Business and Entre
________ is any activity that seeks to provide goods and services to others while operating at a profit
Business
____ ____ is a marketing strategy that attempts to get consumers to feel a certain way and buy the product.
Emotional advertising
The study of the decisions that go into making, distributing, and using goods and services is called
Economics
What are the 4 Ps of Marketing?
Product, Price, Place, Promotion
Equilibrium
Someone who risks their own time and money to create and own their own business.
Entrepreneur
This type of advertising shows a famous person using the product.
Association
When you measure the value of what you give up in compared to choosing another option is ___ ____
Opportunity cost
A name given to a product to make the product and company more recognizable
Brand name
This chart has 9 sections that entrepreneurs fill out to find customer problems and solutions while also finding target markets and channels.
BMC (Business Model Canvas)
How do you calculate profit?
Revenue - Expenses
____ data is data that is collected directly at the source and has never been collected before.
Primary
What are the four factors of production?
Land, labor, capital, entrepreneurship
Rather than market to customers, companies can market to other companies using ___ _ ___ marketing
Business to business (B2B)
Where did Mr. Plaza go to college?
UW-Whitwater
This type of business is an agreement between two or more people who share in ownership of the business.
Partnership
A ___ ___ is when a store prices a product so cheaply that they'll lose money on the product but hope the customers buy more goods at full price.
Loss leader
This type of economy has complete government control over all parts of the four factors of production.
Command
When a business tries out the IDEA of a product before actually making one, that is called:
Concept testing
What is the largest lake in the United States?
Lake Superior
Businesses like McDonald's and Dunkin' use already existing business plans and open up additional restaurants under the same name. This is called a:
Franchise
What are the four parts of a SWOT analysis?
Strengths, weaknesses, opportunities, threats
What does GDP stand for?
Gross domestic product
When a customer profile is made using demographic information, past purchases, and interests, this is called __ __ __
CRM (Customer Relationship Management)
What year was the Great Chicago Fire?
1871