question

Advertising

answer

Making people aware of a product or service

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Brand

answer

the set of attributes--positive or negative--that people associate with a company

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Brand Equity

answer

The set of assets and liabilities that is linked to a brand and enables it to raise a firm's valuation

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Brand Management

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A program that protect the image and value of an organization's brand in consumer's minds

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Buzz

answer

an awareness and sense of anticipation about a company and its offerings

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Cost-Based Pricing

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a pricing method in which the list price us determined by adding a markup percentage to the product's cost

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Disintermediation

answer

the process of eliminating layers of intermediaries, such as distributors and retailers, to sell directly to customers

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Distribution Channel

answer

the route a product takes from the place it is made to the customer who is the end user

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Exclusive Distribution Arrangements

answer

an agreement that gives a retailer or other intermediary the exclusive rights to sell a company's products in a specific area for a specific period of time

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Guerilla Marketing

answer

a low budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques

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Market Segmentation

answer

the process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry

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Marketing Mix

answer

the set of controllable, tactical marketing tools that a firm uses to produce the response it wants in the target market; typically organized around the four Ps- product, price, promotion, place

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Niche Market

answer

a place within a large market segment that represents a narrow group of customers with similar interests

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Place

answer

the marketing mix category that encompasses all of the activities that move a firm's product from its place of origin to the consumer

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Press Kit

answer

a folder typically distributed to journalists and made available online that contained background information about a company and includes a list of the company's most recent accomplishments

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Price

answer

the amount of money consumers pay to buy a product; one of the four Ps in a company's marketing mix

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Price-Quality Attribution

answer

the assumption consumers naturally make that the higher priced product is also the better quality product

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Product

answer

the element of the marketing mix that is the good or service a company offers to its target market; often thought of as something having physical form

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Product Attribute Map

answer

a map that illustrates a firm's positioning strategy relative to it's major rivals

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Promotion

answer

the marketing mix category that includes the activities planned by a company to communicate the merits of its product to its target market with the goal of persuading people to buy the product

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Public Relations

answer

the efforts a company makes to establish and maintain a certain image with the public through networking with journalists and others to try to interest them in saying or writing good things about the company and its products

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Reference Account

answer

an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product

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Sales Process

answer

the systematic process a business engages in to identify prospects and close sales

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Service

answer

an activity or benefit that is intangible and does not take on physical form, such as an airplane trip or advice from an attorney

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Social Plug-ins

answer

tools that web sites use to provide its users with personalized and social experiences

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Tagline

answer

a phrase that is used consistently in a company's literature, advertisements, promotions, stationery, and even invoices to develop and to reinforce the position the company has staked out in its market

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Trade Show

answer

an event at which the goods or services in a specific industry are exhibited and demonstrated

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Value-Based Pricing

answer

a pricing method in which the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion

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Viral marketing

answer

a new marketing technique that facilitates and encourages people to pass along a marketing message about particular product or service

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Assignment of Invention Agreement

answer

A document signed by an employee as part of the employment agreement that assigns the employer the right to apply for the patent of an invention made by the employee during the course of his or her employment

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Business Method Patent

answer

a patent that protects an invention that is or facilitates a method of doing business

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Certification Marks

answer

marks, words, names, symbols, or evict used by a person other than its owner to certify a particular quality about a product or service

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Collective Marks

answer

trademarks or service marks used by the members of a cooperative, association, or other collective group, including mars indicating membership in a union or similar organization

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Computer Software Copyright Act

answer

in 1980, Congress passed this act, which amended previous copyright acts, now all forms of computer programs are protected

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Copyright

answer

a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits of the work

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Copyright Bug

answer

the letter c inside the circle with the first year of publication and the author copyright owner

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Copyright Infringement

answer

violation of another copyright that occurs when one work derives from another work or is an exact copy or shows substantial similarity to the original copyrighted work

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Derivative Works

answer

works that are new renditions of something that is already copyrighted, which are also copyrightable

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Design Patents

answer

the second most common type of patent covering the invention of new, original, and ornamental designs for manufactured products

question

Economic Espionage Act

answer

passed in 996, an act that makes the theft of trade secrets a crime

question

Fair Use

answer

the limited use of copyright material for purposes such as criticism, comment, news reporting, teaching, or scholarship

question

Idea-Expression Dichotomy

answer

the legal principle describing the concept that although an idea is not able to be copyrighted the specific expression of an idea is

question

Intellectual Property

answer

any product of human intellect, imagination, creativity, or inventiveness that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets

question

Intellectual Property Audit

answer

a firm's assessment of the intellectual property it owns

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Intent-to-use Trademark Application

answer

an application based on the applicant's intention to register and use a trademark

question

Lanham Act

answer

an act of congress, passed in 1946, that spells out what is protected under trademark law

question

One Year After First Use Deadline

answer

requirement that a patent must be filed within one year of when a product or process was first offered for sale, put into public use, or was described in any printed publication. If this requirement is violated, the right to apply for a patent is forfeited

question

Patent

answer

a grant form the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent

question

Patent Infringement

answer

this is when one party engages in the unauthorized use of another's patent

question

Plant Patents

answer

patents that protect new varieties of plants that can be reproduced asexually by grafting or cross-breeding rather than by planting seeds

question

Provisional Patent Application

answer

a part of patent law that grants "provisional rights" to an inventor for up to one year, pending the filing of a complete and final application

question

Secondary Meaning

answer

this arises when, over time, consumers start to identify a trademark with a specific product For example, the name CHAP STICK for lip balm was originally considered to be descriptive, and thus not afforded trademark protection

question

Service Marks

answer

similar to ordinary trademarks but used to identify the services or intangible activities of a business rather than a business's physical product

question

Trademark

answer

any work, name, symbol, or device used to identify the sources or origin of products or services and to distinguish those products and services from others

question

Trade Secret

answer

any formula, pattern, physical vice, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace

question

Uniform Trade Secrets Act

answer

Drafted in 1979 by a special commission in an attempt to set nationwide standards for trade secret legislation; although the majority of states have adopted the act, most revised it, resulting in a wide disparity among states in regard to trade secret legislation and enforcement

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Utility Patents

answer

the most common type of patent covering what we generally think of as new inventions that must be useful, must be novel in relation to prior arts in the field, and must not be obvious to a person of ordinary skill in the field

question

Adverse Selection

answer

the challenge a firm must face as it grows such that as the number of employees a firm needs increases, it becomes more difficult to find the right employees, place them in appropriate positions, and provide adequate supervision

question

Core Competencies

answer

a unique skill or capability that transcends products or markets, makes a significant contribution to the customer's perceived benefit, is difficult to imitate, and serves as a source of a firm's competitive advantage over its rivals

question

Economies of Scale

answer

a phenomenon that occurs when mass producing a product results in lower average costs

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Economies of Scope

answer

the advantage a firm accrues thru the scope (or range) of its operations rather than from the scale of its production

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Entrepreneurial Services

answer

those services that generate new market, product, and service ideas

question

Fixed Costs

answer

the costs that a company incurs in operating a business whether it sells something or not (overhead)

question

Managerial Capacity Problem

answer

the problem that arises when the growth of a firm is limited by the managerial capacity (i.e. personnel, expertise, and intellectual resources) that a firm has available to investigated implement new business ideas

question

Managerial Services

answer

the routine functions of the firm that facilitate the profitable execution of new opportunities

question

Market Leadership

answer

the position of a firm when it is the number one or the number to firm in an industry or niche market in terms of sales volume

question

Moral Hazard

answer

a problem firm faces as it grows and adds personnel; the assumption is tat new hires will not have the same ownership incentives or be as motivated to work as hard as the original founders

question

Pace of Growth

answer

the rate at which a firm is growing on an annual basis

question

Productive Opportunity Set

answer

the set of opportunities the firm feels it is capable of pursuing

question

Sustained Growth

answer

growth in both revenues and profits over an extended period of time

question

Variable Costs

answer

the costs that are not fixed that a company incurs as it generates sales

question

Acquirer

answer

the surviving firm in an acquisition

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Acquisition

answer

the outright purchase of one firm by another

question

External Growth Strategies

answer

growth strategies that rely on establishing relationships with third parties, such as mergers, acquisitions, strategic alliances, joint ventures, licensing, and franchising

question

Geographic Expansion

answer

an internal growth strategy in which an entrepreneurial business grows by simply expanding from its original location to additional geographical sites

question

Improving an Existing Product or Service

answer

enhancing a product or service's quality by making it larger or smaller, making it easier house, or making it more up-to-date, thereby increasing its value and price potential

question

Internal Growth Strategies

answer

growth strategies that ely on efforts generated within the firm itself, such as new product development, other product related strategies, or international expansion

question

International New Ventures

answer

businesses that, from inception, seek to derive significant competitive advantage by using their resources to sell products or services in multiple countries

question

Joint Venture

answer

an entity created when two or more firms pool a portion of their resources to create a separate, jointly owned organization

question

Licensee

answer

a company that purchases the right to use another company's intellectual property

question

Licensing

answer

the granting of permission by one company to another company to use a specific form of its intellectual property under clearly defined conditions

question

Licensing Agreement

answer

the formal contract between a licensor and licensee

question

Licensor

answer

the company that owns the intellectual property in a licensing agreement

question

Link Joint Venture

answer

a joint venture in which the position of the parties is not symmetrical and the objectives of the partners may diverge

question

Marketing Alliances

answer

typically matches a company with a distribution system with a company with a product to sell in order to increase sales of a product or service

question

Market Penetration Strategy

answer

a strategy designed to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency

question

Merchandise and Character Licensing

answer

the licensing of a recognized trademark or brand, which the licensor typically controls through a registered trademark or copyright

question

Merger

answer

the pooling of interests to combine two or more firms into one

question

New Product Development

answer

the creation and sale of new products (or services) as a means of increasing a firm's revenues

question

Organic Growth

answer

internally generated growth within a firm that does not rely on outside intervention

question

Outsourcing

answer

work that is done for a company by people other than the company's full time employees

question

Product Line Extension Strategy

answer

a strategy that involves making additional versions of a product so they will appeal to different clientele

question

Scale Joint Venture

answer

a joint venture in which the partners collaborate at a single point in the value chain to gain economies of scale in production or distribution

question

Spin-ins

answer

a transaction that takes place when a large firm that has a small equity stake in a small firm, decided to acquire a 100% interest in the firm

question

Spin-outs

answer

the opposite of a spin-in that occurs when a larger company divests itself of one of its smaller divisions

question

Strategic Alliance

answer

a partnership between two or more firms that is developed to achieve a specific goal

question

Target

answer

in an acquisition, the firm that is acquired

question

Technological Alliances

answer

business alliances that cooperate in R&D, engineering, and manufacturing

question

Technology Licenses

answer

the licensing of proprietary technology, which the licensor typically controls by virtue of a utility patent

question

Agency Theory

answer

a management concept that argues that managers, because they are paid a salary, may not be as committed to the success of the businesses they manage as the owners, who capture the business's profits. this theory supports the notion of franchising, because franchisees are in effect the owners of the units they manage

question

Area Franchise Agreement

answer

agreement that allows a franchisee to own and operate a specific number of outlets in a particular geographic area

question

Business Format Franchise

answer

by far the most popular approach to franchising in which the franchisor provides a formula for doing business to the franchisee along with training, advertising, and other forms of assistance

question

Fiduciary Obligation

answer

the obligation to always act in another's best interest; it is a mistake to assume that a franchisor has a fiduciary obligation to its franchisees

question

Franchise Agreement

answer

the document that consummates the sale of a franchise, which typically contains two sections: 1) the purchase agreement and 2) the franchise or license agreement

question

Franchise Disclosure Document (FDD)

answer

accepted in all 50 states and part of Canada, a lengthy docent that contains 23 categories of information that give a prospective franchisee a broad base of information about the background and financial health of the franchisor

question

Franchisees

answer

an individual or firm that enters into a franchise agreement and pays an initial fee and an ongoing royalty to an franchisor in exchange for using the franchisor's trademark and method of doing business

question

Franchising

answer

a form of business organization in which a firm that already has a successful product or service (franchisor) licenses its trademark and method of doing businesses to other businesses (franchisees) in exchange for an initial franchise fee and an ongoing royalty

question

Franchisor

answer

a firm with a successful product or service that enters into a franchising agreement to license its trademark and method of doing business to other

question

Individual Franchise Agreement

answer

the most common type of franchise agreement, which involves the sale of a single franchise for a specific location

question

Master Franchise Agreement

answer

similar to an area franchise agreement, but in addition to having the right to operate a specific number of locations in a particular area, the franchisee also has the right to offer and sell the franchise to other people in the area

question

Multiple-Unit Franchisee

answer

an individual who owns and operates more than one outlet of the same franchisor, whether through an area or a master franchise agreement

question

Product and Trademark Franchise

answer

an arrangement under which the franchisor grants to the franchisee the right to buy its product and use its trade name

question

Subfranchisees

answer

the people who buy franchises from master franchisees

Dr. Shanine Entrepreneurship Chp 11-15 – Flashcards

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