Business Organization
expands the market by looking for new markets, or market segments within the existing market. (Existing product/new markets in Ansoff's matrix)
market development
employees, shareholders, hired consultants, unions
internal stakeholders
the total amount of money a firm receives from its sales
total revenue
measured by either value (revenue) or volume (units), this is the percentage of one firm's share of the total sales in the market
market share
total revenue - total costs
profit
the form of business ownership whereby a person or business buys a license to trade using another firm's name, logo, brands, and trademarks
Franchise
Every component of STEEPLE represents the impact of ______________ forces
external
rent, office staff salaries, audit fees, and insurance are all examples of these types of costs
Indirect costs
the analytical tool that helps managers to devise their product and market growth strategies
ansoff's matrix
a measure of the difference between the break-even level of output and the actual level of output
margin of safety
Short - term objectives that affect a segment organizations. Specific goals that guide the daily functioning of certain operations that are in line with the primary objectives of the business
tactical objectives
the O and T of the SWOT analysis is about _________ factors
external
the difference between the selling price per unit and the variable costs per unit
contribution
a visual representation of how consumers perceive a product in relation to other competing products
perception map
In Ansoff's matrix, new products in new markets
diversification
States the underlying "why" and "what" a business is doing NOW; how they will achieve the vision of an organization's existence; Provides means for accountability by defining key performance indicators to internal stakeholders; measures success for external stakeholders
Mission Statement
two methods of external growth
Mergers and Acquisitions (integration, conglomeration), joint ventures, strategic alliances, franchises
An investment appraisal technique that calculates the total discounted cash flows minus the initial cost of an investment project. If the figure is positive, then the project is viable and should be undertaken.
Payback period
the 4 components of the marketing mix
product, price, promotion, and place
Every letter of STEEPLE
social, technological, economic, ethical, political, legal, ecological
Smart Objectives are...
Specific, measurable, agreed, relevant and times
one internal and one external source of finance (correctly identified as such)
internal: personal funds, retained profit, sale of assets
External: share capital, loan capital, overdrafts, trade credit, grants, subsidies, debt factoring, leasing, venture capital, business angels
The level of output that generates neither any profit nor loss
Break-Even Quantity
Market-led pricing strategy that involves a firm setting low prices to gain entry into a new market.
Penetration Pricing
The names Ms Proffitt made up as class examples for both her company, and Mr Penn's company.
Proffitt's Prophets
Penn's Pens