Marketing Madness
This is the process of promoting and selling products or services, including market research and advertising.
What is marketing?
This is how much a product or service contributes to profit when the variable expenses are subtracted from the selling cost.
What is a contribution margin?
This term describes the proper tone and structure when writing professional emails.
What is email etiquette?
A risk of being an entrepreneur.
What is financial loss? What is failure? ect.
This type of goal is specific, measurable, achievable, relevant, and time-bound.
What is a SMART goal?
The COGS for the following product: A hat that takes $2 worth of yarn, that I pay $4 to an employee to make, and costs me $3.50 to ship.
What is $9.50?
This is when the target market is grouped specifically by the facts about them. Age, gender, ect.
What is demographics?
This point occurs when a company's revenue equals its expenses.
Name two parts of a formal business letter.
What are: Heading, greeting, body, closing, and signature?
This business summary is one page and features multiple aspects of the business including problem, unique value proposition, and revenue streams.
What is a lean canvas?
This term is used to describe a group of people most likely to buy your product or service.
What is a target market?
The profit for the following sales: You make 3 sales at $40 each. Your variable cost per item is $25.
What is $45?
What is market segmentation?
This type of cost does not change with the number of items produced.
What is a fixed cost/expense?
This skill involves calmly discussing a disagreement to reach a solution or compromise.
What is negotiation?
These legal protections include trademarks, copyrights, and patents.
What is intellectual property?
The exact item a customer will receive for one payment. (ex. If you sell hats, it would be one hat)
What is one unit?
The break-even point for the following business: Fixed costs are 1,200. Each product sells for $20. It costs 19 to make.
What is 1,200 units?
These are the five key elements of NFTE's Marketing mix
What are people, product, place, price, and promotion?
A pricing strategy where prices are initially set as high as the market allows. Usually happens then it's the only of its kind on the market.
What is Price Skimming?
A business presentation should start and end with this.
What is the name of the business and yourself?
Pitch decks are visual summaries of a business and are shown to investors for this reason.
What is catch their attention? What is present a business idea?
A company that makes products from raw materials. (Ex. someone that makes hand knitted hats.)
This should not be considered when figuring out the economics of one unit:
Plastic Material
Shipping
3D Printer cost
Time to design
What it the 3D Printer cost?
This method uses social media, emails, and web content to draw customers in.
What is digital marketing?
This unethical pricing practice involves setting the price of a necessary good far over it's market value in the case of a state emergency. (ex. charging more for water bottles during a hurricane.)
What is price gouging?
This should be sent after a job interview to ensure they remember you.
What is an email?
This is the benefit of forming a corporation over a sole proprietorship.
What is limited liability?
What is selling shares?
This personal document should accompany a resume and features a well written page about why you should get the job.
What is a cover letter?
The break-even point for the following business: Fixed costs are 500. Each product sells for $20. It costs $10 to make.
What is 50 units?