Intellectual Property
What type of Intellectual Property would you use for a new invention?
Patent
What is a brand?
A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers
What does Customer Lifetime Value (CLV) describe?
The customer lifetime value (CLV) is a measure of a customer’s worth (sales minus costs) to a business during one’s lifetime.
What does SWOT analysis stand for and why would you use it?
Strengths
Weaknesses
Opportunities
Threats
What is a corporation?
A corporation is created when it is incorporated by a group of shareholders with a common goal who share ownership represented by their holding of stock shares.
You just created a new logo for your company. What type of Intellectual Property would you use?
Trademark
What is a logo?
A logo is a graphic mark, emblem, or symbol used to aid and promote public identification and recognition.
Give me one of the 4 stages of product development.
Introdcution
Growth
Maturity
Decline
What is a CRM and why would you use it? Provide an example.
Customer Relationship Management. Mobile application
Name 1 of the 6 stages of selling (we talked about this on Monday)
Prospecting
Approaching the prospect
Making the Presentation
Answering Objections
Closing The Sale
Follow up
As a music artist what type of Intellectual property would you use to protect your music?
Copyright
What is a mission Statement? Provide an example.
A mission statement defines what line of business a company is in, why it exists, and what purpose it serves.
Name 1 of the 3 Pricing Methods.
Cost based Pricing
Demand based Pricing
Competition based Pricing
Give me 2 examples of things that can affect a company's marketing strategy.
Economic
Social
Political
Legal
Technological
What is supply chain management
Supply chain management refers to the coordination of all marketing channel activities associated with the flow and transformation of supplies, products, and information throughout the supply chain to the ultimate consumer.
You have a secret recipe for your grandmother's pie, what type of intellectual property would you use to protect it?
Trade Secret
Give me 2 examples of why a company would need to rebrand themselves?
Overcome negative perceptions
Target a new market demographic
Name 3 things that can affect consumer buying behaviors.
Trends
Pricing
Reviews and tesimony
Give me an example of non-price competition
Non-price competition is competition based on factors other than price. It is used most effectively when a seller can make its product stand out through distinctive product quality, customer service, promotion, packaging, or other features.
What is an oligopoly and provide an example.
Insurance Company's
Cell Phone Carriers
How long does a Patent give you exclusive rights?
20 years
What is a value proposition. Give an example.
Name 3 important features of a product
Packaging
Labeling
What does P.E.S.T.L.E. stand for?
Political
Economic
Social
Technological
Legal
Enviornmental
What is intensive distribution and provide an example.
Intensive distribution is the use of all available outlets for a product. It gives a product the widest possible exposure in the marketplace.