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Intro to Business
| Question | Answer |
|---|---|
| What is the purpose of this class | to provide a broad introduction to the core disciplines of business |
| What is the policy on late work | Late work is not accepted |
| What is free enterprise | enter the market freely |
| Definition of business | organized efforts to produce and sell goods and services for a profit. |
| Material resources | physical goods, manufacturing machines |
| What is the labor and skills resource | human resource |
| Why do most businesses fail | They don't understand customer needs |
| More cost than revenue | net cost |
| Who can be a stakeholder of a business | shareholder, employee, regulator, anyone who is affected by the choices of a business |
| Perfect competition | not a big barrier to entry, many businesses |
| Monopolies and example | local water utilities, high start-up cost, high barrier to entry |
| oligopoly | a market dominated by a few large firms with high barrier to entry |
| Entrepreneurship | identifying an opportunity and addressing the problem |
| Unicorn | a startup valued at a billion dollars or more, technology startup |
| 4 p's | product, place, promotion, price |
| product question | what value does the company offer, what problem does this solve and for whom |
| Price question | what price fits the customer and the brand |
| promotion question | What message will earn this customers attention and trust |
| place question | How can we make purchasing convenient |
| What of the 4 p's is an evening tutoring session | Product |
| penetration pricing | going in at the lowest price |
| premium pricing | set price higher than competitors to make it seem like they have higher quality |
| discounts and bundles | setting a lower price or combining products together |
| a new streaming service starts with a low price | penetration pricing |
| Costco hotdog and drink combo | strengthen the customer value and relationship |
| Premium brand offers discounts | question how they are positioned in the market, (lose position) |
| STP | Segmentation, targeting, positioning |
| segmentation | divide the whole market into different sections |
| Geographic | nations, regions, states, counties, cities, neighborhoods, population density, climate |
| demographic | Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation |
| psychographic | social class, lifestyle, personality |
| behavioral | occasions, benefits, user status, usage rate, loyalty status |
| Target market | a customer group a company chooses to serve |
| positioning | the place a product occupies in the minds of target customers |
| value proposition | why your product is better than everyone product, the benefits customers receive and the reason they should choose the offering |
| What does a positioning map show | how customers perceive products compared to one another |
| SWOT | strengths, weaknesses, opportunities, and threats |
| external vs. internal | external: things out of the company's control internal: things the company can control |
| highly skilled work force | strength |
Created by:
PSYC
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