Business Structures and Marketing Principles Flashcard

Front

Which business structure is owned and operated by a single individual and exposes the owner to personal liability?

Back

Sole Proprietorship

Front

What is a key characteristic of a corporation?

Back

Can raise capital through the sale of stock

Front

Which business structure combines elements of partnerships and corporations, providing flexibility and protection from personal liability?

Back

Limited Liability Company (LLC)

Front

What is the primary focus of market research in marketing principles?

Back

Understanding consumer needs and preferences

Front

Why is identifying a target audience important in marketing?

Back

It allows for tailoring marketing efforts effectively

Front

What is the purpose of branding in a business?

Back

To create a unique identity for a product or service

Front

Which of the following is a key component of financial literacy? Branding, Budgeting, Recruitment, Quality Control

Back

Budgeting

Front

What is the main focus of operations management?

Back

Producing goods and services

Front

What does inventory management involve?

Back

Keeping track of stock levels

Front

What is the role of recruitment and selection in human resources?

Back

Attracting and hiring the right talent