Business and Marketing Fundamentals

A set of vocabulary flashcards covering the marketing mix, competitive strategies, and financial stability concepts based on the lecture transcript.

Marketing Mix

A combination of strategies used by a business to satisfy customers and achieve its goals.

Four Ps of Marketing

The core elements of a marketing strategy, which include Product, Price, Place, and Promotion.

Product

The element of the marketing mix that answers the question, "What will you sell?"

Price

The element of the marketing mix that businesses set based on the cost of production and competitors' prices.

Place

The element of the marketing mix that refers to where products are sold and how they reach customers.

Promotion

Activities such as advertising on Facebook or offering "Buy 1 Take 1" promos that businesses use to reach customers.

Marketing

The process of identifying customers' needs and satisfying them through products and services.

Unique Selling Proposition (USP)

The special feature that makes a product or service different from competitors and answers why customers should buy from you instead of others.

Value Proposition

An explanation of the value or benefits customers receive from a product or service and what specific benefit they will get.

Necessities

Items that people usually continue buying during difficult economic times, unlike luxury items.

Business Capital

Funds used to start or operate a business, often coming from sources like personal savings.

Solvency

The ability of a business to pay its long-term debts.

Business Viability

The ability of a business to survive and make profit for a long time.