Exam Venture Creation
Media Integration
Comes from the overlap of paid media and earned media, and represents efforts you pay for to help generate earned media attention.
Media Partnerships
Co-branding, Co-marketing Influencers Donations Giving time, connectiso, services, products
Media Content Strategy plan
A document for people to see that details the specifics of the marketing efforts.
Brand ambassadors
A person who represents your brand or service to others.
Industry Analysis
A research process that provides the entrepreneur with key information about the industry as current situations and trends.
Cost Strategies
Aimed at mass markets Show how our firm offers a combo of cost benefits that appeal to the customer
Differentiation Strategy
Aimed at mass markets Situations in which everyone might buy your product
Entry Wedges
An opportunity that makes it possible for a new business to gain a foothold in a market.
Four major types of media Earned
Called publicity or press or public relations, these refer to do it yourself and paid efforts to get the message of your brand out to the public or the mass media in hopes it gets repeated by them.
Four major types of media Shared
Called word-of-mouth or referral advertising, these are promotional mentions of your brand, firm, product, services, or user experiences with them made by customers and others and posted or shared through their social media sites.
Industry Dynamics
Changes in competitors, sales, and profits in an industry over time
Benefits
Characteristics of a product or service that the target customers would consider worthwhile, such as low cost or high quality.
Scope of the market
Defines the geographic range covered by the market Local, regional, national, international, or global
Distinctive competence (specialty)
Differentiating features from your competitors to you
Two types of benefits Value benefit
Displays characteristics related to the nature of the product or service itself
Incentive Media
Focuses on the overlap between paid media and owned media. Incentive media represents partnerships where you are paying for connections useful to your business.
Customer Retention
General approach to keeping customers
Four major types of media Paid
Generally referred to as bought or paid advertising. Firm pays another for the placement and distribution of the material.
Referrals
Getting customers to refer their friends to you.
Awareness
Getting the message out to target market
Distance competence map
Graphic display of your firms product or service compared to other competitors
Promotional Mix
How much of each message conveyance you will use to sell your product as well as your objective in using each one.
Growth Stage
Industry life cycle stage in which customer purchases increase at a dramatic rate
The forms of owned media
Key elements of creating your corporate identity
Sale Forecasting
Knowing what your sales will be is one of the most important pieces of the marketing effort.
Boom
Life cycle growth stage markets by a very rapid increase in sales in a relatively short time.
Shake - out
Life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.
Introduction Stage
Life cycle stage in which the product or service is being invented and initially developed.
Decline Stage
Life's cycle stage in which sales and profits of the firm begin a falling trend.
Supply chain
Line of distribution of a product from its start as materials outside the target firm, to its handling in the target firm, to its handling by sellers, with placement into the hands of customers.
Mass market (broad)
Market that involves large portions of the population (all men, all women, all teens)
Advertorials
Media integration technique editorial like articles paid for by your business.
Free Ink
Mentions of your company or products in the media for which your firm did not pay.
niche market (specific)
Narrowly defined segment of the population that is likely oy share interests or concerns 25-24 year old women, families with twins
Earned Media
Occurs when other organizations talk about you, your firm, or your products or services and you didn't pay them directly for the mentions.
Owned Media
Organizational identity starts with the names of your business, products, or service, and these days often includes logos, symbols, characters, slogans, hashtags, uniforms and packaging.
Retrenchment
Organizational life cycle stage in which established firms must find new approaches to improve the business and its chances for survival.
Incremental innovation
Overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas.
Social Media Embassies
Overlap of owned media and shared media Important because it is where your firm has its own branded stage and different social media sites.
Media Integration
Overlap of paid and earned media is based on generating leads through three paid types of efforts
Affiliate marketing
Partnerships between firms where a firm mentions the product or service of another firm.
Sales leads
People who receive a promotional impression and give some thought to buying the product
Consideration
Process of getting into the prospective customer's final list of brands of products or services they are considering for purchase.
Interest
Process of prospective customers taking some action to learn about the product.
Personal selling
Process of selling your product
Four major types of media Owned
Promotional materials directly and wholly owned by your company, like your name, websites, signage, and the like. Where you establish your media presence
Prospects
Sales leads who actually make an effort to learn more about the product in hopes of making a purchase.
Upselling
Selling additional accessories at a higher cost
Market Expansion
Selling existing products to people who have not been customers
Product Expansion
Selling the same customers a new product
Market penetration
Selling the same products to the same customers
Activate
Signing up for a website or giving their email address or phone number
Core competencies
Skills that you and your competitors have
Value proposition
Small business owners unique selling points that customers can expert from your goods or services including benefits that differentiate your offering from those of the competition.
Lead Generation
Specific form of key media integration technique which involves paying for mailing lists of potential customers.
Diversification
Strategy if you are trying to sell them newly developed products.
Focus
Target a portion of the market (segment or niche)
Strategy
The Idea and actions that explain how a firm will make its profit.
Marketing
The actions of a business related to promoting and selling goods or services.
Market
The business term for the population of customers for your product or service.
Degree of similarity
The extent to which a product or service is like another.
Parallel competition
The imitative business that competes locally with others in the same industry.
Brand
The name a firm puts on itself and its products to differentiate them from competitors' offerings.
Pure innovation - Blue Ocean Strategy
The process of creating new products or services which results in a previously unseen product or service.
Marketing Funnel
The rule of thumb in marketing is that it takes a large number of people to be made aware of our product in order to find a purchaser.
Two types of benefits Cost benefits
The ways by which a firm can keep costs low for the customer
Social Media embassies
These combine elements of owned and shared media and represent the social media platforms on which your brand has a formal presence.
Media Partnerships
These occur at the overlap of shared and earned media and represent the paid and unpaid arrangements made by your brand to promote your brand to the public.
Maturity Stage
Third life cycle stage, marked by a stableation of demand with firms in the industry moving to stabilize or improve products through cost strategies.
Unbundling
To break apart a product or service into components
Securing competitive advantage
To secure success you need to take past picking and implementing the right strategy.
Cross selling
To sell related products
Shared Media
Ultimate form of free advertising When people post on their own personal social media accounts about your firm or its products. Word of mouth
Advertising
Used to support the corporate identity and value propositions that are established through public relation efforts
Acquire
Usually through web and phone contacts
Paid Media
Ways to promote your business.
Impression
When someone notices a promotional effort.
Purchase
Where a person buys your product or service and becomes a customer of the firm.
Goal
an intended outcome for your business.
Imitative strategy
overall strategic approach in which the entrepreneur does more or less what others are already doing.
Innovative strategy
overalls strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing.
Industry
the general name for the line of product or service being sold.
Magic Number
the income you personally seek from the business.