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43 Cards in this Set

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  • Back
What are the components of the Timmons Model?
1. Opportunity: 3Ms - Market Demand, Margin Analysis, Market Structure and Size
2. Resources: minimize and control vs. maximize and own
3. Team: experience, motivation, commitment, creativity, leadership, communication
How is opportunity driven?
Market Demand - do people want it
Market Structure - enough people in the market
Marginal Analysis - Financially feasible
What are the three laws of marketing physics?
Overt Benefit: Benefit for customer
Dramatic Difference: Why should they believe you deliver
Real Reason to Believe: What sets you apart
Gross Margin Equation
Sales - Cost of Goods Sold
Gross Margin Percentage
Gross Margin / Sales
Rule on Gross Margin
For every $1 sales, the company generate X cents in profit before operating expense which equals gross margin / sales
What are some factors that influence pricing
- Customer ego and self image
- Location
- Seasonality
- Competition
Components of Marketing Research
1. Define problem & research objectives
2. Develop the research plan
3. Construct the data collection instruments
4. Collect the data
5. Analyze the data
6. Present the findings
Financial Accounting
Preparation & reporting of financial statement
External orientation
Managerial Accounting
Use of financial information to support managerial decision-making
Internal orientation
5 Fundamental components of an Information System
1. Hardware
2. Software
3. Data
4. Procedures
5. People
High tech information systems
Customer support system, keeps track of equipment, schedules, and reminds
Low tech IT
consists of a file of email addresses and an email program
What is IT
refers to products, inventions, methods and standards used for the purpose of producing information
What is IS
refers to the assembly of hardware, software, data, procedures, and people that produces information
What is DBMS
Database Management System creases, processes, and administers a database and allows for data querying
Purpose of Pie Chart
Compare parts of a whole to the whole
What is histogram
chart used to represent frequency data in statistics
What is cross tabs
matrix (contingency table) that displays the joint distribution of two or more variables. It merges two or more frequency distribution tables into one
Purpose of Market Segmentation
1. Cross tabulation show different preferences for different demographics
2. Segment by preference
Purpose of Cluster analysis
Groups of similar surveys together repeatedly until there are only a few groups
What's wrong with paper filing
1. Cumbersome
2. Takes up space
3. Data sharing difficult
4. Tough to aggregate
Whats wrong with office and publisher
Hard to search, share, and aggregate
What's wrong with one spreadsheet
Can't share it
Why is DBMS effective?
Single or multiple user mode
Multi-user data stored on the network
What is CRUD and how does it help with access control
Create and add data to database
Read specific data items
Update and change specific data
Delete specific data
Function of Database Administration
To manage the development, operation, and adaptation of the database. Supports larger enterprise database
Definitions of Entrepreneurship
1. Start a small business, reduce costs for competition
2. Identify an opportunity regardless of resources
3. "A way of thinking that is opportunity-obsessed, holistic in approach, and leadership balanced."
Value Creation
Creating above average returns for all stakeholders (shareholders, investors, entrepreneur, community) during a certain period
6 Stages of Entrepreneurship
1. Identify an opportunity
2. Develop the concept
3. Determine the resources
4. Acquire the resources
5. Implement and Manage
6. Harvest the Venture
Formula to Calculate pricing
price - COGS = GM
Definition: Cost of Goods Sold
a figure on the income statement, which reflects the cost of acquiring the raw materials to and producing a goods that are sold to the customer
Formula: Cost of Goods Sold
Beginning Merchandise Inventory + Purchases of Inventory (during period)- Ending Merchandise Inventory
Definition: Gross margin
Reveals how much a company earns taking into consideration the costs that it incurs for producing its products/services.
Formula: Gross Margin
Total Revenue - COGS
4Ps of Marketing
1. Price
2. Product
3. Place
4. Promotion
Features vs. Benefits
Feature = something offered by a product of service
Benefit = what this feature will do for the customer
Quantitative Research
What is human behavior
What, where, when
large, random samples, quantifiable data
Qualitative Research
Understanding human behavior
Why, how
Small focused samples from several mediums
Primary v Seconday
Primary = By you, Secondary = By someone else
Why is Market Research conducted?
1. Gain information on price, who will buy, and how much
2. Gain information about behavior of target market and their purchasing habits
Sales Potential Analysis/Revenue Forecast Equation
(#of people in market)(%who will buy)(#purchases per year)(# units per purchase)(selling price)
Vertical vs. Horizontal Analysis
Vertical = sets all figures as a percentage of sales
Horizontal = takes the same figure from two different periods and compares them in terms of a percentage or absolute-dollar value