Small business management Exam 1 Questions & Answers Solved 100%

Entrepreneur - Answer A visionary self-starter who loves the adventure of a new enterprise and is willing to risk his or her own money Business Plan - Answer A working blueprint outlining finances and direction for a new start-up or expansion. Brainstorm - Answer Unlock your brain to possibilities. Cost of Goods Sold (COGS) - Answer Expenses directly attributable to production Baby Boomers - Answer Persons born between 1946 and 1963 Market Segments - Answer Identifiable slices of a larger market Product Life cycle - Answer the progression through stages - from intro, growth, maturity, decline of a product/service Shelf velocity - Answer the speed at which a product moves from storage to shelf to customer Environmental variables - Answer business and social world external influencers ex. Technology, Competition, Social/Cultural, Legal/Political and Economics Market Research - Answer Collection and analysis of data pertinent to current or potential viability of a product or service Secondary Research - Answer Reading and using previously published (primary) research. Trade Associations - Answer Groups dedicated to meeting the needs of a specific industry (directory of associations - Trade Journals - Answer Narrowly focused magazine on specific industry or activity Target Market - Answer Segment of a market most likely to purchase the product or service. Possesses desire, dollars and authority Media kits - Answer Readership profiles, ad information, and market research developed by magazines for potential advertisers Demographic - Answer Quantifiable data on population, race, age, education, income, gender, and so on. Psychographic - Answer Descriptive information on values, attitudes, and lifestyles Target customers - Answer Persons who have the highest likelihood of buying a product or service New Eyes Research - Answer a variety of fresh ways to look at a business based on your knowledge, experience, and intuition, focusing on future trends looking for opportunities. Niche - Answer A small, unique slice of an industry Industry segment - Answer Potential slice of industry market share Positioning - Answer Where a firm or product lies in the buyer's mind compared to other products.