chapter 1 Flashcards
What is a market development strategy?
A business growth strategy that focuses on introducing existing products to new markets.
What are the goals of a market development strategy?
- Improve the quality of products or services
- Acquire new customers
- Upsell current customers
- Develop new products or services
- Increase revenue margins
- Build organizational resilience
- Support long-term company growth
- Generate more leads and sales
- Provide more value to customers
- Increase brand awareness
- Decrease production cost per unit
What is the first step in creating a market development strategy?
Research your development opportunities.
What does a SMART goal stand for?
Specific, Measurable, Achievable, Relevant, Time-based.
What should be considered when allocating resources for market development?
- Raw materials
- Equipment
- Software
- Staff
- Marketing materials
- Initial funding
What is the purpose of developing a marketing plan in market development?
To launch a new product or introduce an existing product to new customers.
What is the importance of analyzing results after a product launch?
To track results, ensure goals are met, and satisfy customers.
True or False: Clear communication is crucial for executing a successful market development strategy.
True
What is a roadmap for creating an entrepreneurial venture?
A comprehensive plan that outlines the steps to launch and grow a business.
What is the first phase in creating an entrepreneurial venture?
Idea Generation and Validation.
What should you do to validate your business idea?
Conduct surveys, interviews, and focus groups to gather feedback from potential customers.
What does a business plan include?
- Executive Summary
- Market analysis
- Organizational structure
- Product line
- Marketing strategies
- Financial projections
What is a Minimum Viable Product (MVP)?
A prototype created to test a concept and gather user feedback.
What are some sources of funding for a business?
- Bootstrapping
- Angel investors
- Venture capital
- Crowdfunding
- Small business loans
What is the purpose of a marketing strategy in an entrepreneurial venture?
To develop a comprehensive plan that includes digital marketing, social media, content marketing, and traditional advertising methods.
What is psychological pricing?
A strategy based on the belief that certain prices or price ranges make a good or service more appealing for buyers.
What is loss leader pricing?
A product offered at cost or below cost to attract customers to buy other products at regular prices.
What is price discrimination?
Charging different prices for the same good or service in different markets or to different targets.
What are internal factors that affect pricing?
- Marketing objectives
- Marketing mix strategies
- Product features
- Costs
- Organizational considerations
What is absorption/full cost pricing?
A method that attempts to absorb all variable costs and some fixed costs of production.
What is market skimming pricing?
Involves using a high price relative to competitive offerings to skim profits from the market.
What is competitive pricing?
Pricing goods or services at the general level of comparable offerings, de-emphasizing price as a competitive variable.
