MGMT 470: Ch. 9, 10, & Other Key Terms

Assets, such as patents or trademarks, and liabilities, such as accounts payable, that have no physical existence

Intangibles

While outcomes like sales or products produced are ______, events leading up to these are also usually considered _____.

KPIs, key

(3) Major Elements to Customer Retention: 1. Handling problems that crop us ______ ___ _____ 2. ______ - Focusing on the long-term montoring & promotion of customer interest & loyalty 3. Growing _____ _____, which builds the customer development model

after a sale, CRM, customer sales

If your product helps the community, a group, the environment, or the world, it is a benefit

altruism

Incubators provide access to: - _________ ________ - ________ ________ for seed money - ________ support

angel investors, public grants, technology

Core product plus features that tend to differentiate it from the competition

augmented product

(3) Major Goals of the Customer Development Funnel: (4) Ways to GET Customers: The process of getting your message out as much as you can to your target market or the people in your intended service area

awareness

(3) Major Goals of the Customer Development Funnel: (4) Ways to GET Customers: 1. ______ 2. ______ 3. ______ 4. ______

awareness, interest, consideration, purchase

Related to affiliates

brand ambassador

A __________ _________: An organization that provides, financial, technical, and managerial help to start-up businesses

business incubator

Want to minimize this; Keeping existing customers is more valuable than finding new ones

churn

One of the other forms of media partnerships including sponsorships, co-branding, and co-marketing

co-marketing

Doubt that occurs after a purchase has been made; An inconsistency between experience and belief

cognitive dissonance

Strategy's Main Focus: Strategy focuses on the firm's ________ ________

competitive advantage

The basic description of what a product is Ex: a bar of soap, a housecleaning service

core product

1st Step of Performing Due Diligence: Conduct ______ ______ with the _______ of the business

extensive interviews, sellers

The extent to which a small business is taken for granted, or accepted, or treated as viable by organizations or people outside the small business or the owner's family

external legitimacy

________ Strategies: Target a segment or niche

focus

When performing due diligence, before you sign study: - The ________ ________ - The ______ ______ ______ _____ (_____)

franchise agreement, uniform franchise offering circular (UFOC)

(2) Steps of CRM: 1. _______ ____ ________ 2. _______ ____ ________

gathering the data, analyzing the data

(3) Major Goals of the Customer Development Funnel: 1. _______ Customers 2. ______ Customers 3. ______ Customers

get, keep, grow

Most ________ are associated with economic development agencies and are integrated into the community

incubators

(3) Major Goals of the Customer Development Funnel: (4) Ways to GET Customers: The process of prospective customer taking some action to learn more about the product, service, or your company

interest

Measures or metrics that identify the outcomes that are most important to the success of a business

key performance indicators (KPIs)

_______ ______ ______: (bulk asset purchases) The only way a sole proprietorship is purchased

key resource acquisitions

(2) Things Securing Outside Investment Accomplishes: 2. The fact that you were able to convince outsiders to invest in your business indicates a _______ ____ ______ in the business and that provides ________.

level of belief, legitimacy

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

marketing funnel

Some prototypes may be functioning, but built in a way that ___________________ but shows the product can do what is _______.

no customer would buy it, promises

One important advantage of Key Resource Acquisitions is the buyer is _______ _______ for any of the acts of a ________ _______.

not responsible, prior owner

_______ Plans: Include the full business plan but add details on major technicals, methods, recipes, formulas, and sources

operational

(4) Types of Media: Your website, newsletters, emails, signage

owned media

A _______: Describes a change in direction in the thinking of an entrepreneur or a firm, often based on new data or other findings

pivot

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

primary

(4) P's of Marketing: (The Marketing Mix) 1. ________ 2. ________ 3. ________ 4. ________

product, price, promotion, placement

The first model of a product or service

prototype

Prototypes are made to ____________ and are seen as the first stop along the path of product/service creation

prove aspects of the idea.

(3) Major Goals of the Customer Development Funnel: (4) Ways to GET Customers: The end of the initial promotional funnel, where a person buys your product or service and becomes a customer of your firm

purchase

(3) Major Goals of the Customer Development Funnel: (4) Ways to GROW Customers: A major way to grow sales

referrals

(3) Major Goals of the Customer Development Funnel: (4) Ways to GROW Customers: 1. _______ 2. ___-____ 3. ___-____ 4. ___-____

referrals, cross-selling, up-selling, unbundling

Estimates what an identical asset would cost to acquire and prepare for service

replacement value

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

retrenchment

(3) Major Goals of the Customer Development Funnel: (4) Ways to KEEP Customers: 1. Customer ______ ______ 2. ______ ______ 3. ______ ______ 4. Customer ______ ______

satisfaction surveys, loyalty programs, product updates, check-in calls

(4) Types of Media: Your gateway to shares content

shared media

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

tangibility

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

total product

(3) Major Goals of the Customer Development Funnel: (4) Ways to GROW Customers: Break a product/service into components

un-bundling

(3) Major Goals of the Customer Development Funnel: (4) Ways to GROW Customers: Selling accessories to higher-quality versions

up-selling

Marketing's Main Focus: Marketing focuses on _______ _______.

value proposition

The most difficult aspect key resource acquisitions is _______ ______ ______.

valuing intangible assets

(3) Major Goals of the Customer Development Funnel: (4) Ways to GET Customers: The process of getting into the prospective customer's final list of brands of products or services they are considering for purchase, and doing what you can to help tip their decision in your favor through information

consideration

(2) Things Securing Outside Investment Accomplishes: 1. The process of obtaining investment funds means that your business will be _______ _______ by ________ who have _____ ________ ______ in your idea, product, or service

critically examined, outsiders, no vested interest

(3) Major Goals of the Customer Development Funnel: (4) Ways to GROW Customers: To sell related products

cross-selling

The _______ _______ _______: Focusing on ways to grow sales to existing customers

customer development funnel

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

customer relationship management (CRM)

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

customer retention (CR)

The Key to CRM = The _______________________________________.

data on current or prospective customers

(4) Types of Media: Public relations and press relations, or "free ink"

earned media

An approach used to create alternatives in uncertain environments

effectuation

When people assess the assets available to them and the limits under which they must operate to establish the goal to be obtained and the methods of reaching the goal

effectuation

(4) Types of Media: You pay for ad placement

paid media

(4) Types of Media: 1. _______ Media 2. _______ Media 3. _______ Media 4. _______ Media

paid, owned, earned, shared

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

secondary