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ESB Domain 2 Lesson 1 Vocab questions with verified answers
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ESB Domain 2 Lesson 1 Vocab questions with verified answers
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ESB Domain 2 Lesson 1 VocabHandling objections - correct answer ✔✔the act of overcoming barriers (aka sales objections) brought
up by a prospect during the sales process
Net Profit - correct answer ✔✔is the profit that remains after all expenses and costs have been
subtracted from revenue. helps investors determine a company's overall profitability, which reflects on
how effectively a company has been managed.
Presentation - correct answer ✔✔line of talk that attempts to persuade someone or something, with a
planned sales presentation strategy of a product or service designed to initiate and close a sale of the
product or service
SWOT Analysis - correct answer ✔✔A planning tool used to document a company's strengths,
weaknesses, opportunities, and threats.
Venture Capital - correct answer ✔✔form of private equity and a type of financing that investors provide
to startup companies and small businesses
Cost/Benefit Analysis - correct answer ✔✔sums the potential rewards expected from a situation or
action and then subtracts the total costs associated with taking that actio
Manufacturer - correct answer ✔✔a person or company that makes goods for sale.
Angel Investor - correct answer ✔✔An investor who provides funding to a business for a stake in the
business in return.
Operating Costs - correct answer ✔✔The expenses incurred for running day-to-day tasks in a business.
Cost of Goods Sold - correct answer ✔✔is the total amount your business paid as a cost directly related
to the sale of products
, Customer Acquisition Cost - correct answer ✔✔The total cost of acquiring a new customer.
Fixed Costs - correct answer ✔✔Costs a business has that remain the same no matter the volume of
production.
Supply - correct answer ✔✔the amount of a resource that firms, producers, labourers, providers of
financial assets, or other economic agents are willing and able to provide to the marketplace or to an
individual.
Gross Sales - correct answer ✔✔the grand total of sale transactions within a certain time period for a
company
Royalty Fees - correct answer ✔✔Fees paid for the use of a brand name or image.
Markup - correct answer ✔✔the value that a player adds to the cost price of a product
Focus Group - correct answer ✔✔a group interview involving a small number of demographically similar
people or participants who have other common traits/experiences
Customer Retention - correct answer ✔✔Activities or strategies employed by a business to retain
existing customers.
Sales process - correct answer ✔✔a set of repeatable steps that a sales person takes to take a
prospective buyer from the early stage of awareness to a closed sale. Typically, a sales process consists of
5-7 steps: Prospecting, Preparation, Approach, Presentation, Handling objections, Closing, and Follow-up
Sales Channel - correct answer ✔✔How a business sells its products and services to the end customer.
Investor - correct answer ✔✔A person or entity willing to provide monetary funds to a business with the
hopes of earning a return on their money.
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