Unit 5: Chapter 24

As you grow your business, you’ll want to start looking into the possibility of a partnership. A partnership is when two or more businesses work together for mutual gain. Partnerships can be very successful, think about how often you see restaurants or coffee shops in supermarkets. If you need something complicated done well, it can […]

Unit 5: Chapter 23

An important part of any business model is operations. Operations occur in practically every business. Simply put, operations are the day to day activities required to maintain a business. A business has many operations, the largest of which are usually dedicated to their own departments. This can be difficult when first starting a business, as […]

Unit 5: Chapter 22

While distribution chains are a large part of a business model, the resources required to actually operate a business are equally important. In business, the term “internal resource” means a supply of something that allows the business to function. There are many different types of resources, which serve a distinct yet similar purpose. Physical resources […]

Unit 5: Chapter 21

A term you will likely hear in business a lot is “Business Model”. What is a business model? Simply put, a business model is the structure of the actual business. The key to having a good business model is to be detailed. How will your product get in the hands of your customers? Where will […]

Unit 4: Chapter 20

In order to get people to buy your product or service, they have to know about it first. Promotion is a type of marketing with the goal to raise awareness of your product and convince customers to make a purchase. It’s important to educate the customer with promotion, if the customer is confused, or doesn’t […]

Unit 4: Chapter 19

A very important part of marketing is the means used to communicate with the customer. While marketing as a whole is meant to improve the appearance of your business, sales is the process of directly talking to customers about the benefits of your product or service. A sales force is a group of people who […]

Unit 4: Chapter 18

The term “Marketing” is a broad term, covering many things related to the public appearance of a business. At its core, marketing is improving the way that customers see your business. Marketing is an essential part of business, and is usually comprised of a team of employees. A good first step when it comes to […]

Unit 4: Chapter 17

In a business, convincing your customers that your business has value can be highly beneficial. Customers will be willing to pay more for a service they believe is valuable. Value is relative to the customer, and can change based on many factors. A product that is relevant to your target market will be seen as […]

Unit 4: Chapter 16

Many different types of people buy from many different businesses. Ideally, your business should cater to all types of people, however, targeting specific groups of people can sometimes be more beneficial. A company that appeals to as many people as possible is called a mass-market. A company like Amazon would be considered a mass-market, as […]

Unit 3: Chapter 15

Businesses can conduct research into their competitors to have a better chance of success. If a business has information on its competitors, it can be easier to identify methods to gain the upper hand. Knowledge of the competition’s strengths and weaknesses allows for a business to address its own strengths and weaknesses. A business that […]

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