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Entrepreneurship > Unit 3 - Enterprise Marketing > Flashcards

Unit 3 - Enterprise Marketing Flashcards

1
Q

Fundamental Goal of a Business?

A

To make Profit; which need not always be in terms of money but Improved Customer Relations, Goodwill etc.

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2
Q

What is Goal Setting?

A

“Establishing Short or Long term objectives, usually incorporating deadlines and quantifiable measures”

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3
Q

Importance of Goal Setting

A

PPC

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4
Q

The First P in PPC

A

Performance

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5
Q

The Middle P in PPC

A

Pro-active not Reactive

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6
Q

The C in PPC

A

Clarity of Vision & Purpose

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7
Q

What is the First Step to Achievement?

A

Goal Setting

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8
Q

“Without a Goal Setting strategy or a series of actions, whether or not you succeed is just a Matter of Blind Chance” Why?

A

Because Goals need Action

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9
Q

RULES for Goal Setting

A

Goals need to be
RELEVANT,
ACTIONABLE,
ACHIEVABLE STRETCHES

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10
Q

What are SMART goals?

A

It is a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results

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11
Q

The S in SMART

A

Specific

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12
Q

The M in SMART

A

Measurable

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13
Q

The A in SMART

A

Attainable

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14
Q

The R in SMART

A

Relevant

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15
Q

The T in SMART

A

Time-Based

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16
Q

What is Marketing Strategy?

According to David Aaker

A

“It is a process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage”

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17
Q

What does the Marketing Strategy of a company include?

A

BMM

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18
Q

The B in BMM

A

Basic and Long term activities

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19
Q

The Middle M in BMM

A

Market-oriented Strategies

20
Q

The last M in BMM

A

Marketing Mix

21
Q

Components of the Marketing Mix

A

The 4P’s

22
Q

What are the 4P’s?

A

Product, Price, Place, Promotion

23
Q

What is Marketing Mix?

A

It refers to the combination of 4 inputs which constitute the core of a company’s marketing system; Product, Price, Place and Promotion

24
Q

Components of Product Mix

A

BRANDING,
LOGO & TAGLINE
LABELLING,
PACKAGING

25
Q

What is a Product?

A

A product is any tangible or intangible offering that is required to satisfy the needs or wants of a consumer

26
Q

What is Generic Requirement?

A

It refers to the core benefit, a product offers to the consumer

27
Q

What is Branding?

A

Branding is a tool whereby a name, sign or symbol is given to a product by the entrepreneur so as to differentiate his/her product from the rival products

28
Q

What is a Brand?

A

A Brand is a name, sign, symbol or design or a combination of them which is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors

29
Q

What are the 3 Components of Brand?

A

BRAND NAME,
BRAND MARK,
TRADE MARK

30
Q

What is Brand Name?

A

It is that part of a Brand that can be spoken or can be vocalised

31
Q

What is Brand Mark?

A

It is that part of a Brand which can be recognised but cannot be vocalised
It appears in the form of a symbol, design or distinct colour scheme

32
Q

What is Trade Mark?

A

It refers to the legal protection given to a Brand against its use by other firms
Thus, it protects the seller’s exclusive right to use the Brand Name or Brand Mark

33
Q

Qualities of a Good Brand

A

SINE

34
Q

The S in SINE

A

Short and Sweet

35
Q

The I in SINE

A

Impressive

36
Q

The N in SINE

A

Noticeable

37
Q

The E in SINE

A

Ethical

38
Q

Types of Brands/Brand Names

A

IF CA

39
Q

The I in IF CA

A

Individual Brand Name

40
Q

The F in IF CA

A

Family Brand Name

41
Q

The C in IF CA

A

Corporate Names

42
Q

The A in IF CA

A

Alpha-Numeric Names

43
Q

What are Individual Brand Names?

A

Individual Branding refers to the practice of choosing separate or distinct Brand names for each Product or Service

44
Q

What are Family Brand Names?

a.k.a. Umbrella Branding

A

Family Branding refers to the practice of choosing a common or successful family name for several products

45
Q

What is Umbrella Branding?

A

Umbrella Branding (or Family Branding) refers to the practice of choosing a common or successful family name for several products

46
Q

What are Corporate Names?

A

Corporate Naming refers to the practice of choosing to utilise the company’s Corporate Name or Logo together with some brand name of individual products

47
Q

What are Alpha-Numeric Names?

A

Alpha Numeric Naming refers to the practice of creating a distinct identity of a product by including alphabets and numerals to signify the physical characteristics of a product

Entrepreneurship (2 decks)

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