Intro to Business/ Econ
What is the goal of every business?
To make a profit!
What are the 4 P's of marketing?
Product, Price, Place, Promotion
A share that represents ownershipship of a company
Stock
This type of business is a hybrid between corporations, sole proprietorships, and partnerships. The owner has limited liability.
Limited Liability Corporation (LLC)
What type of consumer motivation is the kind that will bring the most utility and satisfaction?
Rational
Patronage
Emotional
Prestige
Impulse
Rational!
Things that are required to live are known as...
Needs!
An agreement between a business and an organization to provide mutually beneficial marketing. Often times the business provides the organization money.
Sponsorship
An IOU used by companies to raise money
A bond
Protects the ownership of artistic work, including artsy, literary, musical, and theatrical creations
Copyright
The overall image and feeling as it relates to a company or a set of products is referred to as:
Branding
What is a benefit that businesses provide to society?
They provide jobs, fulfill needs and wants, and offer additional services to support communities?
Dividing the market into distinct groups of buyers
Market Segmentation
Collections of stocks, bonds, and/or other securities
Mutual Funds
A commitment to ethical and sustainable business practices
Corporate Social Responsibility (CSR)?
A general rise in prices
Inflation
Opportunity Cost
The statistical characteristics of human populations, such as age, gender, race, income, education, and occupation
What is the basic accounting equation?
Assets = Liabilities + Owners Equity
A business whereby the owner licenses its operations and branding in exchange for a fee.
Franchise
What are the 3 types of leadership learned in class
Democratic, Autocratic, Laissez-Faire
A method a society uses to organize and distribute its resources, goods, and services
Economic System
Grouping customers based on their actions and interactions with a business, product, or service
Behavioral Segmentation
Prospecting, Pre-approach, Approach, Presentation, Handling Objections, Close the Sale, Follow-up are all part of the:
Selling Process
Pt 1 A tool for strategic analysis. It is used to analyze a company and the environment in which it operates. Information in a ________ analysis is organized into internal and external factors. Pt 2 What does the acronym stand for?
SWOT analysis.
Strengths Weaknesses Opportunities Threats
a formal summary of the aims and values of a company, organization, or individual.
Mission statement