Exam Venture Creation

Media Integration

Comes from the overlap of paid media and earned media, and represents efforts you pay for to help generate earned media attention.

Media Partnerships

Co-branding, Co-marketing Influencers Donations Giving time, connectiso, services, products

Media Content Strategy plan

A document for people to see that details the specifics of the marketing efforts.

Brand ambassadors

A person who represents your brand or service to others.

Industry Analysis

A research process that provides the entrepreneur with key information about the industry as current situations and trends.

Cost Strategies

Aimed at mass markets Show how our firm offers a combo of cost benefits that appeal to the customer

Differentiation Strategy

Aimed at mass markets Situations in which everyone might buy your product

Entry Wedges

An opportunity that makes it possible for a new business to gain a foothold in a market.

Four major types of media Earned

Called publicity or press or public relations, these refer to do it yourself and paid efforts to get the message of your brand out to the public or the mass media in hopes it gets repeated by them.

Four major types of media Shared

Called word-of-mouth or referral advertising, these are promotional mentions of your brand, firm, product, services, or user experiences with them made by customers and others and posted or shared through their social media sites.

Industry Dynamics

Changes in competitors, sales, and profits in an industry over time

Benefits

Characteristics of a product or service that the target customers would consider worthwhile, such as low cost or high quality.

Scope of the market

Defines the geographic range covered by the market Local, regional, national, international, or global

Distinctive competence (specialty)

Differentiating features from your competitors to you

Two types of benefits Value benefit

Displays characteristics related to the nature of the product or service itself

Incentive Media

Focuses on the overlap between paid media and owned media. Incentive media represents partnerships where you are paying for connections useful to your business.

Customer Retention

General approach to keeping customers

Four major types of media Paid

Generally referred to as bought or paid advertising. Firm pays another for the placement and distribution of the material.

Referrals

Getting customers to refer their friends to you.

Awareness

Getting the message out to target market

Distance competence map

Graphic display of your firms product or service compared to other competitors

Promotional Mix

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

Growth Stage

Industry life cycle stage in which customer purchases increase at a dramatic rate

The forms of owned media

Key elements of creating your corporate identity

Sale Forecasting

Knowing what your sales will be is one of the most important pieces of the marketing effort.

Boom

Life cycle growth stage markets by a very rapid increase in sales in a relatively short time.

Shake - out

Life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.

Introduction Stage

Life cycle stage in which the product or service is being invented and initially developed.

Decline Stage

Life's cycle stage in which sales and profits of the firm begin a falling trend.

Supply chain

Line of distribution of a product from its start as materials outside the target firm, to its handling in the target firm, to its handling by sellers, with placement into the hands of customers.

Mass market (broad)

Market that involves large portions of the population (all men, all women, all teens)

Advertorials

Media integration technique editorial like articles paid for by your business.

Free Ink

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

niche market (specific)

Narrowly defined segment of the population that is likely oy share interests or concerns 25-24 year old women, families with twins

Earned Media

Occurs when other organizations talk about you, your firm, or your products or services and you didn't pay them directly for the mentions.

Owned Media

Organizational identity starts with the names of your business, products, or service, and these days often includes logos, symbols, characters, slogans, hashtags, uniforms and packaging.

Retrenchment

Organizational life cycle stage in which established firms must find new approaches to improve the business and its chances for survival.

Incremental innovation

Overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas.

Social Media Embassies

Overlap of owned media and shared media Important because it is where your firm has its own branded stage and different social media sites.

Media Integration

Overlap of paid and earned media is based on generating leads through three paid types of efforts

Affiliate marketing

Partnerships between firms where a firm mentions the product or service of another firm.

Sales leads

People who receive a promotional impression and give some thought to buying the product

Consideration

Process of getting into the prospective customer's final list of brands of products or services they are considering for purchase.

Interest

Process of prospective customers taking some action to learn about the product.

Personal selling

Process of selling your product

Four major types of media Owned

Promotional materials directly and wholly owned by your company, like your name, websites, signage, and the like. Where you establish your media presence

Prospects

Sales leads who actually make an effort to learn more about the product in hopes of making a purchase.

Upselling

Selling additional accessories at a higher cost

Market Expansion

Selling existing products to people who have not been customers

Product Expansion

Selling the same customers a new product

Market penetration

Selling the same products to the same customers

Activate

Signing up for a website or giving their email address or phone number

Core competencies

Skills that you and your competitors have

Value proposition

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

Lead Generation

Specific form of key media integration technique which involves paying for mailing lists of potential customers.

Diversification

Strategy if you are trying to sell them newly developed products.

Focus

Target a portion of the market (segment or niche)

Strategy

The Idea and actions that explain how a firm will make its profit.

Marketing

The actions of a business related to promoting and selling goods or services.

Market

The business term for the population of customers for your product or service.

Degree of similarity

The extent to which a product or service is like another.

Parallel competition

The imitative business that competes locally with others in the same industry.

Brand

The name a firm puts on itself and its products to differentiate them from competitors' offerings.

Pure innovation - Blue Ocean Strategy

The process of creating new products or services which results in a previously unseen product or service.

Marketing Funnel

The rule of thumb in marketing is that it takes a large number of people to be made aware of our product in order to find a purchaser.

Two types of benefits Cost benefits

The ways by which a firm can keep costs low for the customer

Social Media embassies

These combine elements of owned and shared media and represent the social media platforms on which your brand has a formal presence.

Media Partnerships

These occur at the overlap of shared and earned media and represent the paid and unpaid arrangements made by your brand to promote your brand to the public.

Maturity Stage

Third life cycle stage, marked by a stableation of demand with firms in the industry moving to stabilize or improve products through cost strategies.

Unbundling

To break apart a product or service into components

Securing competitive advantage

To secure success you need to take past picking and implementing the right strategy.

Cross selling

To sell related products

Shared Media

Ultimate form of free advertising When people post on their own personal social media accounts about your firm or its products. Word of mouth

Advertising

Used to support the corporate identity and value propositions that are established through public relation efforts

Acquire

Usually through web and phone contacts

Paid Media

Ways to promote your business.

Impression

When someone notices a promotional effort.

Purchase

Where a person buys your product or service and becomes a customer of the firm.

Goal

an intended outcome for your business.

Imitative strategy

overall strategic approach in which the entrepreneur does more or less what others are already doing.

Innovative strategy

overalls strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing.

Industry

the general name for the line of product or service being sold.

Magic Number

the income you personally seek from the business.