Business Enterprise Simulation Review

A collection of flashcards reviewing key concepts from Business Enterprise Simulation, covering various topics such as business structure, marketing strategies, pricing methods, and market segmentation.

What are the requirements for establishing a single proprietorship?

Registration from DTI, Barangay Clearance, Business Permit from LGU, Certificate of Registration from BIR.

What is the primary difference between retailing and wholesaling?

Retailing involves selling in small quantities, while wholesaling involves selling in large quantities.

What is social entrepreneurship?

An approach where individuals or groups develop, fund, and implement solutions to social, cultural, or environmental issues.

What does PESTEL stand for in environmental analysis?

Political, Economic, Social, Technological, Environmental, Legal.

What are the components of SMART goals?

Specific, Measurable, Attainable, Realistic, Timely.

What is a SWOT analysis?

A tool used to identify Strengths, Weaknesses, Opportunities, and Threats based on internal and external factors.

How is market segmentation defined?

The process of dividing a target market into smaller defined categories.

What is a cost-plus pricing strategy?

A pricing method where a specified amount is added to the cost of a product.

What are the factors to consider when identifying a target market?

Market Segmentation, Market Targeting, Market Positioning.

What characterizes a geographic market segment?

Needs, preferences, location, and population of consumers.

What does competition-based pricing involve?

Setting prices based on the prices of competitors.

What is the definition of sales volume?

The number of units sold.

How does the vertical structure of an organization function?

It is based on authority, span of control, and delegation.

What does market penetration aim to achieve?

Increasing market share.

What are common promotion strategies in marketing?

Advertising, Public Relations, Personal Selling.

What does the term 'forecasted value' refer to?

The product of sales volume multiplied by the price of the unit.