Vocabulary notes - part 2 PDF

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Vocabulary notes - part 2...

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Small Business one that is independently owned and operated for profit and is not dominant in its field Business Plan a carefully constructed guide for the person starting a business Small Business Administration (SBA) a governmental agency that assists, counsels, and protects the interests of small business in the United States Service Corps of Retired Executives (SCORE) a group of business people who volunteer their services to small businesses through the SBA Small-Business institutes (SBIs) groups of senior and graduate students in business administration who provide management counseling to small businesses Small-Business development centers (SBDCs) university-based groups that provide individual counseling and practical training to owners of small businesses Venture Capital money that is invested in small (and sometimes struggling) firms that have the potential to become very successful Small-Business investment companies (SBICs) privately owned firms that provide venture capital to small enterprises that meet their investment standards Franchise a license to operate an individually owned business as though it were part of a chain of outlets or stores Franchising the actual granting of a franchise Franchisor an individual or organization granting a franchise Franchisee a person or organization purchasing a franchise Marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Relationship marketing establishing long-term, mutually satisfying buyer-seller relationships Customer Relationship Management (CRM) using information about customers to create marketing strategies that develop and sustain desirable customer relationships Customer Lifetime Value (CLV) a measure of a customer's worth (sales minus costs) to a business over one's lifetime Utility the ability of a good or service to satisfy a human need Form utility utility created by converting production inputs into finished products Place utility utility created by making a product available at a location where customers wish to purchase it Time utility utility created by making a product available when customers wish to purchase it Possession utility utility created by transferring title (or ownership) of a product to a buyer Marketing Concept a business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives Marketing Strategy a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives Marketing Mix a combination of product, price, distribution, and promotion developed to satisfy a particular target market Target Market a group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group Undifferentiated Approach

directing a single marketing mix at the entire market for a particular product Market Segment A group of individuals or organizations within a market that share one or more common characteristics Market Segmentation the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market Sales Forecast an estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort Marketing Information System a system for managing marketing information that is gathered continually from internal and external sources Marketing Research the process of systematically gathering, recording, and analyzing data concerning a particular marketing problem Buying Behavior the decisions and actions of people involved in buying and using products Consumer Buying Behavior the purchasing of products for personal or household use, not for business purposes Business Buying Behavior the purchasing of products bu producers, resellers, governmental units, and institutions Personal Income the income an individual receives from all sources LESS the social security taxes the individual must pay Disposable Income personal income LESS all additional personal taxes Discretionary Income disposable income LESS savings and expenditures on food, clothing, and housing Social Media the online interactions that allow people and businesses to communicate and share ideas, personal information, and information about products and services Hashtag a word or a short phrase preceded by the pound sign (#), to identify different topics Social Content Sites allow companies to create and share information about their products and services Blog a website that allows a company to share information in order to not only increase the customer's knowledge about its products and services, but also to build trust Media Sharing Sites allow users to upload photos, videos, and podcasts Podcasts digital audio or video flies that people listen to or watch online on tablets, computers, MP# players, or smartphones Social Game a multiplayer, competitive, goal-oriented activity with defined rules of engagement and online connectivity among a community of players Social Media Communities social networks based on the relationships among people Forum an interactive version of a community bulletin board that focuses on threaded discussions Wiki a collaborative online working space that enables members to contribute content that can be shared with other people Millennials tech-savvy digital natives born after 1980 Social Media Marketing the utilization of social media technologies, channels, and software to create, communicate, deliver, and exchange offerings that have value for an organization Inbound Marketing a marketing term that describes new ways of gaining attention and ultimately customers by creating content on a website that pulls customers in Crowdsourcing

outsourcing tasks to a group of people in order to tap into the ideas of the crowd Crowdfunding a method of raising money from a large group of people who donate small amounts of money using the internet and social media Quantitative Social Media Measurement using numerical measurements, such as counting the number of website visitors, number of fans and followers, number of leads generated, and the number of new customers Key Performance Indicators (KPIs) measurements that define and measure the progress of an organization toward achieving its objectives Qualitative Social Media Measurement the process of accessing the opinions and beliefs about a brand and primarily uses sentiment analysis to categorize what is being said about a company Sentiment analysis a measurement that uses technology to detect the mood, attitudes, or emotions of people who experience a social media activity E-business (or electronic business) the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs through the facilities available on the Internet Mobile marketing communicating with and selling to customers through mobile devices Outsourcing the process of finding outside vendors and suppliers that provide professional help, parts, or materials at a lower cost Revenue Stream a source of revenue flowing into a firm Business Model represents a group of common characteristics and methods of doing business to generate sales revenues and reducing expenses Business-to-business (B2B) model a model used by firms that conduct business with other businesses Business-to-consumer (B2C0 model a model used by firms that focus on conducting business with individual consumers Cookie a small piece of software sent by a website that tracks an individual's internet use Data mining the practice of searching through data records looking for useful information Malware a general term that describes software designed to infiltrate a computer system without the user's consent Cloud computing a type of computer usage in which services stored on the Internet is provided to users on a temporary basis Green IT a term used to describe all of a firm's activities to support a healthy environment and sustain the planet...