Marketing
What is the main goal of advertising?
To promote products and increase sales
What is a P&L?
Profit and Loss
What is an Entrepreneur?
Someone who starts and runs a business.
What is a business?
An organization that sells good/services for profit.
What is a sale?
An exchange of a product or service for money.
What would be your target audience if you were the CEO of BabyGap?
What is a business budget used for?
Planning and tracking income and expenses.
Name one trait that successful entrepreneurs often have
Creativity, Persistance, risk-taking, hustle, etc.
What is a customer?
A person who buys a product or service?
What is a salesperson main job?
To persuade customers to buy a product or service.
What's a call to action in marketing?
A prompt encouraging consumers to take action (BUY NOW?)
Your company has 1 grand as a budget weekly...
Utilities- $238
3 Employees- $120 each
Your product costs $2.30 to make and you produce 50 cupcakes per week with a selling price of 3.50.
What's your profit for that week?
$462
What's a startup?
A new business, typically innovative and fast growing.
What are the 4 P's of Marketing?
Promotion
Price
Place
Product
What does upselling mean?
Encouraging a customer to buy a more expensive item or add-ons.
What is the difference between push and pull marketing strategies?
Push marketing promotes products by pushing them onto people (Cold calls, in-store promotions), while pull marketing draws customers in through interest (Social media, content, etc).
Define fixed cost and give an example?
A cost that doesn't change, like rent.
What's a "business model"?
A plan for how a company will make money.
What does CEO stand for?
Chief Executive Officer
What's one way to build customer trust during a sale?
Listening to their needs, being honest, or providing helpful information.
Name the different ways to Market?
Billboards, ads on tech, news, radios, etc.
What does ROI stand for?
Return on Investment
Name one way entrepreneurs fund their new business.
Loans, Investors, crowd surfing, friends and family, savings.
Name a function of HR
Hiring, training, employee management, etc.
Name a common step in the sales process.
Prospecting, pitching, handling objections, closing the deal, or follow-up.