Vocab Schmocab
A specific group of customers on whom an organization focuses its marketing efforts.
Target Market
An artificial person, created by law, with most of the legal rights of a real person
What is a corporation model of business ownership?
The term That refers to the target market's perception of a product.
What is Market Positioning?
Strengths, Weaknesses, Opportunities and threats.
The four parts of a SWOT analysis.
The environmental factor that includes cultural differences
What is the social environment?
The provision or transfer of goods, services, or ideas in return for something of value.
Exchange
A voluntary association of two or more persons to act as co-owners of a business for profit
The Partnership model of business ownership?
Introduction
What is the first stage of the product life cycle?
An advantage to starting your own business
You have control over where and when you work.
Allowing another company to use your brand and business model.
What is Franchising?
SWOT Analysis
What is the step in the business process where you identify things that could prevent your business from being successful?
A business that is owned (and usually operated) by one person
What is a Sole proprietorship business model?
The stage that a product's sales begin to increase rapidly.
What is the growth stage?
Payments you make to state and local governments.
What are taxes?
An example of an advantage of exporting.
Low risk
The elements of the Marketing Mix
Product, Price, Place and Promotion
An illegal scheme where participants earn money primarily by recruiting others
What is a "pyramid scheme"?
The strategy that involves making a product stand out from competitiors?
What is the differentiation strategy?
Money you earn, usually from working at a job and other sources.
What is income?
Licensing, Exporting, and Franchising
What are marketing entry strategies?
Unique branding that distinguishes a product, exemplified by Starbucks.
What is Brand Differentiation?
Two components of data-driven marketing.
What are data collection, data transformation and data visulization?
What product invovation is used for
What is a strategy to extend the life cycle of a product?
Research you should do to effectively evaluate a potential business opportunity?
What is conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.
Marketing products across multiple countries.
What is global marketing?