Exam Flashcards
Porter Five Forces
Threat of entry barriers Threat of substitutes The power of buyers have over us The power of suppliers Competitive Rivalry
PESTEL Analysis
Political Economical Sociocultural Technological Environmental Legal
Environment scan
Internal Analysis
External Analysis
Types of Intellectual Property
Patents Copyrights Trade marks Design rights Registered designs
Patents
inventions and products, e.g. machines and machine parts, tools, medicines
Copyrights
Design copyright protects the original expression of ideas not the ideas themselves literary works (including writing), art, photography, films, TV, music, web content, sound recordings.
Trademarks
> Trademarks are used to distinguish goods and services of one trade from those of another.
A trademark can be a letter, number, word, phrase, sounds, smell, slogan, logo, picture, aspect of packaging or any combination of these.
Design rights
shape of objects.
Registered designs
appearance of a product including, shape, packaging, patterns, colours, and decoration.
IP Pros
IP promotes innovation
IP Cons
Legal prohibition of competition
Unseen effects: opportunity cost
Patent trolls
Innovation Types
Sustaining Innovation
Disruptive Innovation
Sustaining Innovation
Innovation within existing markets which leads to:
1) Incremental improvements
2) Repeat customers
3) No behavioural change
Disruptive Innovation
Innovation that creates new markets and leads to:
1) New customers
2) Often niche markets
3) Radical behavioural changes
Business model
Method for doing business by which a
venture can generate revenue
Market Research Types
1) Quantitative
2) Qualitative
Quantitative Market Research
Age, Sex, Location, Income, etc.
Qualitative Market Research
1) Findings not subject to quantification.
2) To examine attitudes, feelings, and motivations
3) To find statistically significant differences
Value Proposition
Proposal of value to consumer by
company
Market Segment
1) To whom and for what purpose is the
product useful?
2) How is revenue generated?
Value Chain
Sequence of activities and information
required to allow a company to Design, Develop, Produce, Market, Deliver, Support
Market Research
The processes for identifying and
anticipating customer requirements, in
order that they can be satisfied
profitably
Marketing research process
1) Specifying the problem
2) Generating the research activity
3) Data collection
4) Analysis and interpretation of the findings
5) Reporting the findings and conclusions
