What is a Business Model

A model that describes how a business creates, delivers and captures value.

What external factors may impact a business?

Economic, Political, Social, Technological

What is an entrepreneur?

someone who starts their own business

What are operating costs?

Money spent on a regular basis to keep a business running

What is a trade secret?

Information protected by a company and used to create a business advantage

Behavioral segmentation is based on...

benefits to customers based on their wants and needs.

Geographic segmentation is about ?

Dividing markets based on location

A written contract granting permission to sell someone else's product.

What Is a Value Proposition?

Refers to the value a company promises to deliver to customers

A patent gives its owner . . .

The right to exclude others from using the invention

Define start up costs

Costs that a new business has to pay for equipment, licenses, etc.

Direct competitors are what?

Competitors most closely matching a firm's product offering

the number of people who want or need something

A motivation to accomplish more

Investing with borrowed money to increase gains at the risk of greater loss

How effective a solution might be, Whether a solution is possible, at what cost or difficulty

What is an innovator?

Someone who takes the existing product and changes them

Which of these are protected by copyright?

Graphic works, Sound recordings

What are demographics?

statistics used to describe a group of people

Internal Factors that influence the development of new food products include

workforce skills, company image, financial backing

What does venture mean?

A business enterprise involving considerable risk.

Protection of a logo or artwork

What does a SWOT analysis evaluate?

Strengths, Weaknesses, Opportunities, Threats

is the application of moral standards to business situations

Protection given to an author's original works or authorship

Describe the pricing strategy of 'market penetration'

Very low prices to undercut competitors

What is the purpose of a business plan?

States the purpose and vision of your company, States the amount of capital you need to run the company

putting yourself in someone else's shoes

This describes price skimming:

Price is set high at release to skim die-hards for profit

The pitch deck is ______________.

Your presentation to introduce your product/idea to investors

What are External factors?

A range of outside influences that can impact a business

What is indirect competition?

Two products that are not the same but satisfy the same needs

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Entrepreneur Vocabulary

54 termsStudBud Administration8,857 plays

Vocabulary words found on the Entrepreneurship and Small Business Certification training.

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Questions 54

Answers

1
What is a Business Model
A model that shows the behavior of clients
A model that shows the art work of a business
A model that shows the architecture of a building
A model that describes how a business creates, delivers and captures value.
2
Which of these is NOT an example of digital marketing?
Personal selling
Viral marketing
E-mail campaigns
Banner advertising
3
What external factors may impact a business?
Production, Management, Social, Legal
Economic, Management, Personal, Technological
Economic, Political, Social, Technological
Economic, Political, Personal, Technological
4
What is an entrepreneur?
a type of doctor
someone who sells computers
someone who invents their own product
someone who starts their own business
5
What are operating costs?
Money spent on a regular basis to keep a business running
Money spent at the hospital
Money spent setting up a business before it starts trading
Money which is paid into a business
6
What is a trade secret?
Making investment decisions based on insider information
Information protected by a company and used to create a business advantage
A non-public agreement to exchange ball players
A trade agreement between two countries that is not made public
7
Behavioral segmentation is based on...
benefits to customers based on their wants and needs.
behaviors of employees.
behaviors of competitors.
behaviors of customers.
8
Who determines demand?
Buyers
Bank
Sellers
Owners
9
Geographic segmentation is about ?
Dividing markets based on location
Understanding the benefit the product has to offer
Dividing consumer groups based on social status
Dividing consumer groups based on lifestyles
10
What is a franchise?
Burger King
A written contract granting permission to sell someone else's product.
McDonald's
Target
11
What Is a Value Proposition?
Refers to the value a company promises to deliver to customers
Refers to the value a user promises to deliver a product
Refers to the value a designer promises to deliver to customers
Refers to the value a designer promises to deliver to a developer
12
A patent gives its owner . . .
The right to not sell the invention
The right to use the invention
The right to sell the invention
The right to exclude others from using the invention
13
Define start up costs
Costs that a new business has to pay for equipment, licenses, etc.
Costs like monthly electric bills and rent
Costs that very depending on how much is sold
Costs that don't change no matter how much is sold
14
Direct competitors are what?
Similar products are made by the same company.
Competitors whose products can satisfy the same need, but in different ways
Competitors most closely matching a firm's product offering
Any business
15
The Economy is an internal factor
True
False
16
A business that conducts all of its sales online.
Warehouse
Digital Business
Franchise
Physical Business
17
Demand is
the number of people who want or need something
the amount of something that is available
another name for a service
a name of a coin used in the Caribbean
18
Which is NOT an example of Offline Marketing?
Google Ads
Radio Ads
Televison Ads
Flyers and Pamphlets
19
Define initiative
Waiting around to be told what to do
A motivation to accomplish more
A bribe
Good planning skills
20
Leveraging
Investing with borrowed money to increase gains at the risk of greater loss
Pulling in ambush marketing
A sponsorship where only one partner is promoted or allowed promotion
Pushing out ambush marketing
21
What is feasibility?
How effective a solution might be
Whether a solution is possible, at what cost or difficulty
A bike with pink flowers
People who have feet
23
A feasibility analysis determines if:
money is available to start the business
a business plan is necessary
an idea is practical
customers will buy the product
24
What is an innovator?
Someone who makes Youtube videos
Someone who invents something for the first time
Someone who makes video games
Someone who takes the existing product and changes them
25
Which of these are protected by copyright?
Discoveries
Graphic works
Symbols
Sound recordings
26
Drawbacks are..
facts, figures and other kinds of information
proof or evidence
problems or disadvantages
benefits or advantages
27
Empathy is also...
Seeing the world through another's eyes
trying to understand the other person
Putting yourself in someone else's shoes
All of these answers
28
What are demographics?
statistics used to describe a group of people
using Facebook to describe a group of people
using opinions to describe a group of people
using Twitter to describe a group of people
29
What aspect of the value proposition should you focus on?
Why Us?
Why Trust?
Why Change?
Why Now?
30
Internal Factors that influence the development of new food products include
production facilities, taxation, technology
taxation, company image, employment rates
income, market share, working conditions
workforce skills, company image, financial backing
31
What does venture mean?
an ugly twisted expression on a persons face
come and lets watch the rain as Its falling down
a difficult or unpleasant situation
A business enterprise involving considerable risk.
32
What is a trademark?
Protection of a logo or artwork
Protection of ideas
A medicine to prevent the common cold
Protection of an original work
33
What does a SWOT analysis evaluate?
Symptoms, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Opposition, Threats
Strengths, Weaknesses, Opportunities, Targets
34
Business ethics
is laws and regulation that govern business
is the application of moral standards to business situations
is most important for advertising agencies
do not vary from one person to another
35
A patent gives a person legal rights regarding an
invention
interchangeable parts
free enterprise
cotton gin
36
Define copyright
Protection given to an author's original works or authorship
A work that is based upon one or more pre-existing works
Taking someone's work and calling it yours
Licenses that provide a rate of protection to partners
37
What are psychographics?
What the target market makes a year
What the target markets' gender is
Target markets' lifestyle
Where the target market lives
38
A competitor is a
league
ally
rival
petition
39
Describe the pricing strategy of 'market penetration'
Extra high prices because the product will sell regardless
Lower prices and discounting
Competitive pricing
Very low prices to undercut competitors
40
What is the purpose of a business plan?
Legal document to be filed with the SEC
To document your financial activity during one year
States the purpose and vision of your company
States the amount of capital you need to run the company
41
Empathy means....
feeling sorry for someone
being generous with evreyone
putting yourself in someone else's shoes
giving someone good advice
42
Which company owns this trademark?
Pringles
Buster's
Cheetos
Lays
43
Peril means...
Fun times
Danger
Safety
Non-danger
44
This describes price skimming:
Price is set low when entering a new market
Price is set just below a whole number e.g 99p
Price is set high at release to skim die-hards for profit
Price is set low to eliminate competition
45
Revamp means...
Aid or cooperate
Help
Hussle
Repair or restore
46
The pitch deck is ______________.
Your presentation to introduce your product/idea to investors
Your product and details
Your business plan or idea
Your idea and the financial description
47
What are External factors?
A range of outside influences that can impact a business
Something to do with the economy
Internal influences that can impact a business
Something to do with the environment
48
What is indirect competition?
Businesses that offer the same type of product or service
Businesses that emphasize factors of marketing other than price
Two products that are not the same but satisfy the same needs
Two products that are similar but judged by their prices
49
Insight means
understanding
confidence
independence
strength
50
The actual physical store
Physical Business
Warehouse
Digital Business
Franchise
51
Who is this famous Entrepreneur?
Larry Page, co-founder of Google
Warren Buffet, CEO of Berkshire Hathaway
Bill Gates Microsoft Founder
Steve Jobs- Apple co-founder
52
A joint venture is
where two or more companies fight for control
where two or more companies agree with Donald
where two or more companies fail
where two or more companies share the cost and responsibility
53
What is Opportunity Analysis?
process of dividing the market into segments
the process of deciding which ideas represent a market opportunity
alignment to the personal vision of the entrepreneur
an idea that can be turned into a product
54
Define opportunity
a chance for good things to happen
knowing that something bad will happen
having food and a job
a moment in time

Entrepreneur Vocabulary Flashcards | StudBud