Entrepreneurship Exam 2

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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


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