Entrepreneurship Unit 4: Place and Promotion

a) Its revenue divided by the revenue of all competitors in the market

A company's market share is: a)Its revenue divided by the revenue of all competitors in the market b)Its profit divided by the profit of all competitors in the market c)Its market value divided by the market value of all competitors in the market

a) Combines your marketing goals into a comprehensive plan

A go-to-market strategy: a)Combines your marketing goals into a comprehensive plan b)Focuses on pricing and packaging only c)Describes your highest investment advertising channel d)Is the physical process of getting your goods to a market

d) All of the above

A good job description generally includes: a)Job title b)Duties c)Competencies and skills d)All of the above

a) Any debt that your business owes, such as a loan payment

A liability is: a)Any debt that your business owes, such as a loan payment b)Anything your business owns c)Another word for a customer complaint d)An accounting item shown on the income statement

b) Embeds ads in users' stories

According to the reading, Instagram: a)Displays ads as popups when first entering the site b)Embeds ads in users' stories c)Displays banner ads

c) Planning, organizing, directing, controlling

According to the reading, what are the four functions of management? a)Planning, communicating, motivating, helping b)Planning, forecasting, accounting, supervising c)Planning, organizing, directing, controlling

d) Screening, interviewing candidates, reviewing and verifying application information, and making an offer

According to the reading, which is the correct order for the steps in the hiring process? a)Interviewing candidates, screening, reviewing and verifying application information, and making an offer b)Screening, reviewing and verifying application information, interviewing candidates, and making an offer c)Reviewing and verifying application information, screening, interviewing candidates, and making an offer d)Screening, interviewing candidates, reviewing and verifying application information, and making an offer

b) Unhappy customer

According to the reading, which type of customer is more likely to tell others of their experience? a)Happy customer b)Unhappy customer

A paid form of communication sent out by a business about a product or service.

Advertising

d) Standard Operating Procedures

An SOP manual lays out: a)Strategic Operating Principles b)Stop Order Programs c)Single Opportunity Plans d)Standard Operating Procedures

c) You receive real-time information about who is seeing your ads and how they are reacting to them

An advantage of social media advertising is: a)It is always free b)Reach is essentially 100% of all customers c)You receive real-time information about who is seeing your ads and how they are reacting to them

b) Anything that your business owns, such as cash, equipment, buildings, and even inventory to be sold

An asset is: a)A type of revenue b)Anything that your business owns, such as cash, equipment, buildings, and even inventory to be sold c)A type of insurance that most small companies are required to carry

d) An economic downturn

An example of a risk not specific to a business is: a)One of a business's trucks getting in an accident b)A kitchen fire c)A customer slipping and falling d)An economic downturn

Moves product directly from the manufacturer to the consumer Manufacturer Consumer Internet sales, direct mail, Hillsboro Farm Most cost effective

Direct channel

Printed pieces mailed directly to consumers EX--flyers; catalogs Junk mail Long lead time

Direct mail advertising

Involves the locations and methods used to make products and services available to customers

Distribution

a) Fixed asset

Equipment is considered a: a)Fixed asset b)Current asset c)Liability d)Equity

Each social media user has a 'feed,' where content from a variety of sources appears. Content can be from other social media users or from a company's official social media profiles and posts.

Feed/Newsfeed

Listen Carefully Respond Quickly Respond Professionally Think Twice before Deleting

Feedback Responsiveness - What are the General Guidelines for Managing Online Reviews?

A viewer is keeping an eye on your presence and content. The more followers you have, the more eyes you have on your page.

Follower/Fan

b) Engages customers' brains and senses

For entrepreneurs, telling a detailed story filled with emotion generally: a)Drives away rational customers b)Engages customers' brains and senses c)Scares customers d)Bores customers

b) Provide specialty services on an hourly basis or by the job

Freelancers: a)Provide services for free b)Provide specialty services on an hourly basis or by the job c)Are paid by a salary d)None of the above

d) All of the above

Good sources of affordable equipment include: a)Similar businesses that are closing b)Used equipment dealers c)the Internet d)All of the above

Innovative, unconventional, low-budget marketing

Grassroots marketing

Hashtags act as a search function, allowing you to catalog your content into a "bucket of content" that shares the same hashtag

Hashtag

"Nodes and "Links" fit into the supply chain because "nodes" stop a material or product that is making a long way, and "links" is the time a material or product spends in transit between nodes.

How do "nodes" and "links" fit into the Supply Chain?

b)Charging a fee to the employee or business when a match is made

How do employment agencies normally make money?a)Selling advertising b)Charging a fee to the employee or business when a match is made c)Receiving a percentage of the hiring companies revenue d)None of the above

b) Income statement

If you are looking to tell how much money you made or lost last month, you should consult your: a)Balance sheet b)Income statement c)Pro forma cash flow projections

a) Balance sheet

If you want to see how much cash you have left, you should consult your: a)Balance sheet b)Income statement c)SOP manual d)Strategic plan

This indicates the number of screens on which your content actually shows up. Content that yields more impressions is usually better-designed content.

Impression/Hit/Reach

"Profile" picture Cover shot/photo Call to action

In Profile Design, what are the three elements that most layouts consist of

b) Consumable supplies

In an auto shop, clean up rags would best be described as: a)Durable equipment b)Consumable supplies c)Fixed assets d)Current liabilities

b) Warning sign

In the reading, Kevin considered frequent job changes as a possible: a)Sign of upward mobility b)Warning sign c)Legal issue

Uses intermediaries—people or businesses that move products between the manufacturer and the consumer Manufacturer Retailer Consumer Manufacturer Wholesaler Retailer Consumer More intermediaries, but price can be lower because products are mass produced which leads to lower production costs Manufacturer Agent Wholesaler Retailer Consumer Manufacturer not involved in selling Agent handles selling Used in international selling

Indirect channel

Type of targeting that reaches specific audiences by looking at their self-reported interests, activities, skills, pages or users they have engaged with, etc.

Interest

b) Current asset

Inventory is considered a: a)Fixed asset b)Current asset c)Liability d)Equity

Sometimes also referred to as reposts or favorites, a Like/Thumbs Up indicates the viewer/customer found your content interesting and/or praiseworthy.

Like/Thumbs Up

Type of targeting that reaches audiences who are similar to an audience you care about; helps extend custom audiences to reach new, similar users.

Lookalike

Print ad in a magazine Selective audience related to magazine topic Very visual Disadvantages: Expensive Long lead time

Magazine advertising

Don't sell directly to consumers Use all possible channels

Manufacturing Businesses

Print ad run in newspaper Advantages - Target geographic segment Credible Short lead time Affordable Disadvantages Declining readership/circulation Short shelf life Limited visual creativity

Newspaper advertising

d) Perk

Offering free snacks and drinks to attract employees is called a: a)Stock option b)Draw c)Magnet d)Perk

Internet advertising to drive customers to website. Advantages- fast growing easy Disadvantages Spamming Some types are overused blockers/spam control

Online advertising

Advertising outside of the home EX--billboards, digital sign in Times Square Advantage - large in size Disadvantage: Short view time

Outdoor advertising

d) All of the above

Packaging includes: a)The container for your product b)Identifying labels c)Attractive presentation of your product d)All of the above

Direct communication between a prospective buyer and a sales representative

Personal selling

Includes not only transportation but also storage and handling of products and packaging within a channel of distribution.

Physical distribution

Decide how to position your business, using the principle of effective messaging: Say the right things about your product to the right people in a way they understand.

Positioning

Before Johannes Gutenberg invented the printing press in the 1400's, most businesses probably used word-of-mouth to market their products and services.

Pre-1400's

A written statement meant to inform the media of an event or product

Press release

Warehouse

Product Storage and Handling

Features Physical characteristics or capabilities of the product/service Benefits Advantages that are a result of the features

Product knowledge

The front page of your business social media presence. Make sure the first impression is clean and crisp.

Profile

The act of establishing a favorable relationship with customers and the general public

Public relations

A non paid form of communication that calls attention to your business through media coverage

Publicity

Commercials run on radio stations Advantages - Repetitious, relatively affordable, can target market Disadvantages Fleeting message No visual

Radio advertising

Convenient location and hours Catalogs, fliers Phone, fax Ship directly to them Website

Retail businesses

"You can only sell if you are convinced" is where that if you don't believe in your product or service then nobody else will. Being clear and direct is where you avoid using vocabulary, and it's where you get your plan across in a plain language. Being passionate and exciting is where you're enthusiastic about your product or service that will get a customer to share your excitement with them

SBA Sales: Sales Tips

Letting potential customers talk about themselves can be great cause you can ask them how they can use a product or service like yours. Using humor can be designed to make people laugh. When using the 80/20 rule, the 80 percent is being used for results and the 20 percent is used for your efforts. When giving your audience a reason to like you, you talk about things your audience cares about and let them share their thoughts with you For providing your expertise, you show your knowledge about your products or services, and you build relationships with customers.

SBA Sales: Sell without selling

Supply chain is where products take a long time to be grown, made, and mined to the hands of consumers after a long period of time.

Supply chain

The coordination of manufacturers, suppliers, and retailers working together to meet a customer need

Supply chain management

Identify exactly who your product is geared for and whether your product/service actually fits a definable segment or segments of the market.

Target Market Identification

10-60 second commercial or infomercial Advantages - large reach, dynamic message Disadvantages People skip commercials Expensive Fleeting message

Television advertising

c) Depreciation

The cost of equipment is often recognized over its useful life and recorded on the Income Statement as: a)Accumulation b)Amortization c)Depreciation d)Substantiation

a) Remain pleasant and positive, and let them know when you'll make a decision

The reading suggests that if you decide partway through an interview that the candidate is not right for the job, you should: a)Remain pleasant and positive, and let them know when you'll make a decision b)Stop the interview and ask them to leave c)Ask if they have any friends they can recommend d)None of the above

a) Using a limited number of resources to generate cash to buy more resources, and so on

The term bootstrapping refers to the process of: a)Using a limited number of resources to generate cash to buy more resources, and so on b)A specific legal type of bank financing c)Getting the right footwear for a business d)Figuring out how to acquire all resources at once

An event held to bring together members of a particular industry to display, demonstrate, and discuss their latest products and services Advantages in participating: Provides cost effective arena for creating buzz about your company; opportunity to introduce new products to captive audience

Trade show

Ads on side of buses; inside of subway High exposure Disadvantage: None

Transit advertising

Air, pipe, rail, water, road or combo Cost? Product? Shipping too? Refrigeration?

Transportation

a) True

True or False: A business often has to pay taxes on its inventory.

False

True or False: If a salaried employee works one hour less per week than normal, she is paid less for that week.

False

True or False: Social media advertising has a very high minimum cost.

True

True or False: Using Twitter as a marketing tool requires frequent monitoring and substantial work.

The four means of advertising mentioned at the end of "History of Marketing" are magazines being printed, radio ads still air, television commercials continue to influence our spending habits, and telemarketers still call us.

What are the four means of advertising mentioned at the end of "History of Marketing"?

Social Media Marketing Action Plan Social Media Page Design Layout Checklist

What are the titles of the two Social Media Marketing Worksheets attached at the end?

Do It Yourself (DIY): The internet provides an abundance of resources to guide you. Start and Collaborate (SAC): Draft the initial concept yourself; then, work with a professional to refine your design.

What are the two Design Options mentioned

Having a "Unified Presence" means creating and sending the same message about your business' offerings across all marketing activities, to include social media platforms. How to accomplish this is by making sure that social media pages depict the same 'look and feel' across different social media platforms.

What does having a "Unified Presence" mean and how do you accomplish this?

Who you are, what you do, and what the customer will get out of it. Be relevant to the customer Provide an example of why your product or service is valuable. Include the contact by ending with a question.

What four things should an Elevator Pitch include?

c) They can be inefficient for packaging and shipping

What is a disadvantage of odd shaped product designs? a)They are visually appealing b)They cost less to make c)They can be inefficient for packaging and shipping d)None of the above

c) The equipment may be more likely to break or wear out

What is a drawback of buying the least expensive equipment possible? a)It saves money b)It's quicker than shopping around c)The equipment may be more likely to break or wear out d)There are no drawbacks

b) Goods the business has in stock to sell to the customer

What is inventory? a)Equipment needed by the business to produce goods or services b)Goods the business has in stock to sell to the customer c)The building housing the business d)None of the above

The Rate or Reach would be determining the market size, review web analytic results, and people seeing your advertisement. Then for Rate of Engagement, you would be measuring social media content performance, and people clicking on it or interacted with it somehow.

What is the difference between Rate or Reach and Rate of Engagement?

Satisfy

What is they KEY WORD in this statement: Marketing is "The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives." —American Marketing Association

d) All of the above

Which of the following are alternatives to hiring full-time permanent staff? a)Interns b)Freelancers c)Temporary workers d)All of the above

a) Employee handbook

Which of the following defines rules for appropriate employee behavior? a)Employee handbook b)Articles of incorporation c)Strategic plan d)Operating plan

d) All of the above

Which of the following have marketplaces where an entrepreneur might sell goods? a)Amazon b)eBay c)Facebook d)All of the above

An image is better than a text because it helps your brain process it much faster than texts.

Why is an image better than a text

It's where you try to get your main message across in ten seconds or less of reading time.

"Snippy Snappy Content" test

After 1400, print media dominated the world, well into the 1900's.

1400s-1900s:

In the 1920's, radio added another communication option for marketing products and services.

1920s

Advances in technology led to the addition of television in the 1940's, providing advertising opportunities through commercials.

1940s

Telemarketing took hold and became an effective marketing avenue for those who could afford advertising production costs and air time.

1950s

Development of the world wide web took the marketing industry to a whole new level; it costs significantly less than traditional marketing means with outreach to massive audiences.

1990s

c) Business owner's policy

A basic entrepreneur's insurance policy is often called a: a)Writ of insurance b)Liability waiver c)Business owner's policy d)Indemnification statement

a) Equipment

A car lift in an auto shop would best be characterized as what type of asset? a)Equipment b)Inventory c)Cash & equivalents d)Accounts receivable

Type of targeting that reaches audiences based on purchase behavior or intents and/or device usage.

Behavioral/Connection

The routes that products and services take from the time they are produced to the time they are consumed

Channels of distribution

c) Calling or contacting previous employers

Checking references refers to: a)Reviewing dates on the resume b)Asking the candidate details to verify past jobs c)Calling or contacting previous employers d)None of the above

Type of targeting that reaches audiences who have a specific kind of connection to your page, app, group, or event.

Connection

Joining forces with a non competing company who shares the same target audience as your company. Keys to successful cross promotion: Share common market; offer non-competing products; have shared values; comparably valued resources.

Cross-promotion

Type of targeting that reaches audiences by uploading a list of email addresses, phone numbers, user IDs, or user names.

Custom

Don't ignore the customer because nobody wants to be lectured, so just respond to them on what they are saying to you and allow them in your presentation Don't profile the customer without talking to them is where you don't judge a book by its cover with people you don't know of. Saying mean things about a person's different characteristics or race can get you in trouble. Don't be ignorant about your product is where you have to answer questions about what you are selling, the customers are going to expect you to be an expert. Don't make assumptions is where if you are ignoring the customers' needs. If you do that then you are unlikely to know what those needs are. So start meeting your customers' needs first. Don't forget to follow up is where you're following up with a customer, and then thanking them for sharing time in your business with you.

SBA sales: Common Sales mistakes

The separation of customers into categories to determine what segment is best for what your business does.

Segmentation

Examples--giveaways with logo on it; business cards

Self promotion

Sells directly to consumer Production and consumption of service happen at the same time Important to offer service when needed or customer will look for another provider

Service Businesses

Facebook, Pinterest, Twitter, LinkedIn, Youtube, Instagram, Tumblr

Social Media Resources

Forms of electronic communication through which users create online communities to share information, ideas, messages and other content.

Social media

All content that is specifically formatted for social media platform Must allocate time on a consistent basis to update and respond Consistently review customer comments & feedback--listen, respond quickly, respond professionally, think twice before deleting)

Social media marketing

Anyone affected by what your business does and the health of your business is a stakeholder.

Stakeholder Analysis