Entrep Mod 3

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Elasticity

From economics, the idea that the market's demand for a product or service is sensitive to changes in its price

Accelerator

Goal of an accelerator is to accelerate a start up from its early stages to being ready to pitch for investment

Building

Has the advantage of having the perfect layout in the perfect location and the street appeal of a new building, but it is costly and slow

Just-in-time inventory

Having just enough product on your shelves to meet the immediate purchases.

Customer Profile

It is also called a customer persona

Captive Pricing

Setting the price for an item relatively low and then charging much higher prices for the expendables it uses

Marketing Funnel

Shows how many prospective customers it takes to find one who will make a purchase

Value Proposition

Small business owners' unique selling points that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition

Marketing Research

Systematic collection and interpretation of data to support future marketing decisions.

Primary Research

An approach to researching based on the gathering of new information, using techniques such as interviewing, surveying, and observation.

Secondary Research

An approach to researching based on the use of existing information, often from government, commercial, or academic databases and research efforts.

e-tailer

An electronic retailer; a store that exists only on the Internet.

Contract manufacturing

An existing firm with the correct manufacturing capabilities makes your product for you.

Retailer

An intermediary business that sells to consumers or end users of a product (typically in single or small quantities).

Importing

similar to exporting, but buyers and sellers are reversed

Optimum Price

the highest price that would produce your desired level of sales (or revenues) in your target market.

Product, Price, Promotion, and Placement

4 Ps of Marketing

Fulfillment center

A company that will warehouse your products and fill your customers' orders for you.

Internal Reference Price

A consumer's mental image of what a product's price should be

Influencer

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to other regarding purchase choices

Decision maker

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained

End User

A customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life

Survey

A data-collection method using a questionnaire -- in person, on phone, on paper or on the internet

Customer Profile

A detailed description of an archetypical or hypothetical potential customer for a product or service

Letter of credit

A document issued by a bank that guarantees a buyer's payment for a specified period of time upon compliance with specified terms.

Documentary draft

A draft which can be exercised only when presented with specified shipping documents.

Sales Promotion

A form of communication that encourages the customer to act immediately, such as coupons, sales, or contests.

Focus Group

A form of data gathering from a small group led by a moderator

Wholesaler

A intermediary business which buys (typically in large quantities) and sells (typically in smaller quantities) to businesses rather than consumers.

Purchaser

A customer role that describes an individual or institution that pays for or obtains a product or service

Penetrated Market (PM)

A marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market, which gives a percentage of the market the firm has attained so far

Total Available Market (TAM)

A marketing term that refers to all of the people or organizations who might consider a product or service being offered

Serviceable available market (SAM)

A marketing term that refers to the customers within the geographic reach of a firm

Serviceable obtainable market (SOM)

A marketing term that represents the customers that a firm expects to be interested in its particular product or service, and able to be serviced by the firm.

Direct mail

A method of selling in which catalogs, brochures, letters, video, and other pieces of marketing materials are mailed directly to customers from which they can mail, call, or e-mail and order

Agent

A middleman business which represents a manufacturer's product or service to other business-to-business middleman firms.

Born international

A new firm that opens a Web site immediately, thus being exposed to customers from around the world.

Sheltered workshop

A nonprofit organization or institution that provides business services by using workers who have disabilities or who are rehabilitated.

Markup Pricing

A price-setting method where an amount is added to the cost of a product to set the retail price and provide a profit

Heterogeneity

A quality of a service in which each time it is provided it will be slightly different from the previous time.

Inseparibility

A quality of a service in which the service being done cannot be disconnected from the provider of the service

Microinventory

A set of goods or service that consists of only one or a few items.

Manufacturers' suggested retail price

A target price set by a manufacturer for a product or service intended to provide profit for each intermediary in the distribution channel

Budget Cycle

A term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization

co-working space

A type of "incubator lite" offering low-cost shared space and basic business services (Wi-Fi, desks, coffee, conference room, copier, etc.) for a daily, weekly, or monthly rental fee.

4 Ps of Marketing

Also called the marketing mix

Accelerator

An organisation that supports start ups, typically of a particular type (e.g internet, biotech, fashion, sports, women owned firms) with a financial mentoring, a variety of free or low cost support services, and other resources.

Product

Anything that is offered to the market to satisfy consumer wants, needs, and demands

Core Product

Basic description of what a product is

Price Gouging

Charging an outrageously high price for something

Off-peak pricing

Charging lower prices at certain times to encourage customers to come during slack periods

Multiple or Bonus Pack

Combing more than one unit of the same product and pricing it lower than if each unit were sold separately

Bundling

Combining two or more products in one unit and pricing it less than if the units were sold separately

Telemarketing

Contact via telephone for the express purpose of selling a product or service.

Augmented Product

Core products plus feature that tend to differentiate it from the competition

Ethnographic Research

Data gathered by simple observation -- seeing what consumers do, rather than asking them

Idea Evolution

Exhaustive process of specifying the details of each idea's technological feasibility, its cost, how it can be marketed, and its market potential

Indirect exporting

Exporting using intermediaries such as agents, export management companies, or export trading companies.

Direct exporting

Exporting using no intermediaries

Freight forwarders

Firms specializing in arranging international shipments— packaging, transportation, and paperwork.

Channels

People and firms who connect producers of goods and services with customers

Direct response advertising

Placing an advertisement in a magazine or newspaper, on television or radio, or in any other media.

Distribution

Process of getting your product to your customers

Elastic Product

Product for which there are any number of substitutes and for which a change in price makes a difference in quantity purchased

Inelastic Product

Product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased

Me-too products

Products essentially similar to something already on the mark

Open-ended question

Question that allows respondents to express themselves as they choose

Dichotomous Question

Question that has only two possible choices

Categorical Question

Question that is answered by selecting the property category

Scalar Question

Question that is answered by some sort of scale

Secondary Research

Refers to using existing data or databases to gather information on the topic of interest to you

Periodic or Random Discounting

Sales conducted at either predictable or non-predictable or non-predictable intervals

Mail Order

Sales made from ads in newspapers or magazines, with purchases made online or by phone as well as by mail

Direct Marketing

Selling your goods or services to consumers without intermediaries, typically to select customer groups and typically with tracking of the result

Perishability

Service exhibits perishability in that if it is not used when offered, it cannot be saved for later use

Prestige or premium pricing

Setting a price above that of the competition so as to indicate a higher quality or that a product is a status symbol.

Markup

The amount an entrepreneur adds to cost to provide a profit

Margin

The amount of profit, usually stated as a percentage of the total price

Law of Supply and Demand

The economic theory that describes how the demand for products and the supply of them affect each other

Total Product

The entire bundle of products, services, and meanings of your offering; includes extras like service, warranty or delivery as well as what the product means to the customer.

Manufacturer

The entity which produces a product or service to be sold

Outstanding Customer Service

The idea of "going all out" for the customer or providing over-the-top service, not just the basic help, professionalism, and friendliness we all expect in any business transaction; an employee or manager who is trying to make sure the customer walks away with an exceptional experience.

Prototype

The name given to the first model of a product or service.

Price Lining

The practice of setting three price points: good quality, better quality and best quality

Product Development Process

The procedure to organize and purse the creation of new goods or services.

Customer Development Process

The procedure to organize and pursue the finding, obtaining and keeping of new customers

Commercialization

The process of making the new products ready for use by consumers by achieving standards of durability and performance suitable for the market and comparable to the competition

Purchasing Process

The sequence of steps an individual or organization goes through in making a decision to buy a product or service.

Customer Job

The target of the job is often the key to what a proposed product or service is intended to help

Customer Job

The term given to what a potential customer is trying to do -- perform or complete some sort of task, solve some problem, or try to achieve some outcome

Guerilla marketing

The use of creative and relatively inexpensive ways to reach your customer.

Multichannel marketing

The use of several different channels to reach your customers, for example, a Web site, direct mail, and traditional retailing.

Pivot

Typically, a term describing a change of direction in the thinking of an entrepreneur or a firm, often based on new data or other findings.

Tax accounting

An accounting approach based on specific accounting requirements set by governmental taxing agencies.

External Reference Price

An estimation of what a price should be based on advise, advertisements, or comparison shopping

Tangibility

An item's capability of being touched, seen, tasted, or felt

Direct Sales

Methods of going directly to your customer in order to sell your product

Accelerator

Most take an equity stake in the companies they help

Skimming

Setting a price at the highest level the market will bear, usually because

Odd-even pricing

Setting a price that ends in the number 5, 7, or 9

Partitioned Pricing

Setting the price for a base item and then charging extra for each additional component

Leasing

is an option with a considerably lower initial cash outlay

co-working space

rarely get any equity in the business using the space

Buying

something already in existence shortens the time and may be somewhat cheaper


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