Product vs. Services [Product] - a basketball, shoes, pizza, Product vs. Services [Service] - piano tuning, garbage removal, home inspections, Business Roles and Responsibilities [Highest- ranked employee in the company; develops company's vision, strategies, and mission] - CEO, Business Roles and Responsibilities [in charge of company's finances ] - CFO, [the ones who get the work done!] - employees, Business Roles and Responsibilities [oversees day- to- day operations and functions] - COO, Business Roles and Responsibilities [May do some or all jobs of the CEO, CFO, COO] - Small Business Owner, [individuals or groups that have an interest in the success of the company] - stakeholders, [person who developed or created the company or organization ] - founder, [ensure standards for management (have to hold or buy stocks in the company)] - stockholders, Compensation Types [salary] - you get a set amount no matter how much you work, Compensation Types [piece work] - a fixed piece rate for each unit produced or action performed, regardless of time, Compensation Types [commission ] - you receive a percentage or $ amount based on a sale., Compensation Types [hourly] - get a set rate per hour they work, Legal Structures [owner IS RESPONSIBLE for all company's debts] - Sole Proprietorship, Compensation Types [equity] - buy stocks in the company. You own part of the company, Legal Structures [This DOES NOT have double taxation; has strict restricts to become] - S Corporation (S Corp), Legal Structures [this is ideal for international business; it has double taxation] - C Corporation (C Corp), Legal Structures [it shields the owners from laibility ] - Limited Liability Company (LLC), Match each definition to the 4 P's of the marketing mix [Refers to where customers can purchase your product. ] - Place, Sales Channels Matching [Physical Sales Channel] - retail stores or whole sale, B2C, B2B, Sales Channels Matching [Digital Sales Channel] - Amazon, Ebay, Rare or collectable items, Instagram, Etsy, Put the Phases of the Product/Market Fit Hypothesis in order [1. idea state] - We develop an idea (conceptualize) for a product or service., Put the Phases of the Product/Market Fit Hypothesis in order [3. launch stage] - Company is legally formed and sales start to occur. Your company will create a value hypothesis to articulate why customers should use your product., Put the Phases of the Product/Market Fit Hypothesis in order [2. Prototype phase] - Identify how your product or service solves customers problems. You will create a MVP product., Put the Phases of the Product/Market Fit Hypothesis in order [4. traction] - Sales gain momentum. Growth begins. This is the MONETIZATION phase, Types of Businesses [agents] - individuals or companies that act as an extension of the manufacturing company. Their main job is to represent the producer to the final user in selling a product, Design Thinking Process Stages [1. observe, engage, & empathize WITH CUSTOMERS to understand their experiences and needs] - empathize, Design Thinking Process Stages [2. analyze observations & info gathered during the empathize stage ] - define, Design Thinking Process Stages [3. can find core problems and make a problem statement] - ideate, Design Thinking Process Stages [4. basic products that address the core problem- used to test the solutions developed in the ideation stage] - prototype, Design Thinking Process Stages [5. reviews and refines the product] - final testing, Primary and Secondary Data [Primary] - firsthand research, surveys, focus groups, statistical data, Primary and Secondary Data [Secondary] - interpretation of primary data, contains a personal bias, articles from internet, newsletters, Types of Businesses [wholesale] - buys from manufactures then sells to retailers, Put the Phases of the Product/Market Fit Hypothesis in order [5. customer development] - Analyze customer feedback. Change markets. Explore new product lines., Types of Businesses [manufacturers] - creates goods, Types of Businesses [intermediaries] - middlemen in the indirect distribution channel (wholesalers, retailers, agents, and brokers), match the distribution channel to their definition [direct] - allows the consumer to make the purchase directly from the manufacturer, the shortest and least complicated distribution, doesn't involve a "middle man", customers usually have to pay shipping costs, door to door (Girl Scout Cookies) and e- commerce sales, match the distribution channel to their definition [indirect] - use "middlemen" to distribute their products, wholesalers, retailers, and agents, usually more expensive and more time- consuming, 3 levels, a product is purchased from manufacturer then sold to customer, a wholesaler purchases products in bulk then sells it to other customers, an agent gets involved on top of the wholesalers and retailers, Put the Phases of the Product/Market Fit Hypothesis in order [6. growth] - Continue to refine and evaluate your product market fit., when do you know that you have reached Product/Market Fit? Choose 2 - sales volume is high and continues to grow, when customers tell others to buy your product/ service, Types of Businesses [retailers] - buys products from wholesalers then sells to consumers, T/F: The cost of indirect distribution changes depending on how many middlemen it goes through to get to the end consumer.  - TRUE, Which would be considered a possible opportunity? - You could increase your online presence to gain more customers and possibly lower cost., Match each definition to the 4 P's of the marketing mix [Refers to how much your product costs ] - Price, An Executive Summary: (select all that apply) - covers what is going to be discussed in greater detail later in the plan, is an overview and summary of the marketing plan, is important to include because not EVERYONE will read the plan to its entirety, A Situation Analysis: (select all that apply) - details your company's marketing efforts and the factors that sway your marketing strategy, evaluates your strengths, weaknesses, opportunities and threats., A business description should include: (select all that apply) - basic business information, who owns the business, mission statement, market position, location, Which would be considered a weakness? - Lowering product prices may mess with product quality., Which would be considered a strength? - Your company has a high quality, amazing product., Direct VS. indirect competitors [businesses that sell THE SAME or SIMILAR products or services ] - Direct, Direct VS. indirect competitors [Businesses that sell products that are different but are similar enough that their products compete. ] - Indirect, Marketing is used to: - Attract qualified leads, Build your brand, increase your sales, Which would be considered a possible threat? - Lowering product prices could mess with product quality., This is an example of a fulfillment center - amazon, This is an example of a distribution center - buying something online then choose the in store pickup option, Match each definition to the 4 P's of the marketing mix [Refers to the products and services your company provides.] - Product, Match each definition to the 4 P's of the marketing mix [Refers to the advertising your company is going to do to reach their target market ] - Promotion,

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