Building a business Flashcards
Working in the business includes
training clients, responding to customer service e-mails, and bookkeeping.
Working on the business includes
developing training protocols, creating and testing marketing strategies, crafting customer service policies, structuring corporate guidelines, and building financial projections.
Executive summary
A section of the business plan that provides an overview of what will be covered in the document.
Customer acquisition cost (CAC)
How much a new customer costs a business – typically, the cost is determined through money spent on advertising.
Minimum viable product (MVP)
A product that provides the bare minimum features to satisfy customer demand – this is the foundation for a product that will be developed and modified based on market feedback.
Four P’s of marketing
Product, Price, Place, and Promotion
Sales funnel
An organized, repeatable process that a prospective customer follows to become a paid customer.
typical lighting spectrums used in video content is between
3,200 K and 5,500 K
Approximately when were the first wearable fitness trackers introduced?
1981
What is the average amount of sleep an American gets each night?
6 hours and 40 minutes
How many pixels are in a megapixel?
1000000
What does a gigabyte of data consist of?
1,000 megabytes
Business owner
An individual or group who owns a business entity and has final decision-making authority as well as first right to profits.
Business operator
The individual running the day-to-day operations of a business.
Consumer
Individuals in the target audience who are not yet aware of the business or its products and services.
Outbound sales
Sales that are initiated by the business; the business contacted the consumer first.
Inbound sales
Sales that are initiated by the consumer; the consumer contacted the business first.
cold calling
outbound sales technique where the business contacts prospective clients unsolicited.
Sales copy
Writing with the specific goal of guiding a consumer through a sale.
Penetration pricing
used to build interest in a new product. With this method, the standard price of the product is initially reduced as an introductory offering
Promotional pricing
low pricing offered to an existing product or service
Bundle pricing
strategy that offers discounts for buying in bulk. This can either be buying one product in bulk or purchasing multiple products together for a discounted price
Prospect
A person whom the business has identified as fitting their client criteria but has not yet provided their information.
Leads
Prospects who have shown interest in a company and have provided identifying information, such as an email address.
