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Entrepreneurship > 4th Six Weeks > Flashcards

4th Six Weeks Flashcards

1
Q

Where costs cover overhead and desired percentage of profit.

A

Cost-Plus Pricing

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2
Q

Determined by the optimum combination of volume and profit.

A

Demand Price

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3
Q

Generally used when there’s an established market price for a particular product or service.

A

Competitive Pricing

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4
Q

Calculated by adding a set amount to the cost of a product, which results in the price charged to the customer.

A

Markup Pricing

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5
Q

All nonlabor expenses required to operate your business.

A

Cost of Goods Sold

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6
Q

The difference between total sales and the cost of those sales.

A

Margin

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7
Q

The wages and benefits that go to the employees.

A

Labor

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8
Q

The amount of money invested in the production of a product.

A

Material Costs

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9
Q

Includes rent, utilities, and insurance that are paid monthly, regardless of sales.

A

Overhead

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10
Q

The amount of income earned after all costs for providing the service have been met.

A

Profit

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11
Q

1st characteristic of product mix: the number of product lines the company sells.

A

Width of Product Mix

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12
Q

2nd characteristic of product mix: the total number of products or items in your company’s product mix.

A

Length of Product Mix

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13
Q

3rd characteristic of product mix: the total number of variations for each product. Variations can include size, flavor and any other distinguishing characteristic.

A

Depth of Product Mix

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14
Q

4th characteristic of product mix: how closely related product lines are to one another–in terms of use, production and distribution.

A

Consistency of Product Mix

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15
Q

5th characteristic of product mix: usually starting out with a product mix limited in width, depth and length; and have a high level of consistency.

A

Strategy of Product Mix

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16
Q

1st step in product life cycle: where new product ideas are generated, operationalized, and tested.

A

Product Development Stage

17
Q

2nd step in product life cycle: costs are very high, slow sales volumes to start, and little or no competition.

A

Market Introduction Stage

18
Q

3rd step in product life cycle: costs reduced due to economies of scale, sales volume increases significantly, and profitability begins to rise.

A

Growth Stage

19
Q

4th step in product life cycle: costs are lowered as a result of increasing production volumes and experience curve effects, sales volume peaks and market saturation is reached, and new competitors enter the market.

A

Maturity Stage

20
Q

5th step in product life cycle: costs increase due to some loss of economies of scale, sales volume declines, and prices and profitability diminish.

A

Decline Stage

21
Q

Lowering of price of a product or service with the aim of increasing sales is a price adjustment tactic.

A

Price Adjustment

22
Q

Increasing advertising for the purpose of increasing brand awareness.

A

Augmented promotion

23
Q

Typically involves opening of new methods of sales through focusing on a particular method.

A

Distribution Channels

24
Q

Performing slight adjustments with the product and it’s packaging to appeal more strongly and increase sales revenue.

A

Improving Products

25
Q

Reducing cost of production to lower own prices and make it more difficult for competitors to enter your market.

A

Barriers to Entry

26
Q

Manufacturing new products for new markets.

A

Diversification

27
Q

Joint venture businesses, in which each partner business holds an equity position, most commonly found in the pharmaceutical industry.

A

Strategic Alliances

28
Q

The people in a business who are responsible for selling products or services.

A

Sales Force

29
Q

A person or organization who is a prospect for buying a product or service.

A

Leads

30
Q

Making an uninvited call to someone the business does not have a relationship with to sell goods or services.

A

Cold Calls

31
Q

An organization or person who provides something that another organization or person needs.

A

Supplier

32
Q

The place where something originates from.

A

Source

33
Q

Physical products that can be sold.

A

Goods

34
Q

Intangible things that can be sold.

A

Services

35
Q

Everything that goes on inside a company to keep it going and making money.

A

Operations

Entrepreneurship (6 decks)

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