Tangible Products. A product that you can touch.

Intangible Products.  An act performed for compensation

Which of the following are examples of goods? (SELECT ALL THAT APPLY)

Which of the following are examples of services? (SELECT ALL THAT APPLY)

Things that are connected. They compliment or depend on each other.

A function is what something does.

How many functions of business did we discuss?

Keeping Track of Financial Records

Money needed for Business activities

The making of the product

A specific group of people a product or service is aimed at.

Market Segmentation: The process of dividing a market of potential customers into groups, or segments, based on different characteristics

Market Share: The portion of a market controlled by a particular company or product

Marketing Research: Information about the consumer, customer, and public obtained by asking questions.

Customer Profile: A customer profile tells you everything about the people you want to bring onto your customer list.

A good or service that satisfies the needs or wants of customers.

The materials used to wrap or protect goods

Creating a name, symbol, or design that identifies, and differentiates a product from other products.

A new product that has not been on the market for a long time, that has low sales is most likely in which stage of the product life cycle?

A fairly new product that has spent some time on the market and now sales are on the rise is most likely in which stage of the product life cycle?

An established product that has been on the market for a while and now sales are on the stagnant (not really going up or down) is most likely in which stage of the product life cycle?

An old product that has been on the market for a while and now sales are decreasing is most likely in which stage of the product life cycle?

How much it costs to produce goods and services sold by a company

The difference between the selling price of a good or service and cost.

A reduction in price

4 P's of Marketing

The distribution of products

The Billboard above was paid for by 411 Pain to increase their brand awareness. What type of promotion is this?

This email was sent to my personal e-mail address. What type of promotion is this?

The Burger King PS5 giveaway is an example of which type of promotion?

A shoe salesman trying to persuade you to buy the New Jordans through face to face communication is an example of what type of promotion?

Kevin Hart visiting local Memphis restaurant A&R BBQ to promote the movie Think Like a Man. He bought everyone lunch for the day and even worked at the restaurant for a day. Hart used non-paid media like local news and radio to cover the event and draw attention to the movie. What type of promotion is this?

Pizza Hut supplies money to the NFL in exchange for advertising and publicity. This is known as sponsorship.

Which two forms of promotion would this be?

Revenue that a business brings in from the sale of products and services

Jaceon sells Rap Snacks at school. He buys the Rap Snacks for $1.50. He then sells them for $2 at school. How much revenue does he bring in if he sells 20 bags of chips?

Jaceon sells Rap Snacks at school. He buys the Rap Snacks for $1.50. He then sells them for $2 at school. How much does he profit in total if he sells 20 bags of chips?

Jaceon sells Rap Snacks at school. He buys the Rap Snacks for $1.50. He then sells them for $2 at school. What is the markup?

Expenses are the cost of doing business.

Coordinating & Organizing the activities associated with running a business.

What are the 4 Functions of Management? (SELECT ALL THAT APPLY)

4 Functions of Management

In the ____________ Function, managers create Goals and a Plan to achieve them

4 Functions of Management

In the ____________ Function, managers Assign Roles and Responsibilities to personnel to achieve the goals created in the planning stage.

4 Functions of Management

In the ____________ Function, managers motivate and influence employees to achieve business goals.

4 Functions of Management

In the ____________ Function, managers evaluate the execution of the plan and make adjustments to ensure the goals are met.

Nike offers a student discount of 20%. If the Air Force Ones above are priced at $120. How much would they sell for after the 20% markdown?

Dealing with people and issues related to people.

Managers are responsible for making decisions. Decisions are as Easy as ABCDE

The WHY. A company or individual's core purpose.

The WHAT. What a company would like to accomplish. Where it sees itself in the future.

Don't forget there is a Part 2 on Google Classroom.