IMPORTANT KEYWORDS ONLY FOR ENTREP (every topic and every term)

sorry guys VERY personalized for uncle willy

Industry

group of organizations in producing or handling the same type of goods or services.

What are the 7 Industry Sources of Opportunities?

Rivals/Competitors, Suppliers of Input, Marketing Channels, Customer Market Segments, Substitute Products or Services, Other Supporting and Enabling Industries

Rivals/Competitors

businesses competing in the same/similar market

Suppliers of Input

they provide what is needed

Marketing Channels

medium used for advertising and to reach end consumers.

Consumer Market Segments

served by all those competing.

What is Market Segmentation?

the process of division into meaningful sub-groups

Substitute Products and Services

products/services used in place of another

Goods

tangible

Services

Intangible

Other Supporting and Enabling Industries

the actual and potential demand & supply

Market Sources of Opportunities

discovered from increased to decreased demand and higher and lower supply

What are examples of Market Sources?

Meal Deal and Ramadan

Micromarket

specific target market segment and self-service

What are examples of micromarket?

School - Vending Machine

Bank - ATM

Car Station - Electric Car Charging Station
Airport - Transit Essential Kiosk
Coffee Shop - Coffee Vending Machine
Gym - Smart Coolers
Mall/Airport - Cellphone charging station

Relevance

alignment

Resonance

matching

Reinforcement of Entrepreneurial Skills

personal interest

Revenues

sales potential

Responsiveness

customers needs and wants

Reach

expanding

Range

wide possible offerings

Revolutionary Impact

next BIG thing

Returns

investment

Relative Ease of Implementation

easy to implement

Resources Required

less or more resources

Risks

technological, market, and financial (TMF)

Opportunity Seizing

thriving business opportunities

The 4 Critical Factors

1) Crafting a Positioning Segment
2) Conceptualizing the Product or Service Offering
3) Designing, Prototyping, and Testing the Product
4) Implementing, Organizing, and Financing

Positioning (Opp. Seizing)

-how your product is perceived
-identifying appropriate market niche

Positioning Statement

expression of given product that fills a consumer in a way that competitors dont

Customer Profiling

creating a customer profile

4 types of Customer Profiling

1) Behavioral
2) Demographic
3) Geographic
4) Psychographic

Concept

idealized abstraction

Design

rendering and translating concept into physical dimension

Prototype

original or preliminary version of your product

Prototype Testing

a way to test the product before release

End Results

final outcomes

3 final outcomes

1) highly satisfied cusomters
2) large proft generated
3) huge sales

Marketing

creating and accumulating customers

Positioning (7 P’s)

ability to influence consumer perception, found in MVP

Enterprise perspective

specifically address customer needs

Competitive perspective

differentiated from competitors

Customer perspective

the way customers view your product

Product (7 P’s)

goods or services

Breakthrough

technologically advanced

Differentiated

stand out from competitors

Copycat

cheap imitation, low impression

Niche

products based on category

Packaging (7 P’s)

bundle of product, also known as silent hero

5 purposes of packaging

1) Containment
2) Information
3) Protection
4) Utility of Use
5) Promotion

Place (7 P’s)

location and distribution channel

4 MUSTS of relevant location drivers

1) Physical Proximity to Target Market
2) Customer Traffic Flow
3) Industry Clustering
4) Convergence of Multiple Industries

People

-team, staff, advertisers, and customers
-ultimate marketing strategy

Price

value of money in exchange of a good or service

Promotion

explicit communication strategy

Personal Selling

personal interface (online or face-to-face)

Advertising

promotional message

Sales Promotion

used for improving sales

Public Relations

impersonal, not-paid technique

Direct Marketing

developing and maintaining brand image

Online Marketing

new technique

Word-of-Mouth

transmitting information