P3_Unit2Review


 * PERIOD 3: ENTRPENEURSHIP**
 * Unit 2 Review Includes:**
 * Chapter 5 - Feasibility & Business Planning
 * Chapter 6 - Market Analysis
 * Chapter 9 - Site Selection & Layout Planning

Benefit - something that promotes or enhances the value of the product or service to the customer. Brand loyalty- a consumer's commitment to repurchase or otherwise continue using the brand Business concept- an idea for a new business that can be tested. Business plan - a document that describes a new business. Customer profile- complete picture of a venture's prospective customers. Demographics- Characteristics of human population and population segments Direct competitors- Same business as you Distribution plan- How you get the product to the customer Economic base- a communities main source of income. Economies of scale- The phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger Feasibility analysis- determines if an idea for a new business is practical. Feature- a distinctive aspect, quality, or characterisitc of the product or service to the customer. Indirect competitors- other ways customers receive same benefits Layout- floor plan or map that shows how you intend to use the space in your site to conduct your business. Market segment - breaking down the total market into smaller groups of buyers with similar needs and interests. Market share- a portion of the total sales generated by all the competing companies in a given market. Marketing plan- How a company makes it's customers aware of its products or services Psychographics- personality, opinions, and lifestyle elements, including activities and interests. Trade area- region or section of the community from which you can expect to draw your customers.
 * VOCABULARY: **
 * SAMPLE QUESTIONS: **

What are the main types of research? Market research Industry research

What are some advantages or incentives to help attract businesses to an area? -Favorable economic base -Financial incentives

Write a business concept for Tiger Perk. Be sure to answer the 4 necessary questions in your statement. Tiger Perk provides snacks and drinks to help keep students stomachs full. Stop by our store to get food and drinks.

Tell me the psychographics, geographics, demographics, & buying characteristics for Tiger Perk's target market. psychographics= hungry or thirsty geographics= Valley High School demographics= students and teachers and Valley High School buying characteristics= snacks and drinks

What are the criteria used to select a site for a business? -Number and size of competing businesses -Nature of the competition -Character of the area -Accessibility and traffic

What are the advanatges to leasing a building instead of buying or constructing your own? A large cash outlay is provided- the money saved can be used towards supplies. Risk is reduced- leasing requires less investment and a shorter commitment than buying Lease expenses are tax deductible- reduction in tax liability can save you money