Business plan

Question 1

competitive analysis

Answer 1

..examines the choices that customers have when buying a product. Choices may include similar products and/or products that offer similar services.

Question 2

Direct competition

Answer 2

Direct competition happens when different products that offer the same or very similar functions are trying to be more successful than one another.

Question 3

indirect competition

Answer 3

Indirect competition happens when substitutes or different products that can provide a similar function are trying to be more successful than one another.

Question 4

A marketing mix

Answer 4

..is the combination of actions a company uses when selling the right product at the right price, in the right place at the right time. The 4 P’s: product, price, place, and promotion.

Question 5

profit

Answer 5

Profit is the money that a business earns above what it costs to produce and sell goods and services; Lợi nhuận

Question 6

a profit margin

Answer 6

is the amount of money that a business makes.

Question 7

promotion

Answer 7

In a marketing mix, promotion refers to how people learn about a product.

Question 8

substitute (n)

Answer 8

Substitutes are products that are different but can provide a similar function