ sectors
primary, secondary, tertiary
Businesses can use various pricing strategies to achieve their marketing objectives. ___________ pricing involves setting a low initial price to enter the market and gain market share.
Penetration
A company uses break-even analysis to determine the point at which its total _______________ equals its total _______________
Revenue, costs
You can no longer supersize your meal at this restaurant
Mcdonalds
You haven't practiced your French in 3 days. Je ne suis pas content. (I am not happy.)
DUOLINGO
Businesses can be classified by their size and ownership structure. A sole proprietorship is a business owned and operated by a single individual, while a _______________ is a legal entity separate from its owners.
LLC (Limited Liability Company)
A common primary research method is conducting _______________ , where a researcher asks participants questions to gather their opinions and insights
Interview
________ costs can be tied to the production of a specific good or service, while _________ costs are related to the overall operations of the business
Direct, indirect
This company's founders famously fled their native country after a communist revolution, taking their secret recipe with them?
Coca cola
Our marketing team is out of ideas. Hit us with your best shot. (Nothing too spicy, please.) #HelpADeodorantOut
Old Spice
When businesses consider their objectives, they may prioritize factors like profit, or ___________________, which involves considering the social and environmental impact of their decisions
CSR (Corporate social responsibility)
In the marketing mix, the _________ refers to the aspects of a service experience, including the environment, design, and overall customer experience.
Physical Evidence
The financial health of a business can be assessed by looking at its _________________, which shows a snapshot of the company's financial position at a specific point in time, including assets and liabilities
Balance sheet
Which metric is typically used to measure a company's net worth?
Apple's ________ ____ is 2.9 trillion
Market cap
Red: Rumours of my demise have been greatly exaggerated. Still delicious, still red. #RedLivesMatter (but seriously, don't worry, we're not going anywhere)
M&Ms