Entrepreneurship Chapters 9-12

Hit Rate

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

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

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

Visuals

A concept in public interest which alludes to the graphic interest held by an event.

Famous Faces

A concept in public recognition that altitudes 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 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 the product or service in his or her personal or work life

Customer Profile

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

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.

Focus Group

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

Long Term Value (LTV)

A marketing concept that refers to the revenue generated by one customer over his or her lifetime dealing with one firm. Higher long term value is usually performed

Concentrated Strategy

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

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.

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.

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.

Total Available Market (TAM)

A marketing term that refers to all of the people or organization who might consider a product or service being offered

Serviceable Available Market (SAM)

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

Key Performance Indicators (KPIs)

Measures or metrics that identify the outcomes that are most important to the success of a business. While outcomes like sales or products produced are KPIs, events leading up to these are usually considered key, like customers coming to your store or website for sales, or number of products started.

Donations

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

Services

Nonphysical products

Advirtising

Often used to support the corporate identity and value proportions that are established through public relations efforts

Customer Relationship Management (CRM)

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.

Purchasing Process

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

Domain Name

The specific name of an internet site, consisting of a name followed by .com, .net, or a similar code

Customer Job

The term given to what a potential customer is trying to do- perform or complete a 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.

Promotional Mix

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

Sales Leads

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

Goods

physical products

Elastic Product

product for which there are any number of substitutes and for which a change in price makes a difference in quantity purchased

Inelastic product

product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased

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

Personal Selling

The process of selling your products and services; includes prospect and evaluate, prepare, present, close and follow up

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.

Public Interest

(1)Things that are generally considered to be beneficial to large numbers of people, (2) Civic causes and benefits, as opposed to private and corporate benefits.

Target Market

A marketing term that refers to the group of customers in the area you plan to serve who would likely to be interested in your product or those of competitors. Can refer to individuals or market groups called segments

Serviceable Obtainable Market (SOM)

A marketing term that represents the customers that a frim expects to be interested in its particular product or service, and able to be serviced by the firm

Mat Release

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

Markup Pricing

A price selling method where an amount is added to the cost of a product to set the retail price and provide profit

Heterogentity

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

Inseparability

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

Pershishability

A service exhibits 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 firms existing collection of offerings

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

Media Kit

A type of specialized web page or sales material based package sent to media outlets that is focused on telling them about your company and its story. These are often built around a press release for something of potential current interest to the media outlet. Also called a press kit

Public 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

Secondary Research

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

Tangiblity

An items capability of being touched, seen, tasted, or felt

Viral Marketing

Any electronic equivalent of word of mouth advertising, in which the advertisers message spreads quickly and widely via email, website, blogs, and other online tools

Public Recognition

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

Price Gouging

Charging an outrageously high price for something

Cognitive Dissonance

Doubt the occurs after a purchase has been made. An inconsistency between experience and belief

Elasticity

From economics, the idea that the markets demand for a product or service is sensitive to changes in its price

Publicity

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

Sponsorships

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

Organic Traffic

People who come to your website based on their own actions where you have not paid for the link. It is also called unpaid search

Dichotomous 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 Questions

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 Propostition

Small business owners unique selling points that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition

Search Engine Optimization

Techniques applied to web pages in order to obtain favorable placement on Internet search page results.

Keywords and Description Tags

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

Margin

The amount of profit, usually stated as a percentage of the total price

Primary Research

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

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.

Optimum Price

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

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

Brand

The name a firm puts on itself and its products to differentiate them from competitors offerings

Prototype

The name given to the first model of a product or service.

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

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 the competition

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 and as memorable words as possible

Cultural Resonance

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

Proximity

a concept in public recognition that alludes to how close the issue being discussed is to you, your family, or your business

Internal Reference Price

a consumer's mental image of what a product's price should be

Survey

a data-collection method in which participants respond to questions

Open-Ended Question

a question that allows a respondent to share any feelings or information she or he thinks is relevant

Product Expansion

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

Press Release

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

Augmented Product

core product plus features that tend to differentiate it from the competition

Ethnographic Research

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

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

Markup

the amount added to the cost of merchandise to establish the selling price

Law of Supply and Demand

the economic theory that describes how the demand for products or services and the supply of them affect each other

Segmentation

the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics