MNGT exam 2
Market Scope
A characteristic of a market that defines the geographic range covered by the market—from local to global.
Market Scale
A characteristic of a market that describes the size of the market—a mass market or a niche market.
Mass Market
A customer group that involves large portions of the population.
Business Plan
A document designed to detail the major characteristics of a firm—its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes on the firm's present and future.
Incubators
A facility that offers subsidized space and business advice to companies in their earliest stages of operation.
Pioneering Business
A firm whose product or service is new to the industry or is itself creating a new industry.
RSS Feed
An Internet messaging service that pushes (sends) whatever web material you specify to subscribers to that feed.
International Website
An Internet site designed to introduce and explain a business to others.
Entry Wedge
An opportunity that makes it possible for a new business to gain a foothold in a market.
Retrenchment
An organizational life cycle stage in which established firms must find new approaches to improve the business and its chances for survival.
Aggrandizing
Attempting to make your business or yourself seem more accomplished or grander than reality.
multichannel marketing
The use of several different channels to reach your customers; for example, a website, direct mail, and traditional retailing.
Caveat Emptor
let the buyer beware
Home Party
A business model in which the entrepreneur arranges a customer to host a party, inviting friends, family, and neighbors. During the party, the entrepreneur demonstrates products and accepts orders for future delivery.
Boom
A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.
Shake-out
A type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.
Vision Statement
A very simple 5- to 10-word sentence or tagline that expresses the fundamental idea or goal of the firm.
Market
The business term for the population of customers for your product or service.
Industry
The general name for the line of product or service being sold, or the firms in that line of business.
Covenant
The limitations imposed on an individual's property by the neighborhood group.
Affordable loss
The minimum possible expenditure of capital and other resources in order to bring an entrepreneurial idea to market.
Elevator Pitch
The name given to the formal presentation of a slideshow summarizing your business plan given before judges or potential investors or partners.
Critical 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.
Due Diligence
The process of investigating a business to determine its value and potential for investment.
Casual Reasoning
The process of setting a goal and then determining the strategy and resources required to attain the goal.
moonlighting
Working on your own part time after your regular job.
door-to-door selling
the practice of taking product directly to the homes or places of business of potential customers and attempting to sell the product immediately.
Industry life cycle
the stages of introduction, growth, maturity, and decline that typically occur over the life of an industry
Sponsored Link
A form of paid advertising that gets your company's website at the top of a search list.
Niche Market
A narrowly defined segment of the population that is likely to share interests or concerns.
Blog
A web page in which entries are posted in reverse chronological order (i.e., the most recent at the top of the page).
Zoning laws
Government specifications for acceptable use of land and buildings in particular areas.
Effectual reasoning
A logical process in which one analyzes the resources available and restraints on the use of resources to create an attainable goal.
Executive Summary
A one- to two-page (250-500 words) overview of the business, its business model, market, expectations, and immediate goals. It is typically put at the start of a business plan and is the most popular summary form for a business plan.
Conflict of interest
A situation in which a person faces two or more competing standards or goals.
Tagline
Memorable catchphrase that captures the key idea of a business, its service, product, or customer (also known as a slogan).
Variance
Permission from a government organization to act differently that the laws state.
Cannibalizing
taking business away from your employer
