Ap business quiz prep!
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/11
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
12 Terms
Organization
Entity formed to work towards a common goal
Business
Organization regularly engaged in predouction or purchase and distribution of goods and services
Customer
Buyer of the good or service
Consumer
User of the good and service
Problem Solution Fit
Close match between its product and problems of intended customers
Considerations of problem solution fit
severity of problem
quantity of people with the problem
how business can better address problem compared to competitors
are customers willing to pay more than the cost of providing it
how difficult is it to reach Target Market
Value
The worth customers assign to the product based on its service to their needs and wants
Value Creation
Business offers a product that solves customer problems or satisfies their needs and wants
Value Capture
Business charges customers prices that exceed cost of the product
Revenue
Sales of a product
Profit
Revenue - Expenses
Consumer Surplus
Difference between value of product and price