What is an entrepreneur?

A person who organizes and operates a business, taking on financial risks to do so.

What is the purpose of a business plan?

To outline the business goals and strategy

What does "supply and demand" describe?

The relationship between the availability of a product and the desire for that product

What is the difference between gross profit and net profit?

Gross profit is the total revenue minus the cost of goods sold, while net profit is the gross profit minus all other expenses, taxes, and costs.

What is a "franchise"?

A type of business arrangement where a party is granted the right to use a trademark or trade name.

What is "market research"?

A process of gathering information about consumers' needs and preferences

What is a fixed cost?

A cost that remains constant regardless of output.

What does "demographics" refer to in marketing?

The statistical characteristics of a population

What is "public relations" (PR)?

A strategic communication process

What does "break-even point" mean?

The point at which total revenue equals total costs, resulting in no profit or loss

What is "direct marketing"?

A form of advertising where businesses communicate directly with customers.

What is the definition of Profit?

The total revenue minus total expenses.

What is the definition of Target Market?

A group of consumers identified as the recipients of a particular marketing message

What is the definition of Entrepreneur?

A person who organizes and operates a business, taking on greater than normal financial risks.

What is the definition of Brand?

A type of product manufactured by a particular company under a particular name.

Market Research is defined as:

The process of gathering, analyzing, and interpreting information about a market.

What is the definition of Demographics?

The statistical study of populations, especially human beings.

What is the definition of Promotion?

A marketing strategy to increase sales

What is the definition of Public Relations (PR)?

A strategic communication process that builds mutually beneficial relationships between organizations and their publics.

What is the definition of Franchise?

A type of business arrangement where one party grants another the right to use its trademark or trade name as well as certain business systems and processes, to produce and market a good or service according to certain specifications.

What is the definition of SWOT Analysis?

A method for evaluating the strengths, weaknesses, opportunities, and threats of a business

What is the definition of Supply and Demand?

The relationship between the quantity of a commodity available and the desire of buyers for it.

E-commerce is defined as:

The buying and selling of goods and services over the internet.

The Break-even Point is defined as the point where:

Total revenue equals total costs

Why is it important for a business to identify its target market?

To focus marketing efforts effectively

How can market research benefit a new business?

By providing insights into customer needs and preferences

What are the potential risks and rewards of being an entrepreneur?

Financial instability and personal growth

How do the 4 Ps of marketing work together to promote a product?

By focusing on product, price, place, and promotion to create a cohesive strategy.

How can a business build and maintain brand loyalty among its customers?

By offering consistent quality and value

Based on the case study, what are some of the strategies Starbucks uses to maintain its brand identity?

Maintaining consistent store design and customer experience

What challenges does Starbucks face, and how does it address them according to the case study?

Increased competition and market saturation; Starbucks addresses these by expanding its product offerings and enhancing customer experience.

What are the key factors behind Starbucks' success?

Quality coffee and products, Strategic location selection, Strong brand identity

How does Starbucks' loyalty program contribute to customer retention?

By providing exclusive rewards and benefits

How has Starbucks used innovation to enhance its customer experience?

By introducing mobile ordering and payment systems

Why is sustainability important for Starbucks, and how does the company address it?

Sustainability is important for Starbucks to ensure long-term business success and they address it through ethical sourcing and environmental initiatives.

What is the role of market segmentation in marketing?

To divide a broad target market into subsets of consumers

Study Guide Summative Business and Marketing Fall 2024 Flashcards

Student preview

59 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the primary purpose of marketing?

Back

To promote products or services

2.

FLASHCARD QUESTION

Front

What are the 4 Ps of marketing?

Back

Product, Price, Place, Promotion

3.

FLASHCARD QUESTION

Front

What is the term for a specific group of consumers targeted by a business?

Back

Target Market

4.

FLASHCARD QUESTION

Front

What is NOT a function of business? Production, Marketing, Finance, Sleeping

Back

Sleeping

5.

FLASHCARD QUESTION

Front

SWOT analysis is used for:

Back

Identifying strengths, weaknesses, opportunities, and threats

6.

FLASHCARD QUESTION

Front

What does ROI stand for in marketing?

Back

Return on Investment

7.

FLASHCARD QUESTION

Front

What does the term "brand loyalty" mean?

Back

A customer's preference for a particular brand over others

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