Final Exam Review Flashcards
Secondary Research
Existing information
EX: market research reports, sales figures
Business plan
Used to help run your company with a more cohesive vision
Sections of business plan:
1) Exucutive Summary
2) business/company description
3) market analysis
4) organization/management
5) marketing
Risks of becoming an entrepreneur
1) abandoning a steady paycheck
2) relying on cash flow
3) estimating popular interest
Characteristics of being an entrepreneur
1) being creative
2) being determined
3) being risky
Needs/wants of a customer
1) need recognition
2) information search
3) evaluation of alternatives
4) purchase
5) post purchase
Direct competition
When 2 or more businesses offer the same goods/services
Indirect competition
A conflict between vendors whose goods/services arnt the same but could satisfy the same need
Primary Research
Finding new information
EX: Driect questioning, Online questionnaires
Bundle pricing
When companies sell a set of goods/services and a lower price