Question

Presentation software As you get closer to nailing down your product idea and your brand, you can shift your attention to how your product will get into the world, and that means mastering the vocabulary associated with sales and distribution. In this activity, you’ll create a vocabulary study aid to help learn the key terms associated with this part of your business plan. Step 1: Create a Slide Deck Create a new slide presentation and give it an appropriate title slide. For each term in the list, create a slide with the title: Selling price Pricing strategy Fixed expenses/costs Variable expenses/costs Elastic demand Inelastic demand Price fixing Price skimming Bait-and-switch advertising Pricing policy Psychological pricing Unit price Break-even point Penetration pricing Product line pricing Promotional pricing Goods on hand Markup pricing Step 2: Research and Write Definitions From the unit materials, research the definitions of all 18 terms. Develop definitions for each term in your own words, then add your original definitions beneath the title for each slide. Your completed presentation should have 18 slides displaying terms and definitions.

Answer 1

To create a business vocabulary study aid, you define terms such as selling price, pricing strategy, fixed and variable expenses, and elastic versus inelastic demand, incorporating these concepts into your presentation on sales and distribution.

Step-by-step explanation:

In creating a vocabulary study aid for the key terms associated with sales and distribution in a business plan, research and original definitions are essential.

For example, selling price is the amount a customer pays for a product or service. Pricing strategy involves deciding the price point at which a business will sell its products to maximize profitability. Fixed expenses or costs are those that do not fluctuate with the level of production or sales, such as rent or salaries.

In contrast, variable expenses or costs change directly with production volume, like raw materials or labor costs. Elastic demand indicates that a change in price results in a significant change in the quantity demanded, while inelastic demand shows little change in demand when prices change.