Chapter 9,10, & 11 Entrepreneurship (Exam 2)

differentiated strategy

a marketing strategy in which a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs

Product Life Cycle

introduction, growth, maturity, decline

advertising

often used to support the corporate identity and value propositions that are established through public relations efforts.

open-ended questions

questions that allows respondents to express themselves as they choose; for example, "What do you like about this book?"

Search Engine Optimization (SEO)

techniques applied to web pages in order to obtain favorable placement on internet search page results.

public importance

(1) Things that are considered important to large numbers of otherwise unrelated people (2) Things that are of civic importance, as opposed to private or corporate entities.

The Target Customer

- Benefit Matching - Long-Term Value - Influencer Impact

total product

The entire 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.

undifferentiated strategy

a marketing strategy that uses no segmentation -assumes that all consumers have virtually identical needs and can be reached by the same marketing mix

heterogeneity

a quality of a service in which each time it is provided it will be slightly different from the previous time

Inseparability

a quality of a service in which the service being done cannot be disconnected from the provider of the service

Perishability

a service exhibits perishability in that if it is not used when offered, it cannot be saved for later use

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

pivot

a term describing a change of direction in the thinking of an entrepreneur or a firm, often based on new data or other findings

bot

a web-based program that uses artificial intelligence techniques to automate tasks such as searches

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

Message should ____

combine the elements of your product or service's value proposition with the needs of your target customer

augmented product

core product plus features that tend to differentiate it from the competition -brand names, quality levels, packaging

ethnographic research

data gathered by simple observation - seeing what consumers do, rather than asking them

cognitive dissonance

doubt that occurs after a purchase has been made

idea evaluation

exhaustive process of specifying the details of each idea's technological feasibility, its cost, how it can be marketed, and its market potential

Divide the market

geographically demographically by the benefits sought

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

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.

Media Content Strategy Plan

A document, for the managers and employees of the firm to see, that details the specifics of the firm's marketing efforts including the goals, target audiences, distribution channels, keywords, content types, calendar, publishing procedures, action items, KPIs, and analytics across all the different types of marketing efforts the firm will attempt.

concentrated strategy

A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

AIDA

Attention, Interest, Desire, Action

public recognition

Being recognized or acknowledged by large numbers of people, similar to "fame."

media kit

Packet of information that is supplied to the media; contains all the details of an event that are required to attract media attention and attendees. (hard copy or PDF)

sponsorships

Paying for a local organization's needs in exchange for recognition.

Sales Lead

People who receive a promotional impression and who give some though to buying the product

4 P's of Marketing

Product, Price, Place, Promotion

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 is called when someone notices a promotional effort

power

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

currency

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

proximity

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

survey

a data-collection method using a questionnaire, in person, on phone, on paper, or on the Internet.

customer profile

a detailed description of an archetypical or hypothetical potential customer for a product or service, also called a customer persona.

focus group

a form of data gathering from a small group led by a moderator

Total Available Market (TAM)

a marketing term that refers to all of the people or organizations (in one nation, region, or the world) who might consider a product or service being offered

Primary Research

an approach to researching based on the gathering of new information, using techniques such as interviewing, surveying, and observation.

Tangibility

an item's capability of being touched, seen, tasted, or felt

prototype

an original model on which later versions are patterned

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

core product

basic description of what a product is

the mechanics of organizational identity and branding

-Domain name and website -logo -phone lines -business cards and stationery -brochures and flyers -sales packets and marketing kits -signs -promotional novelties

hit rate

-How many prospects or leads you need to approach in order to make one sale. -Also called the conversion rate

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

Service Lifecycle

1. Initial Service Bundle 2-4: Incremental Changes as time passes

famous faces

A concept in public recognition that alludes to connections of your event or firm to individuals the general public would recognize.

Issue recognition

A concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand.

trendiness

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

Influencer

A customer role describing a person or group who can make credible or recognized suggestions or recommendation 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.

Penetrated Market (PM)

A marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market, which gives a percentage of the market the firm (or product/service) has attained so far.

Serviceable available market (SAM)

A marketing term that refers to the customers within the geographic reach of a firm.

Mat Release

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

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.

budget cycle

A term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization

customer vector

A type of CRM report which segments by customer (or customer group) on purchases or dates of purchase

Serviceable obtainable market (SOM)

Also called the target market, represents the customers that a firm expects to be interested in its particular product or service, and able to be serviced by the firm.

Secondary Research

An approach to researching based on the use of existing information, often from government., commercial, or academic databases and research efforts

Dichotomos question

Question that has only two possible choices; for example, "Have you shopped here before?"

Categorical question

Question that is answered by selecting the proper category; for example, "What is your ethnicity? White, African American, Hispanic, Asian, American Indian, Other."

scalar question

Questions that are answered by some sort of scale; for example, "On a scale of 1 to 5, how do you like this book?"

value proposition

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

Marketing Research

Systematic collection and interpretation of data to support future marketing decisions

keyword and description tags

Terms included in the hidden portion of a web page which are used by search engines such as Yahoo! and Google to describe your website and evaluate its focus and category placement.

public interest

The best interests of the overall community; the national good, rather than the narrow interests of a particular group.

Outstanding Customer Service

The idea of "going all out" for the customer or providing over-the-top service, not just the basic help, professionalism, and friendliness we all expect in any business transaction; an employee or manager who is trying to make sure the customer walks away with an exceptional experience

Product Development Process

The procedure to organize and pursue the creation of new goods or services

Customer Development Process

The procedure to organize and pursue the finding, obtaining, and keeping of new customers.

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.

segmentation

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

me-too products

products essentially similar to something already on the market

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

customer retention

techniques that focus on efforts to promote satisfaction with and interest in the firm

brand promise

the gains provided (benefits) or the help given (the pains removed) by the product or service your firm offers.

optimum price

the highest price that will produce your desired level of sales in your intended market

succinct message (effective)

the key point in as few and as memorable words as possible

brand

the name a firm puts on itself and its products to differentiate them from competitors' offerings. - a brand is a PROMISE. a GOOD brand is a PROMISE KEPT.

Market Segmentation

the process of dividing a market into groups that have somewhat homogeneous needs for a product or service

Commercialization

the process of making the new products ready for use by consumers by achieving standards of durability and performance suitable for the market and comparable to (if not better than) the competition.

personal selling

the process of selling your products and service -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 that it takes a large number of people to be made aware of your product in order to find a purchaser

target market

the segment or segments you select on which to concentrate your marketing efforts

purchasing process

the sequence of steps an individual or organization goes through in making a decision to buy product or service

Customer Job

the term given to what a potential customer is trying to do -- perform or complete some sort of task, solve some problem, or try to achieve some outcome. -the target of the job is often the key to what a proposed product or service is intended to help