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Post Midterms Im gonna dieeeeeeee > Entrep 5 > Flashcards

Entrep 5 Flashcards

1
Q

Something that exists in nature or is made by human industry,
usually to be sold.

A

Product

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2
Q

This is intangible work, skills, or expertise provided in exchange for a fee.

A

Service

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3
Q

4 Ps

A

Product
Place
Price
Promotion

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3
Q

What is the key to building a successful brand?

A

Focus
-said by Al Ries

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4
Q

What is the full word of Logo?

A

Logotype (an identifying symbol for a product or business.)

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5
Q

This strategy is offering “more for less” by underscoring a product’s quality, while at the same time featuring its price.

A

Value Pricing

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6
Q

This is defined as any word, name, symbol, or device used by a manufacturer or merchant to distinguish a product.

A

Trademark

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6
Q

This pricing strategy is where a firm sets high prices on its products or services to send a message of uniqueness or premium quality.

A

Prestige Pricing

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6
Q

This pricing method is one of the most commonly used; you add a desired profit margin to your cost. It is the simplest cost to calculate.

A

Cost-Plus Pricing

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7
Q

This is an offshoot in cost plus pricing in which you apply a predetermined percentage to a product’s cost to obtain its selling price.

A

Markup Pricing

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7
Q

This strategy provides different prices for a single product or service.
Many businesses use this type of method, often without conscious recognition of it. They offer discounts, credit terms, and price concessions to their customers, setting different prices for the same product or service.

A

Variable Pricing

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8
Q

This strategy offers a low price during the early stages of a product’s
life cycle to gain market share.

A

Penetration pricing

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8
Q

This is the opposite of penetration strategy because it seeks to charge high prices during the introductory stage when the product
is novel and has few competitors, to take early profits, and then to reduce prices to more competitive levels.

A

Skimming Pricing

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8
Q

This strategy is constantly matching or undercutting the prices of the competition.

A

Meet-or-beat-the-competition pricing

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9
Q

This is similar to a meet-or-beat-the-competition
tactic but with a particular competitor as the model for pricing.

A

Follow-the-leader pricing

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10
Q

The process of creating distinctive pricing levels.

A

Price Lining

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10
Q

This charges a premium above the standard price for a product or service to certain customers, who will pay the extra cost.

A

Personalized (dynamic) pricing

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11
Q

This is the use of advertising and publicity to get your marketing
message out to your customers.

A

Promotion
Ads=Paid
Publicity=Free

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11
Q

This is a common way of calculating the aggregate budget.
It is the simplest to use because the budget will be derived either from the prior year’s sales or anticipated sales.

A

Percentage of sales

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12
Q

This promotes your business to your current and prospective customers and to those who influence purchasing and sales decisions.

A

Marketing Communications

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13
Q

All communications include what?

A

Originator (source)
Message (overt and/or subliminal)
Channel for dissemination
Target (receiver)

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13
Q

This approach to promotional budgeting means determining
what is left over after other expenses are calculated, and allocating funds based on the results.

A

Excess Funds

13
Q

This is another way to set a promotional budget. It entails researching your competitors to determine their level of spending.

A

Competitive Spending

14
Q

These promotional tools are a way of securing product engagement and, potentially, repeat sales.

A

Contests and sweepstakes

15
Q

This method is to budget expenditures according to
the strategies and tactics developed to reach specific promotional objectives. This entails building a budget based on what you have determined is needed to be successful.

A

Objective and Task

16
Q

This category of advertising provides information about an organization rather than a specific product and is intended to create awareness about the firm and enhance its image.

A

Institutional advertising

17
Q

This category of advertising is designed to create awareness, interest, purchasing behavior, and post-purchase satisfaction for specific products and services.

A

Product advertising

17
Q

Jay Conrad Levinson coined this alternative marketing term in 1984 with his book of the same name, meaning original, unconventional, and inexpensive small-business strategies.

A

Guerilla Marketing

18
Q

This form of marketing reaches beyond the traditional demographic approaches to engage customers based on how they live.

A

Lifestyle Marketing

19
Q

This promotional tool require the customer to actively seek out your product on the shelves or to contact you for the product or service.

A

Coupons

19
Q

What are the 2 types of Buzz Marketing?

A

Organic buzz marketing: People talk about it on their own
Amplified buzz marketing: Companies jumpstart the talk

20
Q

This promotional tool brings the product or service message to life for the customer through experience.

A

Sampling

20
Q

This happens when the two major components of Internet marketing
e-commerce and interactive marketing combine.

A

E-active marketing

20
Q

This is another name for word-of-mouth marketing.

A

Buzz Marketing

21
Q

This is the combining of education and entertainment to make a more lasting impression on an audience.

A

Edutainment

21
Q

This means addressing customers, absorbing their input, and reaching out to them again to make it clear you have paid attention.

A

Interactive marketing

22
Q

The provision of an electronic storefront and/or other forms of electronic commerce is one way of implementing your marketing strategy.

A

E-Commerce

22
Q

This is integrating a company’s conventional offline branding strategy with its Internet strategy by using conventional approaches to drive traffic to its online sites.

A

Brand Spiraling

23
Q

This is a journal that appears on the Internet periodically (perhaps daily) and is intended for the public.

A

Blogs (Short for Web-Log)

23
Q

This is undercover, or deceptive, marketing efforts that are intended to appear as if they happened naturally.

A

Stealth marketing

24
Q

This is the collective term used for all the blogs on the Internet

A

Blogosphere

24
Q

The updating of social-network sites via mobile handsets.

A

Mobile social networking

25
Q

Coined by Tim Draper this is the process of promoting a brand, product, or service through an existing social network, where a
message is passed from one individual to another

A

Viral Marketing

25
Q

This can include campaigns in which the company solicits advertisements from customers.

A

Consumer-Generated Advertising

26
Q

This is defined by the Institute of Public Relations as “the planned and sustained effort to establish and maintain goodwill and mutual understanding between an organization and its public.”

A

Publicity, sometimes referred to as public relations (PR)

27
Q

This is a correspondence designed to explain the story behind a press release, and why it would be interesting and relevant to the media outlet’s readers, listeners, or viewers.

A

pitch letter

28
Q

This is an announcement sent to the media to generate publicity that explains the “who, what, when, where, why, and how” of a story.

A

press release

28
Q

This part of publicity is a great way to involve your business in
the community and meet potential customers. Just be certain that the audience for the event fits into your target market.

A

Sponsorships

29
Q

What is the 5th P?
(a concern for human and social welfare that is expressed by giving
money through charities and foundations.)

A

Philanthropy

29
Q

This part of publicity is the exchange of information and contacts. When done efficiently and courteously, networking can serve as an excellent promotional vehicle.

A

Networking

30
Q

An entity formed with the intention of addressing social or other
issues, with any profits going back into the organization to support its mission.

A

Not-for-profit organization

30
Q

This is a not-for-profit organization that manages donated
funds, which it distributes through grants to individuals or to other nonprofit organizations that help people and social causes.

A

Foundation

31
Q

This type of marketing is marked by promotional efforts inspired by a commitment to a social, environmental, or political cause.

A

Cause-related marketing

31
Q

An intangible asset generated when a company
does something positive that has value.

A

Goodwill

Post Midterms Im gonna dieeeeeeee (13 decks)

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