2Y3T - BUSINESS VENTURES MIDTERMS EXAM

creative entrepreneurship

• Blending innovative thinking with business

• Creating and running a business stirred by original ideas, but also knowing how to implement them effectively to build a successful business, especially within creative industries.

market research

• Helps you find customers for your business

• Examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy

• Helps a business understand its target market by gathering and analyzing data

marketing mix

• a mode, means, or tool used by the entrepreneur to position the product in the target market to efficiently and effectively deliver it to the consumers and to convince them about the benefits that they will derive from the product.

• product or service

• price

• place

• people

• promotion

• packaging

• process

What are the 7 P’s?

market targeting

• a stage in marketing identification process that aims to determine the set of buyers with common needs and characteristics

• Not the same as broad market, which entails entire countries and economies.

market positioning

• the process of establishing a distinct image or identity for a product, service, or brand within the minds of target customers

• Differentiating your offering by highlighting the unique value it brings, compared to competitors

market segmentation

• a powerful strategy that enables businesses to design and market their products and services more effectively by dividing the broader market into smaller segments based on shared characteristics such as age, gender, or values

• demographic

• behavioral

• psychographic

• geographic

types of market segmentation

demographic

includes age, ethnicity, income, education, social class, occupation, gender, nationality, etc.

behavioral

includes purchase history, products used, user intent, engagement, brand loyalty, purchase frequency, payment methods, etc.

psychographic

includes interests, values, personality traits, hobbies, politics, lifestyle, innovation adoption, etc.

geographic

includes country, city, zip code, region, climate, population density, terrain, time zone, urban or rural living areas, etc.

puhunan

• Money or assets allocated for generating income, profit, and equipment.

• The start-up funds

• The initial big step that will bring rewards

• ex. buying a laptop, software, camera, lighting equipment, etc.

gastos

• Cost incurred in the process of generating revenue or operating a business.

• Outflow of resources consumed in generating income.

• ex. Internet bills, stock images, sound effects, electric bills, crew and actors fee, location rental, competition submission fees, renewal submission fees

behavior

• refers to the reaction of the consumer to the changes happening in the environment.

consumer buying behavior

• the reaction of consumers to what is happening in the business community which contributes to the decision process.

• cultural

• social

• personal

• psychological

environmental factors affecting consumer buying behavior

cultural

 influence how people perceive products/ services, make decisions, and consume goods and services.

• Perceptions

• Attitudes

• Religion

• Ethnicity

• Racial groups

• Traditions

• Social norms

• Shared beliefs

• Language

• Etiquette 

social

influence how people perceive products/ services, make decisions, and consume goods and services.

• Family roles

• Social Status

• Reference Groups

  • Primary Group (Family, Friends)a.

  • Secondary (Clubs, Fans, Religious Congregation, etc.)

personal

Different age levels have different wants and needs. Different income impacts purchasing power, debts, habits, decisions, needs, preferences, and many more

• Age

• Occupation

• Economic Status

• Lifestyle

• Personality

• Self-Concept

psychological

The needs, desires, how we interpret information, make judgement, learned experiences, are key understanding for why consumers make certain choices when buying.

• Internal drives

• Perceptions

• Motivations

• Attitudes

• Beliefs

• Learning

• wants and needs

• relevant information

• alternatives

• purchase decision

• post-purchase analysis

the 5 steps of buying decision process

• beliefs

• buying ability

• competing demands

• social influence

factors affecting Filipino consumer buying behavior

benchmarking

• measuring your company’s quality, performance and growth by analyzing the processes and procedures of others.

• A company (you) compares the performance of other companies to your own

Perceived Value Pricing

the valuation of good or service according to how much consumers are willing to pay for it, rather than upon its production and delivery costs.

Value Reframing

What we have is exactly the same thing, the same activity, but one of them makes you feel different than the other one, with just a small change.

Brand

• a person’s gut feeling about a product, service, or company. It is not what you say it is-- it is what they say it is.

• is a company’s effort to build lasting value by delighting customers

brand storytelling

• a strategy where a company uses narratives to communicate its brand identity, values, and message to customers.

ideas experiences

Brand stories add meaning by sharing _ and _, making the brand memorable, creating an emotional connection, and keeping it at the forefront of customers’ minds.

Dopamine

The brain releases _ in response to an emotionally-charged event, resolution of conflict, or even recognition of a pattern, creating a pleasurable response and ease of memory and recall.

Cortisol

The brain releases _ when it experiences conflict which increases attention and memory.

Oxytocin

The brain releases _ in response to characters that increase empathy and connection as well as compassion and trust.

Neural Coupling

 A story synchronizes the listener’s brain with the teller’s brain.

Mirroring

Mirror neurons enable listeners to mirror experience.

Cortical Activity

Two areas of the brain are activated when processing facts. Stories activate many additional areas such as the motor cortex, sensory cortex, and frontal cortex.

Status Quo

• The current situation present.

• Background Information.

Conflict

The conflict present in the Status Quo.

Resolution

How the conflict will be solved

Before-after-bridge copywriting

is a great way to create effective sales, landing page, blog content, and increase CTR of emails. The _ marketing is all about telling a real-world story with a fairytale ending.

• Origin stories

• overcoming the odds

• customer hero journeys

• social mission stories

• product journeys

5 types of storytelling in marketing

Origin stories

• Where did your brand come from and why?

Overcoming the odds

• A classic underdog tale—popular with challenger brands.

Customer hero journeys

• showcasing your audience as the protagonist who wins with your help.

Social mission stories

• Shining a light on causes and values your brand supports.

Product journeys

• Following the creation, discovery or unique experience of your product.

• consistency and authenticity

• knowing your audience

• communicating the problem you solve

• building your character

• connecting with your community

5 essential elements of storytelling