Entrepreneurship Midterm Exam Review

How many career clusters are in the US Department of Education?

16 career clusters

How many scales on the Myers-Briggs Type Indicator?

4 scales

How many types on the Myers-Briggs Type Indicator?

16 personality types

Agile Work Profiler

workplace assessment

How many Agile Work Profiler skills are there?

10 strengths and work skills

How many main business structures?

4 main business structures

Sole Proprietorship

• 1 person owns and runs the entire business

• no legal separation between the owner and the entity (fully liable)

partnership

• 2 or more people share ownership and liability.

LLC (Limited Liability Company)

• protects owners from personal liability for business debts

Corporation

• legal business structure treated as a separate entity from its owners (shareholders)

levels of corporate power

• Executives (C-Suite)

• Board of Directors

• Shareholders

C- Suite

• CEO

• COO

• CFO

• CMO

CEO

Chief Executive Officer

COO

Chief Operating Officer

CFO

Chief Financial Officer

CMO

Chief Marketing Officer

ticker symbol

Walmart - WMT

Apple Inc. - AAPL

Fortune 500

largest companies by revenue

revenue

total amount of money generated by a company

gross income

revenue - costs

total monetary value of everything an individual or company owns

franchisor

allows for others to franchisee

franchisee costs

initial costs & royalties

hardest franchise to get

Chick fil a

biggest franchise

7/11

Ethics

external

Morals

internal

Famous Scandals

Tylenol & Snapchat

Business Model Canvas (BMC)

Small business plan used for outlining a business

Business segments

• KEY PARTNERSHIPS

• KEY ACTIVITIES

• KEY RESOURCES

• COST STRUCTURE

• VALUE PROPOSITIONS

• CUSTOMER RELATIONSHIPS

• CHANNELS

• CUSTOMER SEGMENTS

• REVENUE STREAM

Traditional business plan

professional multi page plan

fixed costs

cost that doesn’t change (rent, salaries, insurance)

variable costs

changes the more you sell or don’t sell/ produce (materials, shipping)

Marketing formula

Determining + Satisfying ( Needs + Wants) of a customer

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Exhange Process

Marketing standards

1. Channel Management

2. Pricing

3. Marketing-Information Management

4. Product/Service Management

5. Promotion

6. Selling

7. Market Planning

+ financing

target marketing

focusing on a specific group to market to

Marketing Mix (4 Ps)

• Promotion

• Place

• Price

• Product

marketing concept

marketing to specific customers after finding out things about them. (targeted ads)

mass marketing

marekting to everyone

market share

total % of sales in a specific industry

psychographics

lifestyle

advertising

paid tactic within marketing, focused on promoting products through ads on platforms like social media, TV, or print

marketing Definition

Marketing is determining and satisfying the needs and wants of the consumer through the exchange process