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Small Business Management > Exam 3 > Flashcards

Exam 3 Flashcards

0
Q

Core competency

A

Special skill set

Unique product, personnel

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1
Q

Guerrilla Marketing

A

A unique, inexpensive form of advertising

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2
Q

Four objectives of guerrilla marketing plan

A

Pinpoint target market

Determine customers wants through market research

Analyze competitive advantage and build marketing strategy around them

Create marketing mix

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3
Q

Individualized marketing

A

One to one marketing

Gathering individual customers and developing a marketing plan designed specifically to appeal to them

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4
Q

Relationship marketing

A

Involves developing, maintaining, and managing long term relationships with customers so that they will keep coming back to make repeat purchases

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5
Q

Guerrilla marketing principles

A

Don’t just sell: entertain

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6
Q

Focus on the customer

A

Customers are 5x more likely to leave because of poor service than for quality or price

94% of dissatisfied customers never complain but will not return

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7
Q

How to focus on the customer

A

Fix the problem fast

Encourage customer complaints

Commitment to superior customer service

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8
Q

Retain existing customers

A

70% of a company’s sales come from existing customers

Because 20% of a company’s customers account for 80% of its sales

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9
Q

Repeat customers…

A

Spend 67% more than new customers

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10
Q

What is quality?

A

Above consumers expectations and needs

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11
Q

Total quality management

A

Quality not just in the product/service itself, but in every aspect of the business

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12
Q

The quality process

A 
Define
Measure
Analysis
Improve
Control
(Repeat process)
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13
Q

Quality is different depending on where you go

A

Americans define quality….

Reliability
Durability
Ease of use
Known brand
Low price
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14
Q

Customer astonishment

A

Listen to customers
Set standards
Measure performance
Hire the right employees

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15
Q

Emphasis on speed

A

Speeding new products to the market

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16
Q

The marketing mix

A

Product
Place
Price
Promotion

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17
Q

Stages in the product life cycle

A 
Intro 
Growth and acceptance 
Maturity and competition (most profit)
Market saturation
Product decline stage
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18
Q

Distribution marketing mix

A

Place

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19
Q

Unique selling proposition

A

A key customer benefit of a product or service that answers the critical question that every customer asks: what’s in it for me?

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20
Q

6 sentence advertising strategy

A
  1. Purpose
  2. What can it offer to customers
  3. Benefits
  4. Target market
  5. Response from target market
  6. Image
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21
Q

Publicity

A

Ant commercial news covered by the media that boosts sales– business does not pay

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22
Q

Personal selling

A

The personal contact between sales personnel and potential customers resulting from sales efforts (form of advertising)

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23
Q

Advertising

A

Any sales presentation that is non-personal in nature and is paid for by an identified sponsor

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24
Q

Top salespeople…

A

Are enthusiastic and alert to opportunities

Are experts in the products or services they sell

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25
Q

Audience

A

The number of paid subscribers a particular medium attracts

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26
Q

Reach

A

The total number of people exposed to an ad at least once in a period of time

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27
Q

Frequency

A

The average number of times a person is exposed to an ad in that same time period

28
Q

Point of purchase

A

Stuff you but in the check out line

29
Q

Email advertising

A

Make the subject line short

30
Q

Email advertising spam

A

71%

31
Q

Opt in opt out emails

A

Companies purchase email addresses that and “opted out” because they then know that the accounts are active account

32
Q

Advertising media options

A

Know good and bad of each media * look at slide*

33
Q

Preparing an advertising budget

A

What is affordable

Match competitors advertising expenditures

Percentage of sales: past sales, forecasted sales

Objective and task

34
Q

Factors affecting price

A 
Product or service costs
Market forces
Sales volume
Credit terms and purchase discounts
Desired image
35
Q

Three pricing forces

A

Image
Competition
Value

36
Q

Pricing

A

Sends signals to customers about quality and value

37
Q

Competition

A

Consider competitors pricing and location

Avoid price wars

38
Q

Value– three reference points

A

Price paid in the past
Prices competitors charge
Company’s cost

39
Q

Revolutionary products

A

Transform an industry

40
Q

Evolutionary products

A

Make improvements to products that are already on the market

41
Q

Me- too products

A

Allow the company merely to keep up with competitors

42
Q

Introducing a new product: three goals

A

Get the product accepted

Maintain market share as competition grows

Earn a profit

43
Q

Introducing a new product: three strategies

A

Penetration
Skimming
Life cycle pricing

44
Q

Pricing for retailers

A

Dollar markup = retail price - cost of merchandise

45
Q

Break even selling price

A

Quantity produced

46
Q

Credit cards in USA

A

144 million

47
Q

Average person has how many credit cards?

A

4

48
Q

Credit card merchant fees

A

Transaction fees
Equipment fees
Hold backs and chargebacks

49
Q

Global deals

A

More people are involved

Companies plus banks

50
Q

Why go global?

A

Offset sales declines in the domestic market

51
Q

Global business segments

A

North America is not the biggest

As Asia companies grow online, their percentage will grow even more

52
Q

Domestic joint ventures

A

Two or more US companies form an alliance for the propose of exporting their goods and services abroad

53
Q

Foreign joint venture

A

A domestic firm forms an alliance with a company in the target nation

54
Q

Exporting

A

Twice as many companies are able to export than those that do because of language barriers and money (exchange rate) barriers

55
Q

FOB

A

Free on board

56
Q

Letter of credit

A

The two companies go to banks who make the deal so no one loses out on anything

57
Q

FOB

A

If shipment gets lost its on the shipping company

58
Q

Barriers to trade

A

Help local economy

59
Q

Tariffs

A

Taxes a government imposed on goods and services imported into that country

Sugar

60
Q

Quotas

A

Limits on the amount of a product imported into a county

Only so many allowed

61
Q

Embargoes

A

Total bans on imports of certain products

Cuban cigars

62
Q

Why barriers?

A

Politics

63
Q

Dumping

A

Selling large quantities of a product in a foreign country below its cost to gain market share

China sells their steal at lower prices than it costs them so that the U.S. market becomes dependent on them

64
Q

Political barriers

A

Rules, regulations and risks

65
Q

Business barriers

A

Business practices and laws

66
Q

Cultural barriers

A

Differing languages, philosophies, traditions, and accepting business practices

67
Q

International trade agreements

North American free trade agreement

A

Created a single free trade zone with the U.S., Canada, and Mexico

Small Business Management (2 decks)

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