entrep 3 full

Direct Competitors

Competitors whose movements or strategies you closely watch out for.

Indirect Competitors

Competitors who offer substitute products/services to yours.

Large Competitor

A competitor that can offer products/services on a larger scale than you.

Small Competitor

A competitor that offers similar products/services but on a smaller scale.

Marketing Mix

A combination of factors that can be controlled by a company to influence consumers to purchase its products.

Product (or Service)

The description of the product or service being sold, beyond its physical features.

Place

The distribution strategy that provides convenience for customers to purchase products/services.

Price

The marketing decision that combines market research with financial analysis to set prices.

Costs

The expenses directly related to producing a product or service.

Markups and Margins

Pricing strategies involving standard markup rates over costs to determine selling prices.

Profit Margin

Revenue earned after paying the cost of goods sold, shown as a percentage of revenue.

Cost Plus Pricing

A pricing strategy where a specific markup is added to the cost to determine the selling price.

Competitive Pricing

Setting prices similar to competitors, often referred to as benchmark pricing.

Bundling

Offering one or more products at a reduced price.

Price Ceiling

The maximum amount a customer will pay for a product or service.

Price Floor

The minimum price determined by the cost to produce a product or service.

Promotion

The marketing mix element that informs potential consumers about a product's availability.

Objectives of Promotion

To provide product information, highlight benefits, and encourage customer action.

People

The focus on human resources and their role in business growth.

Packaging

The presentation and visual appeal of a product or service to customers.

Product Packaging Design

The choices involved in the external look of a product including materials and aesthetics.

Positioning

The strategy of how a product or service is perceived in the minds of target customers.

Positioning Strategies

Strategies based on product characteristics, price, quality, use, or competition.

Process

The standard procedures or systems related to marketing activities, both internal and external.

Process Improvement

Efforts to enhance core business processes for better output.

Eliminate Waste

The Lean Principles that focus on identifying and removing inefficiencies.

Reduce Costs

Strategies to cut unnecessary expenses and improve efficiency.

Improve Communication and Collaboration

Enhancing relationships and interactions within an organization.

Branding or Brand

The name or symbol associated with a product/service that conveys messages to consumers.

Trademarks

Registered brand names that distinguish a product from others.

Commercial Entrepreneurship

Income-generating enterprises focusing on profit.

Social Entrepreneurship

Income-generating enterprises emphasizing social impact.

Design Thinking

A creative process used to solve problems related to products/services.

Finding Approach

A method of identifying business opportunities by scanning for existing trends.

Building Approach

Creating new business opportunities that require creativity and use incomplete information.

Business Opportunity

A viable and achievable opportunity that can be pursued.

Business Plan

A strategic outline for implementing a chosen business venture.

Detailed Marketing Strategies

The seven Ps of marketing mix: product, place, price, promotion, people, packaging, positioning.

Customer Action

Encouraging customers to engage with your product, such as through sampling or feedback.

Market Potential

The ability for a product or service to succeed based on market demand.

Operating Potential

The feasibility of operational aspects of a business opportunity.

Financial Potential

The achievable financial returns from a business opportunity.

Threat from Competitors

The potential risks posed by other businesses offering similar products.

Unforeseen Risks

Unexpected challenges that could impact a business opportunity.

Revenue

The total income generated from selling goods/services before any expenses.

Cost of Goods Sold (COGS)

The direct costs attributable to the production of the goods sold.

Net Profit Margin

The percentage of revenue that remains as profit after costs are paid.

Standard Markup

A set percentage added to the cost to determine the selling price.

Advertising Media

Channels used to promote products/services to potential consumers.

Customer Satisfaction

The degree to which customers are pleased with a company's products/services.

Human Resources

The personnel involved in the operations and management of a business.

Visual Appeal

The aesthetic attractiveness of a product or service to consumers.

Consumer Education

Informing consumers about product features, benefits, and usage.

Target Market

A specific group of consumers aimed at by a marketing strategy.

Workflow Procedures

The sequence of tasks involved in carrying out marketing-related activities.

Environmental Scanning

Monitoring external factors that can impact business opportunities.

Sustainability in Packaging

The practice of using eco-friendly materials in product packaging.

Marketplace Trends

The patterns and changes in consumer preferences and market demands.

Customer Feedback

Responses from consumers regarding their experience with products/services.

Market Research

The action of gathering information about consumers' needs and preferences.

Service Offerings

The services provided by a business to meet customer needs.

Brand Identity

The distinct characteristics and messaging associated with a brand.

Market Positioning

How a product/service is distinguished from competitors in the market.

User Experience

The overall experience of a person using a product/service, especially in terms of ease of use.

Competitive Advantage

A condition that allows a company to produce goods/services better or more cheaply than its rivals.

Lean Principles

Operational strategies aimed at minimizing waste while maximizing productivity.

Customer Loyalty

The tendency of customers to continue buying from a specific brand.

Product Differentiation

The process of distinguishing a product/service from others in the market.

Entrepreneurial Mindset

The unique set of attitudes and behaviors that drive successful entrepreneurs.

Innovation

The introduction of new ideas, products, or methods.

Strategic Planning

The process of defining a business's direction and making decisions on allocating resources.

Market Needs

The demands and requirements of consumers in a specific market.

Brand Recognition

The extent to which consumers can identify a brand by its attributes.

Scalability

The capacity of a business to grow or manage increased demand.

Consumer Behavior

The study of how individuals make decisions to spend their resources.