1st meeting Flashcards
An act of setting up a business, setting financial risk in the hope of profit.
Entrepreneurship
2 types of marketing
- an act of buying and selling
(traditional) - research and customer relation (modern)
4P’s of Marketing
- product
- place
- promotion
- price
actual product
tangible
services
intangible
uniqueness of the product
features
entrepreneurs must know their _____ in order to keep up
advantage
entrepreneurs build _____ to be chosen
benefits
F-
A-
B-
feature
advantage
benefits
knowing if product is affordable
environmental scanning
S-
W-
O-
T-
strength
weakness
opportunity
threat
it is divided by 2 parts: negative and positive
swot analysis
2 types of product
tangible
intangible
another term in business of convenience
distribution
factors of distribution
retailer
reseller
agent
2 types of threats in business environment
- threats of new entrants
- threats of substitute
in business, you build ____
perception
to capture the consumer then increases the amount
market penetration
predictability; prediction of possible demand
forecast
