Chapter 22
Promotion refers to
All of the communication methods used to persuade customers to purchase your products and services
Variable costs
Are expenses that can fluctuate such as utilities supplies and advertising
Fixed costs
Are operating costs that are constant for example rent and loan payments
What are the two most important aspects of business operations
Clients and employees
Learning to think in terms of what can help you gain a more global perspective of business functions as you develop your plan
Costs, revenues, and profits
Demographics
Refers to particular identifying characteristics of an area where population such as the specific size age sex or ethnicity of its residents; average income; and buying habits
Who oversees laws regarding Social Security unemployment compensation Insurance, cosmetic, and luxury taxes
Federal government
Business plan
Is a basic business tool that provides a strategy for understanding key elements in developing business
The small business administration SBA
Is another independent federal agency set up to help small businesses succeed.
Profit
Is the amount of money available after all expenses are subtracted from all revenues
Revenue
Is the income generated from selling services and products; that is money coming in
Business plan
It is a written description of your business as you see it today and as you foresee it in the next five years detailed by year
Business plan
It serves as a sort of map or blue print to help guide you in making informed decisions and should include several important categories
Why is insurance another primary concern for business owners
Malpractice, liability, disability fire burger Lj that best business interruption
Failure to set aside appropriate funding for this critical business strategy often means the difference between success and failure
Marketing
Marketing is a complex business strategy that is planned according to what are commonly referred to as the four P's
Product price promotion and place or the marketing mix
Place is the
Distribution channel or method for delivering your goods and services to clients
Demographics can be obtained in a variety of formats including
Electronic media such as CD-ROM or print publications that distribute cluster snapshots or Demographic synopses
Categories of a business plan
Executive summary, marketing plan, strategic design, development plan, operations plan, Financial plan
What is the primary concern when planning the treatment room
Safety and comfort of both clients and practitioners
The small business administration SBA provides links to training programs and other resources such as
Service Core of retired executives (SCORE)
Demographic information is available from various sources including
Town senses bureaus, The government, local chamber of commerce, real estate agents, special marketing agencies
Competition
What others are offering and the prices they are charging
In skin care the word product refers to
Your complete Business concept
