Marketing Essentials

commission

An amount paid to an employee based on a percentage of the employee's sales

MVP

Minimum Value Product

Business life cycle -Resource maturity stage

Owners separates financially and operationally from the business

Design Thinking Process - Empathize Stage

Push your own assumptions to the side and spend time understanding Do this by observing, engaging, empathizing, with the customers to understand their experiences and needs better This process involves learning about customers challenges This allows you to see and experience the customers challenges to help you interpret the problem more accurately

Design Thinking Process - define stage

Stage is extent of the lesion at the time of clinical detection

Franchise

The right to sell a good or service within an exclusive market

Entrepreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

non-profit

a type of business that focuses on providing a service rather than making a profit

Capital

the account used to summarize the owner's equity in a business

Eccomerce

the buying and selling of goods and services over the internet

CEO (Chief Executive Officer)

the person with the highest rank in a company e.g. Mark Zuckerberg is the _____ of facebook.

Partnership

A business in which two or more persons combine their assets and skills

small buisness

A business which is independently owned and operated and is not dominant in its field of operations.

Stockholders

A group of people that make up a corporation by sharing ownership in a certain company, who share ONE stock part

Stakeholders

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

COO

Chief Operating Officer

Business life cycle -pivot or persist stage

Decide to stick with your current strategy or picor to a new strategy if needed

Digital Goods

Goods that can be delivered over a digital network (music, video, software, newspapers, books

LLC (Limited Liability Company)

Limited liability, pass through income taxation, flexibility

CFO (Chief Financial Officer)

Manager responsible for managing the financial risks of the corporation (and financial planning/record-keeping)

Business life cycle - Exit Plan Stage

Once you decide to sell your business that is when you reach the exit plan stage You can make a nice profit from selling your ownership in a successful company

Design Thinking Process - Ideate Stage

The design team develops solution ideas to spark new ways of thinking Then the team will keep the most realistic and innovative ideas that will provide the best customer satisfaction

Design Thinking Process - Final Test stage

The design team reviews and refines the product Then the team rigorously tests the best product solutions found in the prototype stage Identify any additional problems and refine the final solution before reduced and released to customers

C Corporation

The most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders

Founder

The person who thought or created a business or franchise

Business life cycle - Existence stage

The second stage of the business life cycle marked by the business being in operation but not yet stable in terms of markets, operations, or finances.

Business life cycle -Success Stage

The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.

Design Thinking Process - Prototype Stage

Then they will create Minimum Value Products (MVP's) Basic functions products that address the users core problem Used to test the problem solutions developed in the ideations stage Completed MVPs are tested with in the group or outside teams This allows the design team to have a better understanding of the problems and constraints The team will then approve and make improvements and re-examine, reject the product

Sole Proprietorship

a business owned and managed by a single individual

Piecework

a compensation system in which employees are paid a set rate for each item they produce

Equity

a condition in which people receive from a relationship in proportion to what they give to it

Business life cycle -take-off stage

a market emerges as people produce goods not just for their own use but also to trade with others for profit

salaried

an employee paid a predetermined amount of money every pay period regardless of the number of hours worked

S corporation

corporation taxed as though it were a partnership with restrictions on shareholders

Business life cycle -Survival Stage

period when revenues start to grow and help pay some, but typically not all, of the expenses

Employees

the people who make the products and provide the services that allow a firm to exist

B2C (business-to-consumer)

the process by which businesses sell to consumers

B2B (business-to-business)

the process of selling merchandise or services from one business to another

tangible

touchable