Small Business Strategies - Chapter 7

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Perceptual Map

A graphic display which positions products, services, brands, or companies according to their scores of important strategic dimensions

Decline

A life cycle stage in which sales and profits of the firm begin a falling trend

Boom

A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time

Shake-Out

A type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry

Growth

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

Retrenchment

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

Industry Cycle

Introductory, Growth, Boom, Shake-Out, Maturity, Decline

Market

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

Scope

geographic range covered by the market

Gross Profit

Funds left over after deducting the cost of goods sold

Imitative Strategy vs. Innovative Strategy

Imitative - An overall strategic approach in which the entrepreneur does more or less what others are already doing Innovative - An overall strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing

Mass Market vs. Niche Market

Mass - large portions of the population Niche - narrowly defined segment of the population that is likely to share interests or concerns

Net Profit

The amount of money left after operating expenses are deducted from the business

Introductory

The life cycle stage in which the product or service is being invented and initially developed

Magic Number

The post-tax income the entrepreneur personally seeks from the business

Maturity

The third life cycle stage, marked by a stabilization of demand, with firms in the industry moving to stabilize or improve profits through cost strategies

Scale

size of the market

Strategy Process

the ideas and actions that explain how a firm will make its profit; Process: Prestrategy, Customers & Benefits, Industry Dynamics and Analysis, Strategy Selection & Implement, Post Start-Up Strategy


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