| A | B |
|---|
| Competitive Strategy | Finding a location or customer group that is underserved and target a strategy to serve that group |
| market share | If this is increasing it is a good indicator a business is doing well |
| competition lowered prices and gained customers | If your store recently suffered a decline in market share, what could be the reason |
| market share | Yours is your percentage of the entire market |
| Fixed | Equipment in a store is an example of this asset |
| operations | Cash generated or consumed by running your business is called cash from __________ |
| inventory | best way to maximize revenue during a holiday is to purchase additional THIS |
| Income statement | statement that shows revenue and expenses for a period of time |
| Accounts payable | this is where you have to pay creditors and is shown as a liability on the balance sheet |
| assets | These should always equal liabilities + owners equity |
| Asset | Inventory is shown as an ____ on the balance sheet |
| prices | Although customers like cheap ________, they will shop other places if the service or selection is better |
| Competition | Location, pricing, products, promotion should always be considered when analyzing THIS |
| potential customers | Direct competition is helpful to your business becaue it attracts |
| Price | amount of money chaged for items for sale |
| Market Share | Your sales divided by all competitor sales equals THIS |
| Competition | Your THIS is a business that sells the same type of merchandise within a given area |
| Price competition | Lowering your prices 5% below another store's price is an example of what |
| customer service | Things you can do to gain a competitive advantage and increse customer loyalty are to provide excellent THIS |
| COGS | The place on the income statement where stolen goods would be placed |
| current assets | Assets that are used up in less than a year |
| current | A loan that must be paid within one year is a _____liability |
| gross profit | To find this, takes sales minus COGS |
| net sales | All sales totalled minus returns and allowances |
| competitors | Location, products, inventory can all be observed when analyzing THESE |
| Balance sheet | this shows what you own and what you owe to others and your equity |
| Past P and L statements | Look at these when buying an existing store to determine if it is a good financial decision |
| Profit | a measure of success of a business |
| Share | To calculate quarterly market ________ divide your sales for the quarter into your competitors sales for the quarter combined |
| margin | Price minus cost |
| Price | Although this is one way businesses can compete, they can also compete on NON price factors as well |
| Cash | A business must cease operations when it has no more of THIS |
| Banker | You might give a business plan to an investore or one of these, but certainly not a competitor |
