Business 2.0

Question 1

Competition

Answer 1

All the sellers of a specific product

Question 2

Market

Answer 2

Total dollars spent on a product

Question 3

Market share

Answer 3

percent control a company has over a product’s market

Question 4

Market segment

Answer 4

Part of the overall market that has similar characteristics

Question 5

Ways to increase Market share

Answer 5

• Increase size of the market

- Take sales away from competitors

Question 6

Consumer

Answer 6

Who buys product/service

• demographics
• lifestyle

Question 7

Primary research

Answer 7

information collected for a specific purpose, and does not exist

Question 8

Secondary research

Answer 8

Info others have collected and exists for interpretation

Question 9

Why secondary first?

Answer 9

provides researcher with base knowledge on what relevant info has been compiled by previous researchers

Question 10

Fads

Answer 10

Product extremely popular for a short period of time

Question 11

Trends

Answer 11

Like a fad, but much longer, and can influence things

Question 12

Niches

Answer 12

Product a part of a small section of a market. Few competitors

Question 13

Seasonal

Answer 13

Product popular only during a specific time or season

Question 14

Product

Answer 14

what is offered by a company to its customers

Question 15

Price

Answer 15

Cost customers pay for product or service (affected by competitors and cost of manufacturing)

Question 16

Place

Answer 16

Where and how people buy a product

Question 17

Channels of distribution

Answer 17

path from producer to consumer

Question 18

Direct

Answer 18

Selling directly to consumer

Question 19

Indirect

Answer 19

Using an intermediary (middleman) to sell to customers

Question 20

Promotion

Answer 20

Channel between product and target market

Question 21

Product life cycle

Answer 21

Progress of a brand or product

Question 22

Introduction stage

Answer 22

When product is brand new. Inform customer’s of product. (Costs are high, sales are low, no profit)

Question 23

Growth stage

Answer 23

Sales begin to increase, with some profit. Competitors enter the market

Question 24

Maturity stage

Answer 24

Sales even out and growth is flat. Costs are lowered and brand equity and profit are at their highest

Question 25

Decline stage

Answer 25

Sales drop and production slows

Question 26

Brand name

Answer 26

Word/group of words used to differentiate/describe a company/product

Question 27

Logo

Answer 27

Symbol or picture that represents a company/product

• Monogram: stylized version of the company’s initials/name
• Visual symbols: People, animals, or things; noun
• Abstract: Shapes that carry a visual message

Question 28

Slogan

Answer 28

Short, catchy, relevant phrase

Question 29

Marketing purpose

Answer 29

sell a company’s products and have it reach its target market

• Research
• Sales
• Advertising
• Promotion

Question 30

Autocratic

Answer 30

Complete control over a group (task over people, employees feel undervalued, no participative decision-making)

Question 31

Laissez-faire

Answer 31

No control over group (People over task, bad for newbies, employees = unmotivated)

Question 32

Democratic

Answer 32

There is a leader, but members take a participative role in the decision-making process. Leader makes final decision (People and task)

Question 33

Planning

Answer 33

Setting realistic goals for a business and deciding how to achieve them

Question 34

Organizing

Answer 34

Arranging people and tasks in order to execute the plans

Question 35

Leading

Answer 35

Ordering a group of people to perform a task

• Motivation
• Communication
• Encouragement

Question 36

Controlling

Answer 36

Managing/allocating resources