Business & Marketing Basics Flashcard

Front

Noah, James, and Daniel are discussing their businesses. They agree that a business can be either a single unit or multiple units. Is their statement correct?

Back

True

Front

Profit is...

Back

Money a business has left after all the costs of running the business are paid.

Front

According to Arjun, Maya, and Zoe, planning is...

Back

Setting goals and developing methods to meet those goals.

Front

What is the process called when Benjamin, Noah, and Aria discuss the day-to-day running of their lemonade stand business?

Back

operations

Front

Scarlett, Benjamin, and William are discussing marketing. They agree that marketing involves encouraging people to buy a product or service. Are they correct?

Back

True

Front

Lily, Arjun, and Abigail are discussing marketing strategies. They agree that the main goal of marketing is to:

Back

identify the needs and wants of the customer

Front

Isla, Anika, and Oliver are planning a fun day out. They are considering hiring a car, getting their hair done, and even hiring a management consultant for their day. What are these businesses providing them with?

Back

services

Front

Imagine Mia, Harper, and Evelyn are running their own businesses. They are trying to identify and profile distinct groups of buyers who might prefer or require varying product and service mixes. This process is known as ________

Back

segmentation

Front

What do we call the segments that marketers William, Elijah, and Maya are focusing on while analyzing market segmentation?

Back

target

Front

What is the specific group of people called who are likely to need or want lemonade?

Back

target market