Marketing Strategies
What are the 4Ps of marketing?
Product, Price, Place, Promotion.
What is the basic definition of profit?
The money a business earns after all its expenses are paid.
What is inventory management?
The process of ordering, storing, and using a company's inventory.
What is an entrepreneur?
A person who starts and runs a business, taking on financial risks in the hope of profit.
What is a "stakeholder" in a business?
Anyone who has an interest in the success of a business, such as employees, customers, or shareholders.
What does "market segmentation" mean?
Dividing a market into distinct groups of buyers with different needs or behaviors.
What does ROI stand for?
Return on Investment.
What is the role of a manager in a business?
To plan, organize, lead, and control business activities to achieve organizational goals.
What is a startup?
A new business, typically in its early stages of development.
What does "SWOT" stand for in business analysis?
Strengths, Weaknesses, Opportunities, Threats.
What is a unique selling proposition (USP)?
A feature or benefit that makes a product stand out from competitors.
What is the difference between gross profit and net profit?
Gross profit is revenue minus the cost of goods sold, while net profit is what remains after all expenses, including taxes, are deducted.
What does "quality control" involve in a business?
Ensuring that products meet certain standards and are free from defects before they reach customers.
Why is innovation important for entrepreneurs?
Innovation allows entrepreneurs to create new products or services, giving them a competitive edge and meeting market demands.
What is a "monopoly" in business?
When a single company dominates a particular market, with little or no competition.
Why is branding important in marketing?
Branding creates a unique identity for a product, building customer loyalty and differentiating it from competitors.
How does compound interest work, and why is it beneficial for long-term investments?
Compound interest is calculated on both the initial principal and the accumulated interest from previous periods, leading to exponential growth of investments over time.
How does effective supply chain management impact a business?
It ensures that products are produced and delivered efficiently, reducing costs and improving customer satisfaction.
What are some common risks that entrepreneurs face when starting a new business?
Market demand uncertainty, financial risk, competition, and operational challenges.
Why might a company choose to outsource some of its operations?
To reduce costs, access specialized expertise, or improve efficiency by focusing on core business activities.