ENTREP MID 2 Flashcards
One of the most difficult parts of the business plan
FINANCIAL PLAN
It speaks of the product or service performance.
FINANCIAL PLAN
money that will be allocated by the entrepreneur to establish a business.
CAPITAL
high value asset that is submitted by the business to the bank when applying for a loan and will be subject for repossession if the business defaults.
COLLATERAL
a chart that details the relevant data of both direct and indirect competitors and how these factors affect profitability.
PROFILE MATRIX
Selling same product in same way. Offers better value to gain customers.
DIRECT COMPETITOR
Selling different product but compete with the same customer. Release offers and promotions to attract customers.
INDIRECT COMPETITOR
based on internal and external scan and from your competitor’s profile matrix.
MARKETING STRATEGIES
It is an advance information that could help us prepare and ready for any incoming event.
FORECAST
Tool that is used planning that aims to support management or a business owner in its desire to adjust and cope up with uncertainties of the future.
FORECASTING
PAR
PROJECTED ANNUAL REVENUE
the one needs to be market
PRODUCT
no need marketing as brand already known
FRANCHISING
strong marketing is needed
NEW PRODUCT
only worth what cuStomers ready to pay for it
PRICE
product must be available in the right place right time and right quality
PLACE
way a company communicates what it does and what it can offer
PROMOTION
everyone who comes into contact with your customers
PEOPLE
one must be able to narrate all the process done and how the product have been made
PROCESS
choosing an unfamiliar product or service is risky for customer because they dont know how good it willl be until after purchase
PHYSICAL EVIDENCE
Place: Which of the following is less focused when determining the place in the marketing mix?
CONVENIENCE OF CUSTOMER
People: in the context of 7ps, what does the people element emphasize most strongly?
TRAINING EMPLOYEES
Place: An e-commerce fashion retail wants to expand into physical store, where should they open their physical location?
SHOPPING MALLS
Promotion: A software company is launching a new app, which promotional tactic would be most effective?
SOCIAL MEDIA ADS
Product: A coffee shop is introducing a new line of vegan pastries, what should they consider in product development?
VEGAN CHEF
Promotion: how does influencer marketing fit into the promotion element? What is the most risk that can be involved?
MISSALIGNED INFLUENCER
How does a fast food chain integrate the 7ps differently from a luxury brand?
PLACE AND PRICE
Physical Evidence: A boutique hotel is looking to create a welcoming atmosphere, what physical evidence should they focus on-
PERSONALIZED ROOM DECOR
Process: A bank wants to enhance customer experience during loan application, what process improvement should they implement?
STREAMLINING ONLINE APPLICATION
Place: A new organic grocery store wants to increase foot traffic, which location would be kost strategic?
BUSY URBAN DISTRICT
