intro to Business entrepreneur final exam review

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employee referral

Anders used, low-cost method for finding workers that rewards your employees for recommending potential candidates that would be a great employee fit

virtual recruiting/employees

Independent contractors who provide specialized Business Services or support from a distance, through the internet, telephone, fax, or other method of communication

nepotism

Management philosophy of selecting and promoting People based on Family Ties

meritocracy

Management philosophy of selecting and promoting People based solely on their being the most capable person for the job

direct mail

Method of selling and which catalogs, brochures, letters, videos, and other pieces of marketing materials are mailed directly to customers from which they can mail, call, or email an order

direct sales

Of going directly to your customer in order to sell your product. Ex.vending machines, door to door salespeople

internet recruiting

Recruiting that allows you to search a resume database or post a job description to the web . ( small business owner who knows exactly what they want can use filters to search for pinpoint accuracy)

micro-inventory

a set of goods or services that consists of only one or a few items

long-term volume

businesses have used resources over a long period of time and has a large number of sales

bundling

combining two or more products in one unit and pricing it less than if the units were sold separately

direct exporting

exporting using no intermediaries

perishability

if it is not used when offered, it cannot be saved for later use

sales promotion

A form of communication that encourages the customer to act immediately towards a purchase, such as coupons, sales, or contests

clients location

Boots things such as house or office cleaning, pest control, remodeling, lawn and gardening services, carpet cleaner, and similar Services which must be performed at the client's house

manually accessible location

Specialized equipment to be readily transported ex.barber shops, dentist office, video rental stores,restaurants

employee fit

The match between the needs, expectations, and culture of the small business with expectations and the skills of individual employee

fulfillment center

a company that will warehouse your products and fill your customers orders for you

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 a product or service in his or her personal or work life

telemarketing

contact via telephone for the express purpose of selling a product or service (inbound-customer calls company outbound- company calls customer)

on the job training

delivered to employees while they perform regular jobs (orientations, job instruction training, apprenticeships, internships)

heterogeneity

each time it is provided it will be slightly different from the previous time

indirect exporting

exporting using intermediaries such as agents, export management and trading companies

just-in-time inventory

having just enough product on your shelves to meet the immediate purchases

off the job training

includes lectures, Special study, videos, television conferences, case studies, role-playing, stimulation, program instruction, and laboratory training

what industry/business is typically a low customer contact business

manufacturing business, commercial space, business incubator

direct response advertising

placing an advertisement in a magazine or newspaper, on television or radio, or in any other media (contains blank w phone number and email)

skimming

setting a price at the highest level the market will bear, usually because there is no competition at the time

captive pricing

setting the price for an item relatively low and then charging much higher prices for the expendables it uses

total product

the entire of 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

agent

a middleman business which represents a manufacturers product or service to other business-to-business middleman firms

wholesaler

an intermediary business which buys (typically in large quantities) and sells (in smaller quantities) to business rather than consumers

tangibility

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

inelastic product

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

elastic product

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

probationary period

trial period in which an employee has temporary status before a formal offer to work full time is presented

benefit matching

type of contribution than an employer chooses to make their employees employer sponsored retirement plan

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

networking

A way of making and using contacts to get job information and advice

what industry/business is typically a high customer contact business

traffic, customer ease, competition

guerilla marketing

use of creative and relatively inexpensive ways to reach your customer Ex, door-knob hangers, tshirts, balloons

influencer impact

when an influencer promotes a product to get others to buy it


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