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60 Cards in this Set
- Front
- Back
What is the traditional def. of entreprenuership?
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The pursueing of opportunity regardless of how much resources you have.
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What is the Babson def. of entreprenuership?
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It is a way of thinking, processing, and acting, that is opp. obessed, holistic in approach, and leadership balanced.
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What are the 7 types of entrepreneurs?
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Wanna-bees
Life Style Growth (want to grow asap!) Personal Achievers Real Managers Supersalesperson Expert Idea Generator |
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What are the 6 stages in the entrepreneurship process?
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identify an opportunity
develop the concept determine the resources acquire the resources |
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What are the 5 changes (branches) of identifying an opportunity?
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Tech. change
Social change Regulatory change Demographic Change Market change |
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What are the 5 "new" branches of developing a concept?
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new products
new processes new sevices new markets new sales of distribution channels |
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Who/what are the 8 branches of determining the resources?
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employees
general managment marketing sales expertise finiancing distribution channels vendors (supply source) production needs licenses and patents |
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How/what are the 6 ways of acquiring resources?
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financing
outsourcing (expand to int.) leasing contract labor joint venture partnerships |
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What are the 5 branches of implement and manage?
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start your business
reinvesting monitor performance expand Strategic Plan |
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Harvesting your business (profit or not???)
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Resell it
Go public with it Shut Down the venture license the rights lets go take a vacation! |
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What are the three black big circles on the TIMMONS MODEL?
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Opportunity
Resources Team |
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What are the three arrows pointing between the black big circles on the Timmons Model?
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Creativity
Communications Leadership |
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What is underneath the balance on the Timmons Model?
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FOUNDER
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What is in the middle of the Timmons Model?
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Business Plan
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Opportunity driven
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Eship
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What are the 3 M's?
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Market Demand
Market Structure and Size Margin Analysis $ |
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What is the Marshall Resource?
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Minimize and Control vs. Maximize and Own
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What are some qualities of an entrepreneural team?
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tolerant
creative leadership opportunity obessed committed motivated |
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Marketing Math + Capitalist Creativity equals
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Business ideas with high probability of sucess
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Marketing Math - 3 markers to increase sucess in business
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Over Benefit
Real Reason to Believe Dramatic Difference |
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3 laws of capitalist creativity
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explore stimuli
leverage diversity face your fears |
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What do the 3 laws of capitalist creativity do?
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increase # of practical ideas
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Why do the 2 reasons why businesses exist?
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-To deliver products and services to markets
-Create, promote, distribute, and sell products and services |
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What is the marketing mix? 4p's of marketing...
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Product
Price Promotion Place (distribution0 |
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Why is satisfying customers so important?
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To create, keep, and manage a profitable customer
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Product Line
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Diet Coke, Coke, Caffeine free Coke
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Product Mix
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Amazon.com > electronics, music, clothes, everything
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Benefits for a customer include what?
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what they receive, enjoy, experience
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What can influence the price?
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customers ego or self image
location of the business level of competition season |
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Overall, what should one keep in mind when trying to market a product?
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Price
Place Product based on Placement Product uniqueness Who will distribute your product? |
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Service in physical products
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There is often a service activity closely connected to the physical products. In the bike shop,
this could include assembly and tune-up of new bikes as well as repair work on customers’ bikes. Since part of our revenue comes from these service activities, they are part of the “product”. |
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What are the two directions of pricing?
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Market pricing (customers and competitors)
Own pricing (cost incurred by ourselves and suppliers) |
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What is one danger in price competition?
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Competing below the price of your competitors can cause every business to lose profit - unless you are Walmart!
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What are some other cost of the product that are beneficial to the customer?
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quantity
discounts, rebates, extended payment terms, “No payment due until 2004” |
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What are the objectives of promotion?
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Inform, Convince, Attract
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Service in physical products
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There is often a service activity closely connected to the physical products. In the bike shop,
this could include assembly and tune-up of new bikes as well as repair work on customers’ bikes. Since part of our revenue comes from these service activities, they are part of the “product”. |
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What are the two directions of pricing?
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Market pricing (customers and competitors)
Own pricing (cost incurred by ourselves and suppliers) |
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What is one danger in price competition?
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Competing below the price of your competitors can cause every business to lose profit - unless you are Walmart!
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What are some other cost of the product that are beneficial to the customer?
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quantity
discounts, rebates, extended payment terms, “No payment due until 2004” |
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What are the objectives of promotion?
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Inform, Convince, Attract
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What is personal selling?
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Selling that is very expensive - usually for cars, boats, and so on
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How can one attract a customer?
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coupons, mail-in rebates, distributing free samples, or offering
premiums (toys with McDonald’s Happy Meals) |
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What are some aspects of PLACE in which we can distribute a product?
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We can do it through wholesale, retailer (and retailer then uses internet, phone etc), mail order, internet,
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What are some uses of data warehouses?
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improving internal communication, upgrading sales-force automation , eliminate inefficiency in data management,accessing information quicker and faster and easier
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Productive thinking vs. reproductive thinking
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Do not think, what have I been taught to think like?
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IBM/APPLE/PHONE what do they have in common?
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They are products of productive thinking. We do not think, who will use a phone? We invent by being creative.
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what are the 4 components of an information system?
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Information Technology
Data Procedures People |
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three effects or impacts of Information technology systems?
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It is more efficient, effective, and also more innovative
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Case Study: Deals on Wheals and the impact of IT - how would IT help Uncle Joe
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It will make what he should order more of, who he should target more of, who to buy from, how to increase profit, be more faster in orders, what his demand is: it would in essense capture all transactions- both sales and purchase orders.
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What is BI?
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BI= DDS and is knowledge about my customers, competitors, business partners, envoiment, and own operativetions.
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What does BI do?
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BI will giv eme the ability to know and make effective, imporamt, amd often strategic business decision.
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Aare DDS all computer based/
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yes!!!
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What do DDS use?
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abalytical mdoels
specialed databases The decision makers inights and judgement compute rbased making business decisions |
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What are the 4 types of decision making analysis?
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What if anaylsis - what would happen to sales IF...?
Sensitivity Anyasis - are sales sensitive to...? Goal seeking analysis - What amount of goal cutting should I do? Optimization anaylsis - what is the optimial mix of advertising and product discount to maximize my produfits? |
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What is data mining looking at?
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Data mining looks at trends, looks at a lot of data
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What is data warehouse?
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data collected from several prodduction databases cleaned, integrated, and hten used for data analysis
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What is the result of amazon>
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recommendations, cross selling opportunities, when to discount and when?
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L'oreal and data warehousing...
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It was bad when l'oreal merged because they had sales everywhere, had to request a lot of informaiton for marketing, it took too long time to gather information,
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Wwhat did fowler do well in l'oreal?
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He went sloly
outsourced to a data warehouse (cleaned integrated data management) standarized nt sysmte that was web based paid attention to change standard definations for the data |
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What fowler did not do well
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users felt overwlemed by lack of training
users felt unprepared |