stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapter 18 - starting a business Flashcards | StudBud
Explore
/
Chapter 18 - starting a business
Chapter 18 - starting a business
26 terms
·
StudBud Administration
·
75 plays
Explore key concepts and strategies in business planning, marketing, and market analysis
Flashcards
26 cards
F
Practice quiz
P
Host live
L
Questions
26
Answers
1
What is a Marketing Plan?
Product design
Investment details
Financial document
Promotion strategy
2
Indirect Competitors provide?
Substitute products
Direct competition
Identical brands
Same services
3
What does 'Place' refer to in marketing?
Headquarters
Store layout
Product location
Advertising space
4
What is a Business Opportunity?
Identifying company strengths and weaknesses
Forfeiting the next best alternative
Comparing costs and benefits
Circumstances to launch a business
5
What defines a Twitpitch?
280 characters
100 words
One sentence
140 characters
6
What is a Business Plan?
Customer profile
Financial forecast
Marketing strategy
Investment pitch
7
Market Research is used to?
Set prices
Understand customers
Evaluate employees
Plan events
8
What is a Promotional Mix?
Combination of marketing communication tools
Distribution channels for a product
Goods or services offered by a business
Detailed strategy for promotion
9
Franchise involves which parties?
Manager and employee
Investor and owner
Supplier and retailer
Franchisor and franchisee
10
What is a Market Share?
Detailed strategy for promotion
Goods or services offered by a business
Distribution channels for a product
Percentage of total sales held by a company
11
What is a SWOT analysis?
Process of comparing costs and benefits
Identifying and assessing strengths, weaknesses, opportunities, and threats
Unique advantage a company holds over competitors
Brief, persuasive speech or summary
12
SWOT Analysis focuses on?
Opportunities only
Strengths and Weaknesses
Threats and finances
Market and price
13
What is a Focus Group used for?
Gathering feedback
Sales presentations
Financial audits
Team meetings
14
What is a franchise?
Detailed description of ideal customer
Group of potential customers for a product or service
Franchisor grants right to operate under their brand
Combination of marketing communication tools and tactics
15
Direct Competitors offer?
Unrelated services
Similar products
Different products
Alternative solutions
16
What is an Elevator Pitch?
Unique identity for a company
Distribution channels for a product
Brief, persuasive speech or summary
Detailed strategy for promotion
17
What is Opportunity Cost?
Cost of alternatives
Cost of investment
Market entry cost
Cost of production
18
Main goal of a Press Release?
Share news
Launch product
Secure funding
Hire staff
19
Secondary Data is?
From interviews
From observations
Previously published
Newly collected
20
What is a competitive advantage?
Unique advantage over competitors
Presence of other businesses
Percentage of total sales
Combination of marketing tools
21
What is branding?
Creating a unique identity
Gathering and analyzing information
Outlining company's objectives
Determining market share
22
What is a product?
Franchisor grants right to franchisee
Goods or services to satisfy customer needs
Small diverse group providing feedback
Percentage of total sales held by a company
23
What is place in marketing?
Distribution channels for product
Detailed strategy for promotion
Underlying reason or incentive
Goods or services offered
24
Purpose of an Elevator Pitch?
Summarize business
Secure funding
Discuss weaknesses
Analyze competitors
25
What determines Market Share?
Product variety
Sales volume
Office size
Employee count
26
What is a Cost/Benefit Analysis?
Determine feasibility or profitability
Identify and assess company's strengths
Identify and assess company's marketing plan
Forgoing next best alternative
