Entrepreneurship Exam 2

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Customer relationship management

Process of tracking customer's different contacts with the firm, and using this data to help improve sales as well as the customer's experience

Market segmentation

Procss of dividing arket into groups that have somewhat homogenous needs for a product or service

Marketing plan

Systematic writte nplan of all phases of marketing for a business, including info on product, price, distribution, and promotion strategy, as well as a clear ID of target market and competition

Diversification

Strategy whose goal is growth, based on adding new products or services to the firm's existing collection of offerings

Product expansion

Strategy whose goal is growth, based on selling existing customers a product or service they have never bought before

Market expansion

Strategy whose goal is growth, based on selling in areas or to groups previously not served by the business

Market penetration

Strategy whose goal is growth, based on selling more of firm's product or service to the existing customer base

Retained earnings

Sum of all profits and losses, less all dividends paid since the beginning of the business

Marketing research

Systematic collection and interpretation of data to support future marketing decisions

Manufacturer's suggested retail price

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

Search engine optimization

Techniques applied to web pages in order to obtain favorable placement on internet search page results

Customer retention

Techniques that focus on efforts to promote satisfaction with and interest in the firm

Power

Concept in public importance which alludes to potential shifts in control or influence

Currency

Concept in public importance which alludes to the degree to which the issue is immediate in its impact

Human interest

Concept in public interest which alludes to a character to whom the public can relate

Good story

Concept in public interest which alludes to an incident with good triumphing

Cultural resonance

Concept in public interest which alludes to events with a broad appeal within the market or population

Visuals

Concept in public interest which alludes to the graphic interest held by an event

Issue recognition

Concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand

Trendiness

Concept in public recognition which alludes to the fit of the topic to current fashion or public interest

Proximity

Concept in public recognition which alludes to the impact level of the issue being discussed

Business entity concept

Concept that business has existence separate from that of its owners

Articulate

Concept that info flows from income statement through statements of retained earnings and owners' equity to the balance sheet

Owners' equity

Difference between assets and liabilities or business

Financial accounting

Formal, rule-based set of accounting principles and procedues intended for use by outside owners, investers, banks, and regulations

Elasticity

From economics, idea that the market's

Tax accounting

Accounting approach based on specific accounting requirements set byy gov taxing agencies

Going concern concept

Accounting concept that a business is expected to contine in existence for the foreseeable future

Managerial accounting

Accounting menthods that are specifically intended to be used by managers for planning, directing, and controlling a business

Press relations

Activities used to establish and promote a favorable opinion by the media

Public relations

Activities used to establish and promote a favorable opinion by the public

Markup

Amount an entrepreneur adds to costs to provide profit

Margin

Amount of profit, usually stated as a percentage of the total price

Viral marketing

Any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via email, website, blogs and other online tools

Public recognition

Being recognized or acknowledged by large numbers of people, similar to fame

Differential advantage

Characteristic that separates one company from aother in product, price, promotion, and/or distribution

Off-peak pricing

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

Price gouging

Charging outrageously high price for something

Multiple or bonus pack

Combining 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

Indirect competition

Companies that provide alternatives that are dissimilar to your product or service that cosumers might choose to meet a similar need

Fulfillment center

Company that will warehouse your products and fill your customers' orders for you

Internal reference price

Consumer's mental image of what a product's price should be

Telemarketing

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

Augmented product

Core product plus features that tend to differentiate it from competition

Ethnographic research

Data gathered by simple observation, seeing what consuers do, rater than asking them

Survey

Data-collection method using questionnaire, in person, on phone, on paper, or online

Expense

Decrease in owners' equity caused by conuming your product or serice

Referral discount

Discount given to a customer who refers a friend to the business

Letter of credit

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

Cognitive dissonance

Doubt that occurs after a purchase has been made, an inconsistency between experience and belief

Documentary draft

Draft which can be exercised only when presented which specified shipping documents

Law of supply and demand

Economic theory that describes how the demand for products or services and the supply of them affect each other

Total product

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

Entity which produces product or service to be sold

External reference price

Estimation of what a price should be based on info external to a consumer

Contract manufacturing

Existing firm with the correct anufaturing capabilities makes your product for you

Indirect exporting

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

Direct exporting

Exporting using no intermidiaries

Friehgt forwarders

Firms specializing in arranging international shipments

Sales promotion

Form of communication that encourages customer to act immediately, such as coupons, sales, or contests

Focus group

Form of data gathering using small group led by moderator

Financial statements

Formal summaries of content of an accounting system's records of transactions

Target market

Group of people on which marketer focuses promotion and sales efforts

Just-in-time inventory

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

Optimum price

Highest price that will produce your desired level of sales in your intended market

Promotional mix

How much of each message conveyance you will use to sell your product as well as your objective in using each one

Perishability

If not used when offered, it cannot be saved for later use

Revenue

Increase in owners' equity caused by selling our product or service

Publicity

Info about your company and its activities that is disseminated to the public in order to going their good opinion

Secondary research

Info already collected for some other purpose than current problem or questions

MACRS rate

Internal revenue service acronym for the modified accelerated cost recovery system

Tangibility

Item's capability of being touched, seen, tasted, or felt

Succinct message

Key point in as few and as memorable words as possible

Liabilities

Legal obligations to give up things of value in the future

Concentrated strategy

Marketing strategy in which marketer selects one specific group of consumers and designs a marketing mix specifically for that group

Differentiated strategy

Marketing strategy in which marketer selects two or more distinct grops of consuers and designs specific marketing mixes to meet their needs

Undifferentiated strategy

Marketing strategy that uses no segmentation; assumes that all consumers have virtually identical eeds and can be reached by the same marketing mix

Word-of-mouth

Means of spreading info about your business through the comments friends and customers make to other potential customers

Liquidity

Measure of how quickly ompany can raise money through internal sources by converting assets to cash

Free ink

Mentions of your company or products in the media for which your firm did not pay

Markup pricing

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

Segmentation

Process of dividing market into smaller portions of people who have common characteristics

Personal Selling

Process of selling your products and services, includes prospect and evaluate, prepare, present, close, and follow-up

Direct mail

Method of selling in which catalog, brochures, letters, videos, and other pieces of marketing materials are mailed directly to customers from which they can mail, call, or email an order

Direct sales

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

Wholesaler

Middleman business which buys and sells to businesses rather than customers

Agent

Middleman business which represents manufacturer's product or service to other business-to-business middleman firms

Retailer

Middleman business which sells to consumers or end-users of a product

Donations

Monetary or other gifts to organizations or people who are in need

Born international

New firm that opens a website immediately, thus being exposed to customers from around the world

Primary research

New info collected to solve problem at hand or answer current questions

Mat release

News release that is typeset and thus may be photographically reproduced for inclusion in a newspaper

Service

Nonphysical product

Sheltered workshop

Nonprofit org or institution that provides business services by using handicapped or rehabilitated workers

Advertising

Often used to support corporate identify and value propositions that are established through public relations efforts

Traffic generators

Other businesses that bring customers (generate traffic) to the area

Direct competition

Other companies that make a smilar product or provide a similar service

sponsorships

Paying for a local organization's needs in exchange for recognization

Channels

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

Good

Physical product

Direct response advertising

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

Price lining

Practice of setting (usually) three price points: good quality, better quality, or best quality

Accounting equation

Statement tat assets equl liabilities pus owners' equity

Inelastic product

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

Elastic product

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

Me-too prodcuts

Products similar to something already on market

Predetermined market segments

Professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics

Heterogeneity

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

Inseparability

Quality of service in which service being done cannot be disconnected from the provider of service

Categorical questions

Questions answered by selecting proper category

Scalar questions

Questions answered by some sort of scale

Open-ended questions

Questions that allow respondents to express themselves as they choose

Dichotomous questions

Questions that have only two possible choices

Depreciation

Regular and systematic reduction in income that transferes asset value to expense over time

Marketing funnel

Rule of thumb in marketing is that it takes a large number of people to be made aware of your product in order to find a purchaser

Income statement

Statement that lists revenues and expenses and shows amount of profit business makes for specified period of time

Periodic or random discounting

Sales conducted at either predictable or nonpredictable intervals

Prospects

Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase

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 results

Microinventory

Set of goods or services that consists of only one or a few items

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

Skimming

Setting a price at the highest level the market will bear, usually because there is no competition at the time

Partitioned pricing

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

Odd-even pricing

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

Value preposition

Small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition

Balance sheet

Statement of what business owns and what it owes to others and how muc value owners have invested in it

Keyword and description tags

Terms included in the hidden portion of a web page called the document head which are used by search engines such as Yahoo and Google to describe your website and evaluate its focus and category placement

Public importance

Things that are considered important to large numbers of otherwise unrelated people

Public interest

Thins that are generally considered to be beneficial to large numbers of people

Newsworthy events

To garner serious attention from the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts. It should have public recognition, importance, and interest

Customer vector

Type of CRM report which segments by customer on purchases or dates of purchase

Press kit

Type of sales kit to media outlets which is focused around a press release

Guerilla marketing

Use of creative and relatively inexpensive ways to reach your customer

Multichannel marketing

Use of several different channels to reach your customers, for example, a website, direct mail, and traditional retailing

Current ratio

Value of current assets dividend by current liabilities

Cost

Vaue given up to obtain something that you want

Core product

Very basic description of what a product is (bar of soap, house-cleaning service)

Bot

Web-based program that uses artificial intelligence techniques to automate tasks such as searches

Impression

What it is called when someone notices a promotional effort

Press release

Written announcement intended to draw news media attention to a specific level

etailer

electronic retailer


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