Entrepreneurship Exam 2
4 P's of Marketing
Product, Price, Place, Promotion
Concentrated Strategy
A marketing strategy in which a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.
Predetermined market segments
professionally compiled target audiences based on shared demographic, financial, shopping, and psychographic characteristics
Stages of New Product Development
1. Idea generation 2. Idea screening 3. Idea evaluation 4. Product development 5.Commercialization
key factors in determining optimum price
1. demand for product, 2. value delivered to customer, 3. prices set by competing firms, 4. your business strategy and product placement
Five common financial statements
Income statement Statement of retained earnings Statement of owner's equity Balance sheet Cash flow statement
Strategies of CRM
market expansion, diversification
differentiated strategy
marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs
Serviceable Obtainable Market
marketing term that represents the customers that a firm expects to be interested in its product or service
only two reasons to do accounting
produce information that is useful to managing your business, meet legal requirements
Accounting Equation
Assets = Liabilities + Owner's Equity
Penetrated Market
a marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market
Total available market
a marketing term that refers to all of the people or organization who might consider a product or service being offered
Serviceable Available Market
a marketing term that refers to the customers geographic reach of a firm
Segmentation
the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics
undifferentiated strategy
uses no segmentation
Uses of Managerial Accounting
variable costs and fixed costs
impression
what is called when someone notices a promotional effort