business and marketing basics

business roles

marketing

management

accounting

finance

entrepreneurship

information technology

human resources

economics

logistics

MKT/Marketing

The promotion or advertising of products or services

MGT/Management

Managing people, resources, and/or money

ACC/Accounting

Keeping track of money, spending, and profits

FIN/Finance

Making decisions on money based off of the numbers

ENT/Entrepreneurship

Starting/running a business or a section of a business

IT/Information Technology

The use of computers, networks, and software to manage information

HR/Human Resources

Deals with hiring, firing, employee policies, and employee issues

ECON/Economics

Uses economic theories and quantitative methods to help companies make smart choices, manage resources, and maximize profits

LOG/Logistics

The tracking and shipping of products or services

Transferrable Skills

skills that will help you in any situation (ex. creativity, communication, leadership, etc.)

competition causes…

1. prices to fall

2. innovation

3. tactics (strategies to help business grow)

consumer behavior

why people buy what they buy (doesn’t always make sense)

profit margin

selling prices - cost of goods sold

profit motive

desire for money, reason for selling products

brand loyalty

tendency to stick with items/products/brands we’re already comfortable with

demand

how much people want a product

supply

how much product is available

price (affected by supply and demand)

1. when demand is higher than supply, price goes up

2. when demand is lower than supply, price goes down

3 core elements of intrinsic motivation

autonomy, mastery, purpose

autonomy

self-direction

mastery

getting better at something

purpose

internal feeling that it matters

purpose motive

driven less by money and more by doing things that matter

target markets

who your potential customers are

factors of target markets

1. demographic - age, gender, ethnicity, income

2. geographics - where people live/spend time

3. psychographics - attitudes, interests, lifestyle, opinions

primary target market

biggest target market

secondary target market

2nd biggest target market

tertiary target market

3rd biggest target market

important aspect of business

know your audience

evoked set

small group of brands or products that a consumer remembers and considers when deciding to make a purchase

possibility you’ll buy a brand/item

customer v. consumer

customer buys product, consumer uses product