Internet and Sales Goals
What is search engine optimization?
Search engine optimization is the process of making a website more attractive to search engines.
What is a Press Release?
A press release is an official statement that gives information to the public using mass communication to get their word out.
This function involves making decisions about how, when, and where products will travel from producers to customers.
Distribution
What is Charm Pricing?
Charm pricing is ending a price with 9 or .99. Consumers commonly ignore the cents and only see the dollar amount. For instance, a $7.99 product may be seen as only $7 to consumers, meaning they are paying the extra .99 without thinking about doing so.
Also known as market research, entrepreneurs use this to gather information about products; conduct research on consumer wants, needs, and preferences; and analyze competitors.
Marketing Information Management
Entrepreneurs should set sales goals in quantifiable terms? What two things would be included in them?
1-Measuring in gross revenue generated
1-Measuring the number of new customers acquired within a realistic timeline.
According to the text, what are two reasons that a press release would be utilized?
1-To promote a positive impact they have made
2-To counteract a negative perception from the public.
Includes sourcing the necessary capital to produce, market, and sell goods or services.
Financing
What role do supplies play in the operation of a typical small business?
Supplies play a critical role in the operation of a typical small business because a small business needs
Regular supplies delivered at the correct time
—Not too early so that they pile up
—Not too late so that the business cannot deliver goods or services to its customers.
Business owners must be able to secure a clear commitment with suppliers to ensure supplies are delivered on time, every time.
Type of pricing that sets prices so low competitors are driven out of the market.
Predatory Pricing
What are three types of customer retention methods?
Loyalty Programs
Referral Rewards
Discounts for Returning
What is a logo? What is a slogan? What is another name for a slogan?
1-A logo is a symbol or design that a company uses to identify its business and products.
2-A slogan is a repeated phrase or selection of words affiliated with an individual, organization or product.
3-Another name for slogan is tagline.
Messages businesses send to customers to influence purchases.
Promotion
How does competition influence price? Name and define what two strategies are used.
When businesses are part of a highly competitive market, they may influence customers by using price and nonprice competition strategies.
Price Competition is when businesses try to influence customers by offering a more reasonable price than competitors
Non Price Competition is when businesses influence customers with attributes of their products.
What type of pricing is when a company may place two sets of headphones on display, one priced at $100 and the other at $85. Many people will assume that the higher price will equate to higher quality.
Comparative Pricing
What are the advantages and disadvantages of marketing a business on the internet?
Advantage 1--Internet advertising offers a perfect starting point for the bootstrapping entrepreneur. With an investment of time and effort, internet marketing can reap many rewards with little capital investments, including acquiring new customers, retaining existing customers, and reaching new market segments.
Advantage 2--Another advantage is that internet marketing is very accessible. Where print and broadcast advertising may require outside vendors, such as sales representatives or printers, internet advertising can be accomplished with a computer and internet connection.
Disadvantage 1- It may not cost significant dollars to open a social media account and begin posting, it does cost time.
Disadvantage 2- SEO can be a very effective marketing strategy, but it takes a great deal of time to see results. Entrepreneurs that are already spread across all areas of their business may find the time investment a difficult disadvantage to overcome.
Name four of the six business documents the text states where a logo and slogan is utilized?
Business Card
Letterhead
Advertisements and Flyers
Brochures
Signs and Posters
Websites
Social Media Sites
If a business wishes to profit, this must align with economic and market conditions. Market research is required to set this so customers purchase and businesses can profit.
Pricing
How does distribution add value to goods, services, and intellectual property?
Effective distribution adds value to goods, services, and intellectual property because businesses that deliver goods and services in a timely fashion and in the desired condition are creating value for their customers. Likewise, the ability to download music, movies, or other intellectual products delivers value to customers who seek instant access to paid products.
Besides Product Mix, what four other elements make up the Product Mix?
Product Line
Product Width
Product Depth
Product Length
When crafting sales goals, a business should also understand
Who it intends to sell to and whether it is the end‐user, middleman or some other potential customer
Name 5 of the 6 ways a Press Release can be sent out in mass communication
Newspapers
Magazines
Television
News Programs
Radio Stations
Social Media Platforms
Once all of the other marketing functions are put into action, this can take place.
Selling
How does an entrepreneur calculate prices, including markups, discounts, and break‐even points?
When determining markup, many businesses use percentage markup (a certain percentage added to the product’s cost) to determine what the selling price should be. For example, if a product costs $50 to produce, a company may decide it needs to profit 30 percent of product sales. This means the selling price is set at $65.
Business owners should also account for discounts when determining selling prices. Discounts are represented by a percentage off, such as 30 percent off the selling price, or as a dollar discount, such as $5 off the selling price. For example, if the selling price of an item is $65 with a $10 discount, the customer pays $55.
The formula used to calculate the break‐even point is Fixed costs/price per unit minus variable cost per unit.
What are the four stages of the Product Life Cycle
Introduction
Growth
Maturity
Decline