intro to Business entrepreneur final exam review
employee referral
Anders used, low-cost method for finding workers that rewards your employees for recommending potential candidates that would be a great employee fit
virtual recruiting/employees
Independent contractors who provide specialized Business Services or support from a distance, through the internet, telephone, fax, or other method of communication
nepotism
Management philosophy of selecting and promoting People based on Family Ties
meritocracy
Management philosophy of selecting and promoting People based solely on their being the most capable person for the job
direct mail
Method of selling and which catalogs, brochures, letters, videos, and other pieces of marketing materials are mailed directly to customers from which they can mail, call, or email an order
direct sales
Of going directly to your customer in order to sell your product. Ex.vending machines, door to door salespeople
internet recruiting
Recruiting that allows you to search a resume database or post a job description to the web . ( small business owner who knows exactly what they want can use filters to search for pinpoint accuracy)
micro-inventory
a set of goods or services that consists of only one or a few items
long-term volume
businesses have used resources over a long period of time and has a large number of sales
bundling
combining two or more products in one unit and pricing it less than if the units were sold separately
direct exporting
exporting using no intermediaries
perishability
if it is not used when offered, it cannot be saved for later use
sales promotion
A form of communication that encourages the customer to act immediately towards a purchase, such as coupons, sales, or contests
clients location
Boots things such as house or office cleaning, pest control, remodeling, lawn and gardening services, carpet cleaner, and similar Services which must be performed at the client's house
manually accessible location
Specialized equipment to be readily transported ex.barber shops, dentist office, video rental stores,restaurants
employee fit
The match between the needs, expectations, and culture of the small business with expectations and the skills of individual employee
fulfillment center
a company that will warehouse your products and fill your customers orders for you
influencer
a customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices
decision maker
a customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained
purchaser
a customer role that describes an individual or institution that pays for or obtains a product or service
end user
a customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life
telemarketing
contact via telephone for the express purpose of selling a product or service (inbound-customer calls company outbound- company calls customer)
on the job training
delivered to employees while they perform regular jobs (orientations, job instruction training, apprenticeships, internships)
heterogeneity
each time it is provided it will be slightly different from the previous time
indirect exporting
exporting using intermediaries such as agents, export management and trading companies
just-in-time inventory
having just enough product on your shelves to meet the immediate purchases
off the job training
includes lectures, Special study, videos, television conferences, case studies, role-playing, stimulation, program instruction, and laboratory training
what industry/business is typically a low customer contact business
manufacturing business, commercial space, business incubator
direct response advertising
placing an advertisement in a magazine or newspaper, on television or radio, or in any other media (contains blank w phone number and email)
skimming
setting a price at the highest level the market will bear, usually because there is no competition at the time
captive pricing
setting the price for an item relatively low and then charging much higher prices for the expendables it uses
total product
the entire of 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
agent
a middleman business which represents a manufacturers product or service to other business-to-business middleman firms
wholesaler
an intermediary business which buys (typically in large quantities) and sells (in smaller quantities) to business rather than consumers
tangibility
an items capability of being touched, seen, tasted, or felt
inelastic product
there are a few substitutes for which a change in price makes very little difference in quantity purchased
elastic product
there are any number of substitutes and for which a change in price makes a difference in quantity purchased
probationary period
trial period in which an employee has temporary status before a formal offer to work full time is presented
benefit matching
type of contribution than an employer chooses to make their employees employer sponsored retirement plan
total product approach
-your product means more to the consumer than just the core component -can help you get inside your customers heads and figure out the most cost-effective "bundle" of value and cost benefits -knowing what your product "means" to consumers will help you set an appropriate price
networking
A way of making and using contacts to get job information and advice
what industry/business is typically a high customer contact business
traffic, customer ease, competition
guerilla marketing
use of creative and relatively inexpensive ways to reach your customer Ex, door-knob hangers, tshirts, balloons
influencer impact
when an influencer promotes a product to get others to buy it
