Chapter 10 - Small Business Entrepreneurs

cognitive dissonance

doubt that occurs after a purchase has been made. an inconsistency between experience and belief

promotional mix

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

publicity

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

trendiness

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

proximity

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

sales promotion

a form of communication that encourages the customer to act immediately, such as coupons, sales, or contests

word-of-mouth

a means of spreading information about your business through the comments friends and customers make to other potential customers

mat release

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

diversification

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

product expansion

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

market expansion

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

market penetration

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

customer vector

a type of CRM which segments by customer on purchases or dates of purchase

press kit

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

press release

a written announcement intended to draw news media attention to a specific event

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

public importance

things that are considered important to large numbers of other-wise unrelated people

public interest

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

power

a concept in public importance which alludes to potential shifts in control or influence

currency

a concept in public importances which alludes to the degree to which the issue is immediate in its impact

human interest

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

good story

a concept in public interest which alludes to an incident with good triumphing

cultural resonance

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

visuals

a concept in public interest which alludes to the graphic interest help by an event

issue recognition

a concept in public recognition which alludes to the extent to which the public if familiar with the issue or problem at hand

free ink

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

donations

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

sponsorships

paying for a local organization's needs in exchange for recognition

sales leads

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

predetermined market segments

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

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

value proposition

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

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

keyword and description tags

terms included in the hidden portion of a web page which are used by search engines such as google to describe your website and evaluate its focus and category placement

segmentation

the process of dividing the market into smaller portions of people who have common characteristics

advertising

used to support the corporate identity and value propositions that are established through public relations efforts; conveying your message to customers

viral marketing

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

public recognition

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

personal selling

the process of selling your products and service; includes prospect and evaluate, prepare, present, close, and follow-up

customer relationship management

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

marketing funnel

the 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

domain name

the specific of a internet sit, consisting of a name followed by .com, .net, or a similar code

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

impression

what it is called when someone notices a promotional effort

succinct message

your key point in as few as memorable words as possible