Money And Marketing Flashcards
Capital
All assets including buildings, equipment and funds needed to start up a business (including computers, machinery)
Equity
Is ownership interest in the form of common stock in a company
What does ROI stand for?
Return On Investment
ROI definition
Is the calculation of the monetary value of an investment versus it’s cost
Why is ROI important?
-measures profitability
-evaluates risk
-compares opportunities
-resource allocation
Limitations of ROI
-doesn’t account for time
-oversimplification
-estimates may be inaccurate
-doesn’t account for non-financial benefits
The marketing mix
a) product - you have to show customers that your product or service will meet their needs
b) price - need to charge a price your customers will pay
c) place - customers need to know where they can go to get your product or service
d) promotion - advertising to encourage people to buy your product
Channel of distribution
A) Direct channel of marketing- the producer sells directly to the consumer
B) indirect channel marketing - producer sells product to someone else who then sells to consumer
Unique selling proposition
The factor that makes the product different from it’s competitors
Product mix
The total number of product lines a company offers
Pricing and position strategy
Ability to proce products based on competitors
Target market
A particular group of consumers your company targets
Conversion Strategy
Digital strategy that converts website visitors into paying customers
(Pop ups, emails sign up)
Retention strategy
Used to retain customers through loyalty and rewards
Mentorship
Where an experienced individual provides guidance and support to a less experienced individual
Mentorship vs coaching
Mentorship long term and focuses on career development
Coaching is short term and provides direct instruction and strategies
Mentorship models
One-on-one
Peer mentorship
Group mentorship
Reverse mentorship
