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45 Cards in this Set
- Front
- Back
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2 Interpretations of Marketing |
1. Marketing as a Function 2. Marketing as a Philosophy |
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A management process, which is responsible in identifying, anticipating and satisfying customer needs and wants at a profit. |
Marketing |
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Organizational function and a set of process for creating, communicating and delivering value to customers and managing customer relationships in a way that benefit the organization and its stakeholders. |
Marketing |
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The center of all marketing activities. |
Customer |
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Considered as a major factor in creating competitive advantage in the market place |
Entrepreneurial marketing |
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The main driver of the strategic decisions and director of operations. |
Entrepreneurial |
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It refers to the marketing person (or department) and their activities such as market segmentation, advertising and pricing. |
Marketing as a Function |
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refers to the need of the firm to have market-oriented culture which promotes all employees to systematically use market information and make market-informed decisions in each of its business processes. |
Marketing Philosophy |
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Can help employees understand the mechanisms underlying customer behavior and understand the drivers of success in the marketplace against the backdrop of competitors and their behaviors. |
Market information |
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9 Reasons Why You Really Do Need It - What is the importance of marketing in Entrepreneurship? |
1. Marketing is an effective way of engaging customers. 2. Marketing helps to build and maintain the company's reputation. 3. Marketing helps to build a relationship between a business and its customers. 4. Marketing is a communication channel used to inform customers. 5. Marketing helps to boosts sales. 6. Marketing aids in providing insights about your business. 7. Marketing helps your business to maintain relevance. 8. Marketing creates revenue options. 9. Marketing helps the management team to make informed decisions. |
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refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. |
Marketing Strategy |
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outlined in the marketing plan |
Marketing Strategy |
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A document that details the specific types of marketing activities a company conducts and contains timetables for rolling out various marketing initiatives. |
Marketing Plan |
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Good idea + Entrepreneur = |
Business Potential |
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Methods of Idea Generation |
1. Focus Group 2. Brainstorming 3. Problem inventory analysis 4. Observation 5. Research and Development 6. Emergency Trends 7. Creative problem solving techniques. |
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Idea Generation Process |
1. Hypothesis of the Problem 2. Prototype 3. Try and return to reformulate |
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It is very important to investigate what are the needs, build a prototype and make a first test of the product to see if you meet the needs of our customers. |
Idea Generation Process |
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the general arena of potential exchange of products and services |
market |
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Example under Market Analysis |
1. Market Evolution 2. Client Preferences 3. Division of Sales 4. Market Saturation Level |
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The process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. |
Market Segmentation |
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Types of Market Segmentation |
1. Demographic Segmentation 2. Geographic Segmentation 3. Psychographic Segmentation 4. Behavioral Segmentation |
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Customer location, Region, Urban/Rural, ACORN Classification |
Geographic Segmentation |
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Age, Gender, Occupation, Socio-economic group |
Demographic Segmentation |
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Rate of usage, Benefits sought, Loyalty status, Readiness to purchase |
Behavioral Segmentation |
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Personality, Lifestyles, Attitudes, Class |
Psychographic Segmentation |
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A multifaceted entity that comprises different types of sub-environments. |
Environment |
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The dimensions of the environment that should be examined in the elaboration of the venturecreation process are: |
1. Economic 2. Sociocultural 3. Political and legislative 4. Technological 5. Ecological 6. Operational |
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is main factor determining its chances of survival |
Economic Environment |
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The data and numbers and facts are important to acquire |
1. Gross National Product (GNP) 2. Gross National Income (GNP) 3. Net National Product (NNP) |
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The trends in the local market such as the phase and rate of |
1. economic development 2. The degree of employment growth or decline 3. Recession 4. Economic wealth (‘the bubble’) or poverty 5. Economic crisis (‘the bubble bursts’) 6. inflation |
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Constitutes the sub-environment of potential customers for specific products and/or services |
Socio-cultural Environment |
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This is a non-market factor but it can still greatly impact a business. |
Political and Legislative Environments |
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refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangements for development and application of new technology, etc. |
Technological Environments |
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Nature, the climate and environmental factors have become focal points in the entrepreneurial realm. |
Ecological Environments |
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Associated with an activity, which is conducted for minimizing risks of the influence on all components of the environment with due regard to ecological preferences in the system of economic relations, and which is aimed at systematic gaining of profits on efficient use of property, natural and secondary resources, sale of goods, and performance of work and services. |
Ecological entrepreneurship |
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Individual or companies that offer similar or identical products and/or services which answer the same customer needs and demands |
Direct Competitors |
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Companies or businesses that offer parallel or similar products or services that respond to similar client needs or demands |
Indirect Competitors |
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usually associated with arts, music, paintings, and creative individuals such as singer, composer, and writer etc. |
Creativity |
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the Father of Lateral Thinking and whose ideas have influenced research into creativity |
Edward de Bono |
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Introduces three leading concepts that represent creativity: |
1. Creation 2. Syntheses 3. Modification |
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Think beyond the standard paradigms. |
Creative Individual |
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Execute their creative idea by committing to the pursuit of the opportunity, organizing the necessary arrangements processes and resources to do so, and managing the implementation of a strategy that will transform their creative ideas into a business |
Creative Entrepreneur |
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Creativity in Entrepreneurial RealmEntrepreneurial creativity includes: |
1. CREATION of something that is not usually seen in the context of the business 2. EXPANSION of opportunities for a creation 3. SYNTHESIS of separate elements into a different product, idea, or service 4. MODIFICATION of an already known creation in order to develop a different concept 5. IMITATION COMBINED WITH ADAPTATION of an already known creation in order to adjust it to a specific need or demand |
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a principal factor and most important in stimulating creativity |
Support |
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Model of Creativity |
1. Parents and Family 2. Personality traits 3. Specific area and network 4. Readiness to create 5. Incubation of an idea 6. Niche 7. People assisting or impeding 8. Creative process 9. Awareness of what is acceptable 10. The Creation |
