Flashcards
Entrepreneurship
Cards in this deck (27)
- 1Marketing within any Organization is viewed in a structure consisting of?Strategy
Marketing
Operations - 2Customer Value Proposition is?Offer the RIGHT PRODUCT
To your TARGET CUSTOMERS
At a PRICE THAT IS ACCEPTABLE to them
Based on their perception of the VALUE
At a cost that gives you PROFIT - 3What four floors connect sellers and buyers?Sellers: - Products/Services
- Communications
Buyers:- Customer feedback/information
-Money - 4Chartered Institute of Marketing Definition:Getting the RIGHT GOODS, to the RIGHT PEOPLE, at the RIGHT PLACE, at the RIGHT TIME, at the RIGHT PRICE, with the RIGHT LEVEL OF COMMUNICATION PROFITABLY.
- 5Marketing guru Peter Drucker describes the aim of marketing as:The aim of marketing is to make selling unnecessary.
- 6What is the difference between Marketing and Selling?Marketing:
1.) Customer focused
2.) Long-term
3.) Relationships
Selling:
1.) Product focused
2.) Short-term
3.) Transactions - 7What 4 elements make up the MARKETING MIX?1.) Product
2.) Price
3.) Place
4.) Promotion - 8What 3 elements are involved in the Marketing Cycle?Plan and Prepare
Test and Try Out
Report and Review - 9What is the process of marketing briefly? UPCUnderstanding what customers want
Providing what customers want
Communicating that it's available to them - 10Target Customer (Consumer Market) categories are? DLPP-Demographics
-Lifestyle characteristics
-Purchase characteristics
-Purchase motivations - 11The Target Customer (Organization Market), what is it and what's involved?1) Companies and government agencies that purchase from small businesses
2) Influences on industrial demand (gov legislation/regulations, potential competition from purchasing company, agencies that exert influence on purchasers, THE BIDDING-TENDERING PROCESS - 12The Target Customer (Export Market)- Government assistance for exporting
- Unique characteristics of foreign market
- Mechanism of exporting - 13External Influences of Market-Economy
-Competition
-Legal Restrictions
-Social and Cultural Environment
-Technology - 14Relative AdvantageDegree to which a new product is more advantageous to customers than competing brands
- 15Factors that Accelerate Adoption when Developing Product/Service-Relative Advantage
- complexity
-divisibility
-communicability of results - 16Customers classify products/services by? 3-Convenience products
-Shopping products
-Specialty Products - 17The channel options for marketing are: 2-Manufacturer to Consumer (Short-Direct)
-Manufacturer to Wholesaler to Retailer to Consumer (Long-Indirect) - 18The distribution system for marketing involves 3 approaches:1.) Channel options: Short-Direct & Long-Indirect
2.) Channel Length (Number of individual entities comprising the channel of distribution between the producer and the consumer.)
3. ) Channel Intensity (The level of a product's availability in a market selected by a marketer) - 19What are the types of pricing approaches a marketer can use? 31) Cost-based pricing
2) Demand based pricing (elasticity)
3) Competition- based pricing - 20What are 4 types of promotion methods marketers can use?1 ) Advertising (types, advantages/disadvantages, suitability, cost)
2) Sales promotions
3) Public Relations
4) Personal Selling - 219 Steps of the Promotional Campaign (OTNRMMBPE)1) Objectives (Numbers)
2) Target
3) Understand Needs/perceptions
4) Relevant Theme
5) Method/Media to use
6) Message
7) Budget
8) Implement program
9) Evaluate program - 222 Types of Customer Relationship Management Systems for Small Businesses?-Database Info System
-Database Marketing for Small Business - 23Application of Customer Relationship Management and Databases (4 components)-Nurture Customers
-Grow Customers
-Retain Customers
-Win back Customers - 245 TYPES OF E-COMMERCE AREB2B
B2G
B2C
C2C
C2B - 25E Commerce Models 91) Brokers
2) Advertising Model
3) Infomediary Model (register on web before allowing access to info, even if info free)
4) Merchant Model (distribution strategy that uses third party web sites (or “merchants”) to sell hotel rooms or inventory, as opposed to offering that inventory through the hotel’s own web site)
5) Manufacturer Model
6) Affiliate Model (Ads for other companies on their website or seeking websites to put ads for other companies on)
7) Community Model (Facebook)
8) Subscription Model (Wall street Journal)
9) Utility Model - 264 Advantages of E COMMERCEEXPAND MARKET
MAXIMIZE CUSTOMER RELATIONSHIPS
CREATURE NEW SERVICES
REDUCE COSTS - 273 PROBLEMS WITH ECOMMERCESECURITY CONCERNS
COPYRIGHT/INTELLECTUAL PROPERTY THREATS
PAYMENT SYSTEMS