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FUNDEMENTALS OF BUSN > MidTerm > Flashcards

MidTerm Flashcards

1
Q

what are the pillars

A

Human Ressources
Strategy(+1 year)
Operations(-1 year)
Marketing
Finance

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2
Q

SME

A

Small Medium Enterprise
Less than 500 employees
98.5% of busns

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3
Q

how many BUSNS are smalll

A

98%

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4
Q

What percent of busns provide services

A

80%

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5
Q

What percent of busns provide goods

A

20%

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6
Q

What is a busns

A

Anything that provides goods or services for profit

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7
Q

What is NFP

A

A non for profit is an org that focuses on a cause and doesn’t pocket profits

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8
Q

profits

A

revenue - expenses

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9
Q

!!! Can a NFP have profits?

A

Yes it shows good mgmnt just can’t keep them for yourself

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10
Q

Producing goods is ___ intensive

A

capital

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11
Q

Producing services is ___ intensive

A

labour

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12
Q

Why is the service sector growing

A
  • more disposable income
  • Changing demographics and lifestyles
  • Complex goods such as tech
  • Need for professional advice
  • Low barrier to entry
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13
Q

!!! Entrepreneur

A

Someone who risks money time and other resources to start and manage a BUSNS

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14
Q

Businesses drive up ____ which contributes to _____

A

standard of living & quality of life

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15
Q

4 Factors of production

A

1 Capital
2 natural Resources
3 Human Ressources
4 Entrepreneurship (most important

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16
Q

5 environmental factors contributing to BUSN

A

Economic env.
Social env.
Competitive env.
Global env.
Tech env.

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17
Q

Reasons for being an entrepreneur

A

Freedom, money, challenge, idea, survival

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18
Q

Funding options for SE

A
  • personal ressources
  • Loans
  • angel investor
  • Venture Capital
  • Love money ( family, friends, partner)
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19
Q

more than ___% of entrepreneurs have no interest in growth

A

25%

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20
Q

Opportunities for SE

A

-Market Niches
-Personal Customer Service
-Lower overhead cost
-Tech

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21
Q

Threats for SE

A

-High risk of failure
-Lack of knowledge and experience
-Little money
-Bigger regulation burden

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22
Q

Survival Rates of SE

A

Less than a year: 92.9%
1-3 years: 72.3%
4-5 years: 54.4%
6-10 years: 30.7%

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23
Q

!!! 3 launch options

A

Starting from scratch
buying an established busns
buying a franchise

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24
Q

Pro of Starting from Scratch

A

All you (concept ,decisions)
Don’t deal with previous owners bad decisions)

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25
Q

cons of starting from Scratch

A

lots of pressure
hard to get credit
challenging logistics
takes time money and effort

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26
Q

Pros of buying a BUSNS

A

Everything in place
Established relations
Financing is less challenging

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27
Q

Cons of of buying a BUSNS

A

Work with someone else idea
May inherit old mistakes

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28
Q

Pros of buying a franchise

A

-Partnering with established brands
-Assistance possible

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29
Q

Cons of buying a Franchise

A

Less creative control
Tied to brand’s mistake
Purchase price and royalties can be steep

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30
Q

Tools for success when becoming an entrepreneur

A

-Gain expérience.
-learn from others
-Educate Yourself
-Access Ressources
-Develop a business plan

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31
Q

Societal benefits of SE

A

-create jobs
-fuels innovation
-creates opportunities for women

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32
Q

5 eras of busns

A

-Industrial Revolutions
-Entrepreneurship Era
-Production Era
-Marketing Era
-Relationship Era

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33
Q

What can you market

A

People
Products
Services
Organizations (jobs)
Properties (stocks, real estate)
Experiences
Events
Places
Ideas
Informations (top 10 schools)

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34
Q

Revenue:

A

Sales

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35
Q

Entrepreneurial characteristics:

A

Vision
Self reliance
Energy
Confidence
Tolerance of uncertainty
Tolerance of failure

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36
Q

Marketing:

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchaning offerings that have value for customers, clients, partners and society at large (core goal: long term profitability)

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37
Q

Utility

A

The ability of goods and services to satisfy consumer wants

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38
Q

!!! *The scope of marketing (other than goods and services)

A

People marketing (Oprah)
Event Marketing (Osheaga)
Place Marketing (Cancun)
Idea Marketing (Political)

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39
Q

!!! USP

A

Unique Selling Perspective

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40
Q

Marketing segmentation:

A

The first step in planning your marketing strategy. Who will buy the product and divide market into demographics and segments to target.

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41
Q

Scope of Marketing

A

– People marketing
– Place marketing
– Event marketing
– Idea marketing

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42
Q

Unmatched value:

A

being able to provide this to customers is the only way to long-term profitability.

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43
Q

Customer Relationship
Management (CRM)

A

– Value
– Customer satisfaction
– Customer loyalty

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44
Q

When promising smt to a customer don’t ____ or ______

A

Overpromise or Underpromise

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45
Q

A well-chosen target market
considers:

A

-Size
-Profitability
-Accessibility
-Limited Competition

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46
Q

B2C market segmentation

A

Demographic
Geography
Psychographic (tough but rich data)
Behavioral

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47
Q

Marketing Mix/ 4Ps

A

Place
Price
Product
Promotion

48
Q

Environmental Scanning

A

-Competitive
-Economic
-Social/Cultural
-Technology
-Political/Legal
-Global Marketing Env.

49
Q

Consumer Behavior

A

how people act when buying products

50
Q

Elements that INFLUENCE Consumer Behavior

A

Cultural: Values, Customs
Social: Family, Reference Groups
Personal: Demographic, personality
Psychological: motivations, perception

51
Q

Decision Making Process

A

1-Need Recognition
2-Info Search
3-Evaluation of alternatives
4-Purchase Decision
5-Post Purchase Behavior

52
Q

Marketing Research

A

-Monitor and predict customer behaviour
-Evaluate and improve marketing mix
-Better marketing decisions lead to more value for consumers and more profits for business.

53
Q

Secondary data

A

Existing Data
-Lower cost
-May not be specific
-Frequently outdated
-Available to competitors

54
Q

Primary data

A

New Compiled Data
-Customizable
-Fresh and new
-Proprietary
-More expensive

55
Q

Primary research tools:

A

-Observation research: Doesn’t interact! !(Video, Traffic Counter)
-Survey research: Interacts!! (ex. questionnaires, interviews, focus groups)

56
Q

Product:

A

Anything a company offers to satisfy customer needs and wants, including both goods and services

57
Q

Most services embody these qualities:

A

Intangibility
Inseparability
Variability
Perishability

58
Q

Example of a product that can be both good & service

A

Restaurant meal

59
Q

Core benefit:

A

satisfies the customer’s need
Reason people buy product*

60
Q

Actual Product

A

Physical properties of good

61
Q

Augmented Product

A

Warranties, service manual

62
Q

Consumer Product Categories (B2C)

A

– Convenience products (coke)
– Shopping products (computer)
– Specialty products (Rolex)
– Unsought products (Thesaurus)

63
Q

What are the 3 product layers

A

actual product
Core benefits
Augmented product

64
Q

Business Product Categories (B2B)

A

-Installations
-Accessory equipment
-Maintenance/Repair
-Raw material
-Component parts
-Business services

65
Q

Quality Level

A

performance of core functions

66
Q

Product Consistency

A

how reliable it delivers its promised quality level

67
Q

Features of a product

A

specific characteristics ex: Facial Recognition

68
Q

Product Benefit

A

the advantage that customers gain from product ex: security

69
Q

Product Line

A

products that are closely related either in terms of how they work or the customers they serve

70
Q

Product Mix

A

the total number of product lines by a single firm

71
Q

Cannibalization:

A

A producer offers a new product that takes away sales from its existing product
(doesn’t add new customers so waste of money)

72
Q

Brand:

A

Product identitity that seperates it from competitors

73
Q

Brand equity

A

the extra money consumers will pay for the brand

ex: detergent common price is 10$ but for Tide its 15$ so 5$

74
Q

Brand Name

A

Catchy memorable name

75
Q

!!! Line extension

A

similar products offered under the same brand name

76
Q

Brand extensions

A

A product in a new category under an existing brand

77
Q

Dangers of Brand Extension

A

Dilution
Damaged reputation bc of defects
EX: Canadians

78
Q

Co-Branding

A

Two Campaigns cross over
ex: Couche Tard + Tim Horton

79
Q

Packaging

A

Protects product
Provides Info
Facilitate Storage
Suggests Product use
Promote Brand
Attract buyer attention

80
Q

!!! Why do profits plateau earlier than sales (PLC)

A

Because expenses go up due to lack of competition. After you need to spend on marketing and have to lower prices due to competition.

81
Q

New Product Development Process

A

1-Idea
2-Idea Screening
3-Analysis
4-Development
5-Testing
6-Commercialization

82
Q

First adopters of products

83
Q

Laggards of product adoption

84
Q

Modes of Transportation

A

Rail
Truck
Plane
Ship
Pipeline

85
Q

What is the only P that generates revenue:

86
Q

Adv and DisAdv of Truck

A

-Most extensive Availability
-Medium flexibility in Handling

87
Q

Adv and DisAdv of Ship

A

-Lowest Cost
-Lowest frequency of shipment

88
Q

Adv and DisAdv of Plane

A

-Fastest
-Highest Cost

89
Q

Adv and DisAdv of Pipeline

A

-Highest frequency of shipment
-Lowest flexibility in Handling

90
Q

Adv and DisAdv of Rail

A

-Extensive Availability
-Slow

91
Q

Promotion

A

The power to influence consumers, to remind them, to persuade them, and inform them (Elections)

92
Q

integrated marketing communications

A

IMC
-Coordinate promotional messages
Create a unified impression in the customer’s mind
-Identify key points of contact between the product and target market

93
Q

Promotional mix:

A

S.P.A.D.E
Sales Promotion
Personal Selling
Advertising
Direct Marketing
Emerging tools

94
Q

Sales Promotion

A

Generates immediate sales
ex: Coupons, Sales

95
Q

Personal Selling

A

person 2 person
Big complex sales

96
Q

steps of Personal Selling

A

-Prospect and Qualify
-Prepare
-Present
-Handle Objections
-Close Sale
-Follow Up

97
Q

Advertising

A

Paid NON PERSONAL communication designed to influence a target audience

98
Q

Choosing the right promotional Mix

A

-Product Characteristics
-product life cycle
-Target audience
-Push vs pull
-Competitive environment
-Budget

99
Q

Multi Retail Channeling

A

Retailer does store and online

100
Q

Store Retailer Categories

A

-Category Killers
-Convenience Stores
-Department Stores
-Discount Stores
-Outlet Store
-Specialty Store
-Super Market
-Supercentre
-Warehouse

101
Q

Distribution Strategy

A

Intensive (Coke)
Selective (Computer)
Exclusive Distributions (Bentley)

102
Q

Direct channel

A

Distribution process that links directly producer and consumer

103
Q

Intermediary

A

Retail, Wholeseller

104
Q

Retailer

A

Distributor that sell products directly to ultimate user

105
Q

Wholeseller

A

distributors that buy products from producers and sell them to retailers, other wholesalers, or business users

106
Q

!!! Non-Store Retailer

A

Online
Direct Response (catalogue)
Direct Selling
Vending Machine

107
Q

How to fix Margin Prices

A

Cost based Pricing
Demand based Pricing

108
Q

!!! Supply chain Management

A

Planning and coordinating the movement of products along the supply chain

109
Q

!!! Logistics

A

The tactics involved in moving the product

110
Q

Elements of Supply chain

A

Raw Material
Logistics
Warehouse/Storage
Production
Warehouse
Logistics
Distributors

111
Q

Pricing

A

-Key role in demand for product
-Price is tough variable: legal constraints and intermediary
-Stable pricing not the norm & prices should be constantly evaluated

112
Q

boosting volumes

A

penetration pricing
everyday low pricing (walmart)
High/low
loss leader pricing

113
Q

matching comp. (creating Prestige)

A

Skimming pricing

114
Q

Breakeven analysis

A

the process of determining the number of units that must be sold to cover costs

115
Q

What do you look for in a Partnership

A

Shared vision
Financial Stability
Skilled
Trust
Connections

116
Q

Internal Locus of Control

A

you are responsible for what happens in your life

FUNDEMENTALS OF BUSN (4 decks)

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