mgmt new business exam 2

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franchisee

A person who buys a franchise

the appendices

one page version of owner's resume

win for them

it should be all about the other person

mass market

large portions of the population (broad markets are expensive)

legal and organizational structures

legal form of the business organizational structure of the firm

anchor

make connection with that person

tagline

memorable catchphrase that captures the key idea of a business, it's service

ask

finish with a strong ask and don't distract them with other things

scope

geographical range covered by the market

tool

industry analysis

competitive advantage

particular way a firm implements customer benefits that keeps the firm ahead of other firms

franchise

business that markets a product, developed by a franchisor

innovative strategy

An overall strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing

executive summary

a 1 or 2 page overview of the business

business plan

a document signed to detail the major characteristics of a firm

decline stage

a life cycle stage in which sales and profits of the firm begin a falling trend

niche market

a narrowly defined segment of the population that is likely to share interests or concerns

title page

contains introductory information

scale

size of the market (if everyones your customer no ones your customer)

pre-strategy

the first step of strategic planning

strategy of a small business

the ideas and actions that explain how a firm will make it's profit

introduction stage

the life cycle stage in which the product or service is being invented and initially developed

vision statement

a very simple 5-10 word sentence or tagline

key personnel

sell the most important single element in the business plan. accomplishments rather then experience

what makes a strategy good is it fits too?

the particulars of your business and the resource you can bring to it

risks

the parts of a business or business plan that expose the firm to any kind of loss - profits, sales, reputation, assets, customers, and so on

pure innovation

the process of creating new products or services, which results in a previously unseen product or service

maturity stage

the third life cycle stage, marked by a stabilization of demand

market and target customer

total population of people or firms you plan to sell to

4 types of franchises

trade name, product distribution, conversion, business format

differentiation strategy

type of generic strategy aimed at clarifying how one product is unlike another in a mass market

win for win

what do you expect to go out of the dealership

competitive advantage

what makes your product or service unique

generic strategy

3 widely applicable classic strategies for business of all types (differentiation, cost and focus)

mission statement

a paragraph that describes the firm's goals and competitive advantages

what is an example of industry analysis

a research process that provides the entrepreneur with key information about the industry

growth stage

an industry life cycle stage in which customer purchases increase at a dramatic rate

imitative strategy

an overall strategic approach in which the entrepreneur does more or less what others are already doing

company background

brief description of the company, the firm's current status, and the history of the business Vision statement / mission statement Specific goals, Business' competitive advantage

market

business term for the population of customers for your product or service

location

description of the facility, how it meets starategic and sales goal of business

external legitimacy

extent to which a small business is taken for granted, accepted, or treated as variable by organizations or people outside the small business or the owner's family.

internal understanding

extent to which employees, investors, and family members in the business know the businesses purposes and operations

drawbacks on franchises

freedom, costs, standards

cost strategy

generic strategy aimed at mass markets in which a firm offers a combination of cost benefits that appeals to customer

focus strategy

generic strategy that targets a portion of the market, called a segment or niche

good strategy leads too?

greater chances for survival and higher profits for small businesses

marketing strategy

overall strategy your firm pursues in the market

research and development

part of a business that is focused on creating new products or services and preparing new technologies

Franchise Disclosure Document (FDD)

primary source of data for prospective franchisees regarding franchisors


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