Final Exam Review Flashcards

1
Q

Secondary Research

A

Existing information

EX: market research reports, sales figures

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2
Q

Business plan

A

Used to help run your company with a more cohesive vision

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3
Q

Sections of business plan:

A

1) Exucutive Summary
2) business/company description
3) market analysis
4) organization/management
5) marketing

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4
Q

Risks of becoming an entrepreneur

A

1) abandoning a steady paycheck
2) relying on cash flow
3) estimating popular interest

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5
Q

Characteristics of being an entrepreneur

A

1) being creative
2) being determined
3) being risky

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6
Q

Needs/wants of a customer

A

1) need recognition
2) information search
3) evaluation of alternatives
4) purchase
5) post purchase

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7
Q

Direct competition

A

When 2 or more businesses offer the same goods/services

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8
Q

Indirect competition

A

A conflict between vendors whose goods/services arnt the same but could satisfy the same need

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9
Q

Primary Research

A

Finding new information

EX: Driect questioning, Online questionnaires

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10
Q

Bundle pricing

A

When companies sell a set of goods/services and a lower price

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