Marketing Principles
Entrepreneurship
Economy pt.1
Economy pt.2
100
What are the 4 p's?
Product, Price, Promotion, and Place
100
What does entrepreneurship mean?
the willingness to take on new opportunities and unknown risks.
100
What is the Law of supply?
As prices rise the supply will increase and as price drops the supply will decrease (business perspective)
100
What is price elasticity?
The degree in which supply and demand fluctuate dependent on the price.
200
What is marketing?
Marketing is the process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. It involves all the activities necessary to get a product from the manufacturer to the consumer. The goal of marketing is to attract new customers and create a lasting relationship through satisfaction.
200
What is B2B and what is B2C?
Business to consumer transactions or B2C is when a
customer purchases an item from a business.
Business to business transactions or B2B is when a business purchases from another business.
200
What is the law of demand?
As price increases, demand decreases and as price decreases, the demand increases (consumer perspective).
200
What is the exception of price elasticity? Some would say it stays relatively inelastic.
Basic necessities!
300
What is a need? What is a want? What is a good? What is a service?
A need is a necessity for life and a want is something that you desire.
A good is a tangible product and a service is something intangible
300
What is equity? What are assets? and what are liabilities?
Equity is the value of the owners' stake in a company, while assets are the resources owned by the company. The main difference between the two is that equity represents ownership, while assets are used to drive profitability.
Equity is Calculated by subtracting liabilities from assets, equity represents the value left over for the owners. It can also be used as a funding source to acquire assets.
Assets are quantifiable items that add to a company's value. They can be tangible, like buildings, land, and machinery, or intangible, like patents and brand names.
300
What are the four types of economic resources?
Land, Labor, Capital, and Entrepreneurship
300
What is a tax and what is a tariff?
Taxes are a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. A tariff is a tax imposed by one country on the goods and services imported from another country to maximize profits or protect competitive advantages.
400
What are the 4 types of segmentation?
Demographic Segmentation
a. include personal statistics, such as age, gender, income, ethnicity and occupation.
Geographic Segmentation
a. Consumers can be segmented geographically by region, climate or population density.
Behavioral Segmentation
How is the consumer going to use the product?
Psychographic Segmentation
a. Consumers can be segmented based on how they feel and think about a product or service.
400
What is SWOT analysis?
A SWOT analysis is a strategic planning tool that helps identify an organization's strengths, weaknesses, opportunities, and threats. It can be used to assess how an organization compares to its competitors, and to help with decision-making and strategic planning.
400
What is private sector, public sector, and mixed economy?
Private sector refers to an economic system where citizens can own their own property/businesses with minimal government interference.
Public Sector comprises of government entities and public services. Jobs are more limited with slower decision-making processes.
Mixed economy has both!
400
Why do we need to understand tariffs and taxes?
Tariffs and taxes are important in business because they affect the cost of production, consumer prices, and the competitiveness of domestic businesses. This means that goods from other countries will end up being more expensive to promote domestic products. but even then, the cost will fall onto the consumer in the form of higher pricing.
500
What are the levels to the hierarchy of needs pyramid?
500
Where do entrepreneurs get the money to fund their business?
Angel Investors- An investor who provides funding to a business for a stake in the business in return.
Bootstrapping- A business owner that uses their own money to fund their business.
500
Why is it important to know the connection between the economy and marketing?
Marketing is within the business industry and the economy plays a role in shaping the relationship between the government and businesses. They need each other to thrive!
500
What is foreign trade and why is it important?
Foreign trade, or international trade, is the buying and selling of goods and services between countries. Through foreign trade, countries can specialize in producing what they are best at, which can improve efficiency and increase GDP growth.
Through this, countries access goods and services that may not be available domestically. It can also lead to more competitive prices and cheaper products for the consumers.