Building a business

Question 1

Working in the business includes

Answer 1

training clients, responding to customer service e-mails, and bookkeeping.

Question 2

Working on the business includes

Answer 2

developing training protocols, creating and testing marketing strategies, crafting customer service policies, structuring corporate guidelines, and building financial projections.

Question 3

Executive summary

Answer 3

A section of the business plan that provides an overview of what will be covered in the document.

Question 4

Customer acquisition cost (CAC)

Answer 4

How much a new customer costs a business – typically, the cost is determined through money spent on advertising.

Question 5

Minimum viable product (MVP)

Answer 5

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.

Question 6

Four P’s of marketing

Answer 6

Product, Price, Place, and Promotion

Question 7

Sales funnel

Answer 7

An organized, repeatable process that a prospective customer follows to become a paid customer.

Question 8

typical lighting spectrums used in video content is between

Answer 8

3,200 K and 5,500 K

Question 9

Approximately when were the first wearable fitness trackers introduced?

Answer 9

1981

Question 10

What is the average amount of sleep an American gets each night?

Answer 10

6 hours and 40 minutes

Question 11

How many pixels are in a megapixel?

Answer 11

1000000

Question 12

What does a gigabyte of data consist of?

Answer 12

1,000 megabytes

Question 13

Business owner

Answer 13

An individual or group who owns a business entity and has final decision-making authority as well as first right to profits.

Question 14

Business operator

Answer 14

The individual running the day-to-day operations of a business.

Question 15

Consumer

Answer 15

Individuals in the target audience who are not yet aware of the business or its products and services.

Question 16

Outbound sales

Answer 16

Sales that are initiated by the business; the business contacted the consumer first.

Question 17

Inbound sales

Answer 17

Sales that are initiated by the consumer; the consumer contacted the business first.

Question 18

cold calling

Answer 18

outbound sales technique where the business contacts prospective clients unsolicited.

Question 19

Sales copy

Answer 19

Writing with the specific goal of guiding a consumer through a sale.

Question 20

Penetration pricing

Answer 20

used to build interest in a new product. With this method, the standard price of the product is initially reduced as an introductory offering

Question 21

Promotional pricing

Answer 21

low pricing offered to an existing product or service

Question 22

Bundle pricing

Answer 22

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

Question 23

Prospect

Answer 23

A person whom the business has identified as fitting their client criteria but has not yet provided their information.

Question 24

Leads

Answer 24

Prospects who have shown interest in a company and have provided identifying information, such as an email address.

Question 25

Customers

Answer 25

Leads who have purchased a product or service from a company; may also be used interchangeably with the term clients.

Question 26

two most basic subcategories for defining sales goals

Answer 26

timeframe and sales stage

Question 27

Business to consumer sales (B2C)

Answer 27

Sales from a business directly to a person.

Question 28

Business to business sales (B2B)

Answer 28

Sales from a business directly to another business.

Question 29

Inbound prospecting

Answer 29

The process of a consumer discovering a business from passive content released by the business.

Question 30

Outbound prospecting

Answer 30

The process of a business contacting a consumer via direct marketing.

Question 31

Market segmentation

Answer 31

Dividing prospects and leads to more well-defined categories.

Question 32

Call to action

Answer 32

A prompt from a business for a consumer to take an action.

Question 33

Warm lead

Answer 33

A lead that is interested but has not provided the business with contact information.

Question 34

Retargeting campaign

Answer 34

A marketing campaign that targets specific segments of prospects or leads that have not yet become customers.

Question 35

Hot lead

Answer 35

A lead that is interested and has provided the business with contact information.