General Business Flashcards
What is profit? What is revenue? What is loss?
Profit- revenue minus expenses
Revenue- Total moneys
Loss- when a business incurs expenses that are greater than its revenue
What is an entrepreneur and what do they do?
An entrepreneur is someone who risks their time, money, and other resources to start and manage a business. Entrepreneurs contribute to society through innovation. Society gains me products from the success of entrepreneurs. Other parties benefit because of new jobs and opportunities
What are the differences between revenue, profit, and a loss?
Revenue is the total income generated from sales, profit is the income remaining after expenses are deducted, and a loss occurs when expenses exceed revenue.
What is an entrepreneur and what do they do?
An entrepreneur is an individual who creates and manages a business, taking on financial risks in the hope of profit.
What makes a product valuable in the eyes of consumers?
A product is valuable when it meets consumer needs and desires, providing benefits that justify its cost.
What are the different types of businesses and their functions?
Producer- create and manufacture the item
Restail- selling smaller quantities of products directly to consumers at a higher price
Wholesale- selling larger quantities of products at a discounted price to other businesses like retailers
Commercial-
What are the historical eras of business?
Historical eras of business include the Agricultural Era, Industrial Era, and Information Era, each characterized by different economic activities.
What are the 4 P’s of Marketing?
The 4 P’s of Marketing are Product, Price, Place, and Promotion.
How does competition affect businesses and the market?
Competition drives innovation, influences pricing, and can lead to improved products and services for consumers.
What are Demographics, Psychographics, and Geographics?
Demographics refer to statistical data about populations, Psychographics involve consumer attitudes and lifestyles, and Geographics relate to location-based data.
What is the Marketing Concept and why does it work?
The Marketing Concept focuses on meeting consumer needs and wants, leading to customer satisfaction and loyalty.
What things can be marketed and how should they be marketed/to who?
Almost anything can be marketed, including goods, services, and ideas, tailored to specific target audiences.
What are the 4 types of Branding Strategies?
The 4 types of Branding Strategies are Individual Branding, Family Branding, Brand Extension, and Co-Branding.
What is a product line and a product mix?
A product line is a group of related products offered by a company, while a product mix is the total range of products a company offers.
What are the functions of packaging?
Packaging protects products, provides information, and enhances marketing appeal.
What are promotional tools and their functions?
Promotional tools include advertising, sales promotions, public relations, and personal selling, each serving to communicate with consumers.
What are the different types of products and brands?
Types of products include consumer goods, industrial goods, and services, while brands can be classified as national, private, or generic.
What are Channel Intermediaries and their functions?
Channel Intermediaries facilitate the distribution of products from producers to consumers, including wholesalers and retailers.
What is the Break Even point and how is it calculated?
The Break Even point is the level of sales at which total revenues equal total costs, calculated using the formula: Fixed Costs / (Selling Price per Unit - Variable Cost per Unit).
What are the different pricing strategies?
Different pricing strategies include cost-plus pricing, value-based pricing, penetration pricing, and skimming pricing.
What is the difference between Profit and Loss?
Profit is the financial gain after expenses, while Loss is the financial deficit when expenses exceed income.
What is Scarcity and how does it relate to Supply vs. Demand?
Scarcity refers to limited resources, affecting supply and demand dynamics in the market.
What are the different outcomes of budget/inventory management?
Outcomes include Surplus, where supply exceeds demand, and Deficit, where demand exceeds supply.
What are the 4 types of market structure?
The 4 types of market structure are Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly.
What is the governmental role in market structures?
Government regulates market structures to promote competition, protect consumers, and prevent monopolies.
What are the 4 types of economic structures?
The 4 types of economic structures are Traditional, Command, Market, and Mixed economies.
What is the equilibrium price?
The equilibrium price is the price at which the quantity of goods supplied equals the quantity demanded.
