Entre Quiz 2

Segment

A group of customers defined by certain common bases or characteristics that may be demographic, psychographic, or behavioral

A business plan is a _______ document

Living

Primary data

Marketers collect for a specific purpose through focus groups, surveys, and experiments

Secondary Data

Marketers gather from already published sources

Cost-Based Margin

Marking up price based on cost plus desired margin

Is it a good idea to develop a full product when exploring a venture idea?

NOOO

Works-like Prototype

Operates like final product, but often doesn't look like end product

power of the team=

shared vision of success

Price points

standardized, fixed levels

Price Promotion

temporary price cut. Benefits customers, retailers, distributors, etc.

Service Mark

word or symbol or combination used in connection with the offering and provision of services

Prototyping Cycle

represent assumptions, test assumptions, learn and iterate, repeat!

Look-like Prototype

*Used to test design* The appearance looks like the end product, but does not have the functionality

Listening Systems to scan and understand marketing environment

-transactional surveys -new and lost customer surveys -Focus group interviews -Customer advisory board panels -Customer specific reviews -Customer complaint/comment

Question stages for a focus group

1. Intro 2. Rapport Building 3. In-Depth Investigation 4. Closure

Two important elements of a Trademark

1. Is it too descriptive? 2. Is it already being used?

How is entrepreneurial marketing different from that done by established companies?

1. Less money 2. Less marketing expertise 3. Minimal time

Marketing related dangers for entrepreneurs

1. Overestimate demand 2. Underestimate competitor response 3. Make uninformed distribution decisions

3 Marketing Divisions

1. Segmentation 2. Targeting 3. Positioning

4 Steps of a Customer Value Proposition (CVP)

1. Target group and need 2. Brand 3. Concept 4. Point of difference

Pre-venture market analysis can reduce failure rates by up to...

60%

Utility Patents

A better, cheaper, faster use of a product that already exists

As an entrepreneur, you need to be

self aware, but not self depricating

Trademarks

Key in differentiating a business's products and services from those of others as well as in franchising agreements

Penetration Pricing

Aims to gain high market share with low margins

Marketing

An organizational function and a set of processes for creating, communicating, and delivering value to the customers and for managing customer relationships in ways that benefits the org and it's stakeholders

Kickstarter Prototypes

Kickstarter demands physical prototypes to better show preparedness of idea creators

Business planning isn't just writing, it's research. It is a ________ process

LEARNING

Price Discrimination

Charging different prices to different consumer segments

Marketing Research

Collection and analysis of any reliable info that improves managerial decisions

Positioning

Company's offering relative to certain product attributes- the ones the customer cares about the most.

Targeting

Compares the defined segments and then selects the most attractive one, making that it's core customer

Trade Secrets

Cover proprietary info (recipes, customer lists, etc)

Pull Strategy

Create end-user demand and rely on this demand to pull product through channel

Disintermediation

Cutting intermediaries out of traditional distribution channels by selling direct to customers

Shortcomings of solo entrepreneur

Limited perspective, little moral support, and small network

High-Fidelity Prototype

Designed to look like a completed product concept. May use this to promote to customers, partners and investors

Co-Creation

Developing your product with the target consumer. Consumers engaged early and repeatedly during product development *important when developing product for unfamiliar market*

Promotional Strategy Goal

Effectively communicate availability and benefits of the product to target market, and to convince people to buy your product

Core Product

Essential good or service

What is the most important part of the business plan?

Executive summary

Purpose of Prototype

Gather responses from a target customers to help decide what direction to pursue (or not pursue)

3D Printer use

In the past, used primarily for prototypes, but now being used increasingly for end product manufacturing

Teams add

Increased skill sets, improved ability to innovate, higher social level of support

Product Diffusion Curve

Innovators, early adopters, early majority, late majority, laggards

Prototyping

Process of quickly putting together working models to represent ideas, test various aspects of a design, and gather early customer feedback.

Patents

Protect Inventions

Copyrights

Protect authors' original creations, including literary, musical, artistic, software, etc.

Low-Fidelity Prototype

Prototype expresses the rough product concept, often in basic material such as paper. Helps to develop the ideas quickly and gauge reactions

Push Strategy

Push product through channel using promo, trade shows, and personal sellign

Price Skimming

Set high margins, gain small market share due to high price (best for innovative products aka entrepreneurs)

Augmented Product

Set of attributes peripherally related to it

Prototyping Services

Simulate your service offering!! to better understand needs and wants of target customer

Purpose of business planning

Tell the story of your business

Communications Mix

Tools include: advertising, sales promo, public relations, personal selling, direct marketing, etc.

Customer Value

Total customer benefits minus total customer costs (monetary and nonmonetary)

Minimum Viable Product (MVP)

Version of new product concept that allows the team to collect the maximum amount of validated learning from customers with the least effort. *Allows rapid reconfiguring of product concept*

Entrepreneurs tend to be overly dependent on....

channel partners

Cover of B Plan includes:

company name, tagline, contact info, date, disclaimer, and copy number

marketing spans the boundary between ______ and _______

company, customers

Developing and testing an MVP focuses on _____________ first

customer engagement

3 Types of Channel coverage in distribution strategy

intensive, selective, and exclusive

Importance of business plan is not in final product but in....

learning you gain from writing about your vision

______ is at the heart of an organization

marketing

Why is it so easy to enter Internet retail sector?

outsource fulfillment to other company, so they only need a virtual company.

4 P's of marketing

price, place, promotion, product