Unit 1 (Intro to Business)
Any activity which seeks to earn a profit by providing a good or service is known as a(n):
Business
What part of the BMC includes who is being sold to?
Customer Segments
In a market economy, prices and wages are determined by ______ and ________.
Supply & demand
Psychological pricing strategy using cents in the price to convey low-cost
Odd pricing
What are the components of the marketing mix?
Product, price, place, & promotion
The __________ is the most common form of business ownership.
Sole proprietorship
__________ is the blueprint and building blocks for your business idea.
Business Model Canvas
When demand for a product is not affected by price, it is said to have _____________.
Inelastic demand
Emotional advertising strategy which uses a famous spokesperson
Association
When McDonald's considered adding pizza to their menu, the company made pizza available in some of their typical markets, to determine customer reactions. That process is called:
Test Marketing
__________ is the amount a business earns after deducting what it spends for salaries and other expenses.
This part on the BMC includes all the ways you make your product/service accessible
Channels
The point where supply and demand intersect on a graph
Equilibrium
Pricing strategy frequently used on Black Friday, Labor Day & Memorial Day
Promotional pricing
The two types of markets are the _____ & _____.
Consumer and B2B(industrial)
Unlimited liability means:
You are responsible for all of the debts/legal ramifications of a business
This area on the BMC includes what things you'll use to measure the success of your business
Key metrics
The principle that states people must decide which goods and services to use due to limited resources and unlimited wants is known as _________.
Scarcity
Psychological pricing strategy showing different versions of the same product with varying prices.
Price lining
Which of the following refers to the process of dividing the total market into several groups with similar characteristics?
Market segmentation
The form of business ownership best suited to raising large amounts of money for expansion is the:
Corporation
The Business Model Canvas will include...
Problem, Solution, UVP, customer segments, competitors, revenue streams, key metrics
_________ _____ is what you give up in order to do something else.
Opportunity cost
Information (data) obtained for the first time and used for specific problem or issue under study – examples include interviews, observations, focus groups, etc.
Primary data/research
A ________ marketing strategy develops products and promotions designed to please large groups of people.
Mass