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50 Cards in this Set
- Front
- Back
An act of creating a business or businesses while building and scaling it to generate a profit. No bosses, no schedules, and no one holds you back. |
Entrepreneurship |
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Are part of the market that you can capture for your business's future growth (Lake, 2019). The part of the total population that has shown some level of interest in buying a particular product or service. |
Potential Market |
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Will enable you to analyze the market need. It gathers information that will make the entrepreneur aware of the customer's needs and wants... |
Market Research |
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Is something produced by a human or mechanical effort or by a natural process, as an item that is made, refined, and marketed and offered for sale that is tangible. |
Product |
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Name the 5 importance of Potential Markets |
Ensure the future of your business by identifying new customers. Think proactively about ways for your business to prosper. Show the potential of your business to investors and collaborators. Increase your revenue. Create a plan B that will make weather changes in the economy or market. |
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These are prospects who are willing and capable buyers, and have access to a particular market or service. |
Available Market |
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This refers to a group of potential customers to whom a company wants to sell its products and services. |
Target Market |
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Helps a company understand the level of investment it should make further in the market, while taking into consideration other factors. |
Size of a Potential Market |
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This is a set of customers or clients who are already using a particular product or service. |
Penetrated Market |
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This refers to the motivating force that compels "action" for its "satisfaction". |
Need |
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A ________ is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. |
Market |
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These are people who have already purchased your product. |
Existing Customers |
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These are people who have not yet purchased your product but are considering it. |
Prospects |
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These are people in your target market who are not currently looking for a solution. |
Target Market Users |
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It is important to consider this because it will havean impact on the product's price. |
Consider Product Size and Weight |
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- It's important to consider this to guarantee the product will reach the customer in perfect condition. - It will need extra attention.... |
Consider Product Fragility |
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It refers to color, size and other variations of a single product The more ____ the more attention, time and money you will need to spend in tracking and maintaining inventory. |
Consider the Stock Keeping Unit (SKU) |
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Considering this will be a great choice from a business perspective 'cause you can improve the way you earn customers' loyalty and build your business or repeat sales. |
Consider Product Lifespan |
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Considering __________ means that there are different levels of demand for a product throughout the year. Includes running timely promotions and shipping internationally. |
Consider Seasonality |
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Selling a product with a higher price tag doesn't prevent you from finding e-commerce success. So it's important to consider _______ ________. |
Consider 'Price Point' |
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It's important to consider this due to less 'competition' means the more leverage you have to win a large share of the market. |
Consider Competition |
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On top of choosing a product that's viable in the market, you should consider one that you actually enjoy 'yourself'; One that solves a problem that you have experienced. |
Consider Yourself |
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7 Ways to Guarantee Success and Profitability Starting a Business (Abbreviation: STePh CaLLS) |
Start by identifying a customer you want to serve. Talk to your customers. Presell your Product. Create your Minimum Viable Product (MVP). Let your customers create your Business. Launch the business when you have sufficient funds. Scale your business. |
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A special form of product which consists of activities, benefits or satisfactions offered for sale that are intangible and don't result in the ownership of anything. |
Services |
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List down customer needs Identify product weaknesses, gaps in your product range and areas for product improvement. |
Idea Generation |
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Develop a set of criteria to evaluate your ideas. |
Idea Screening |
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What is SWOT Analysis? |
Identifying the Strengths, Weaknesses, Opportunities, and Threats of each idea. |
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Products that include items like jewelry and automobile parts. |
Imperishable Products |
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These services include airline flights, auto repair, theater entertainment, and manicures. |
Perishable Services |
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Are the named and unnamed needs of customers when they come in contact with the different business establishments or when they search for the solutions which businesses provide. |
Customer Needs |
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A marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. |
Market Segmentation |
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Introduced the term by Neil Borden in the year 1953. It defines as a mixture of several ideas & plans followed by a marketing representative to promote a particular product or brand. |
Marketing Mix |
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What are the 4C's of Marketing Mix? |
Commodity, Cost, Channel, Communication (modernized by Lauterborn, later on considered as Consumer, Cost, Convenience & Communication) |
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The 6 Importance of Marketing Mix in the Business (Bhasin 2018) |
It helps a clean mix creation. It helps in new product development. It helps increase the product portfolio. It is a guide to improve the business. It helps in differentiation. It helps you to be Dynamic. |
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Components of a Product; Product Life Cycle (G-phase, M-phase, SD-phase) |
Growth phase, Maturity phase, Sales Decline phase |
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7 P's of Marketing |
Product, Place, Price, Promotion, People, Positioning/Process, Physical Evidence/Packaging |
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Represents the location, where the buyer and seller exchange goods or services. |
Place |
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The 'money' that a buyer pays for a product. |
Price |
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Refers to the various strategies and ideas implemented by the marketers to make the end-users aware of their brand. |
Promotion |
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Print media, Television, radio are effective ways to entice customers and make them aware of the brand's existence. Taglines also increase the recall value of the brand amongst the customers. |
Advertising |
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The individuals involved in the sale and purchase of products or services come under ___________. |
People |
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Refers to a process used by marketers to create an image in the minds of a target market. |
Positioning or Process |
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This is the concept of branding and using of Unique Selling Proposition (USP). Think of it like a trademark to make the brand of the business noticeable at first glance. |
Physical Evidence or Packaging |
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These are so you can move strategically towards your goals. |
Setting Objectives and Targets |
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Your business position in the market against your competitors. |
Competitive Analysis |
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Are different from products in a way that a "_______" is "what the consumers buy", while the product is "what concern/companies make". |
Brand |
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Helps the customers identify and differentiate one product from another. |
Brand Name |
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It's the use of a name, term symbol or design---or a combination of these---to identify a product. |
Branding |
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5-step Process of Selecting a renowned and successful Brand Name. (D, G, S, G, C) |
Define the objectives of branding in terms of six criterions (descriptive, suggestive, compound, classical, arbitrary & fanciful). Generation of multiple names. Screening of names based on branding objectives & marketing considerations to have a more synchronized list Gathering more details on each finalized names. Conducting consumer research |
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The ability to make a profit. |
Profitability |