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Dr. Shanine Entrepreneurship Chp 11-15

Advertising
Making people aware of a product or service
Brand
the set of attributes–positive or negative–that people associate with a company
Brand Equity
The set of assets and liabilities that is linked to a brand and enables it to raise a firm’s valuation
Brand Management
A program that protect the image and value of an organization’s brand in consumer’s minds
Buzz
an awareness and sense of anticipation about a company and its offerings
Cost-Based Pricing
a pricing method in which the list price us determined by adding a markup percentage to the product’s cost
Disintermediation
the process of eliminating layers of intermediaries, such as distributors and retailers, to sell directly to customers
Distribution Channel
the route a product takes from the place it is made to the customer who is the end user
Exclusive Distribution Arrangements
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
Guerilla Marketing
a low budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques
Market Segmentation
the process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry
Marketing Mix
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
Niche Market
a place within a large market segment that represents a narrow group of customers with similar interests
Place
the marketing mix category that encompasses all of the activities that move a firm’s product from its place of origin to the consumer
Press Kit
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
Price
the amount of money consumers pay to buy a product; one of the four Ps in a company’s marketing mix
Price-Quality Attribution
the assumption consumers naturally make that the higher priced product is also the better quality product
Product
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
Product Attribute Map
a map that illustrates a firm’s positioning strategy relative to it’s major rivals
Promotion
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
Public Relations
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
Reference Account
an early user of a firm’s product who is willing to give a testimonial regarding his or her experience with the product
Sales Process
the systematic process a business engages in to identify prospects and close sales
Service
an activity or benefit that is intangible and does not take on physical form, such as an airplane trip or advice from an attorney
Social Plug-ins
tools that web sites use to provide its users with personalized and social experiences
Tagline
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
Trade Show
an event at which the goods or services in a specific industry are exhibited and demonstrated
Value-Based Pricing
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
Viral marketing
a new marketing technique that facilitates and encourages people to pass along a marketing message about particular product or service
Assignment of Invention Agreement
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
Business Method Patent
a patent that protects an invention that is or facilitates a method of doing business
Certification Marks
marks, words, names, symbols, or evict used by a person other than its owner to certify a particular quality about a product or service
Collective Marks
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
Computer Software Copyright Act
in 1980, Congress passed this act, which amended previous copyright acts, now all forms of computer programs are protected
Copyright
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
Copyright Bug
the letter c inside the circle with the first year of publication and the author copyright owner
Copyright Infringement
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
Derivative Works
works that are new renditions of something that is already copyrighted, which are also copyrightable
Design Patents
the second most common type of patent covering the invention of new, original, and ornamental designs for manufactured products
Economic Espionage Act
passed in 996, an act that makes the theft of trade secrets a crime
Fair Use
the limited use of copyright material for purposes such as criticism, comment, news reporting, teaching, or scholarship
Idea-Expression Dichotomy
the legal principle describing the concept that although an idea is not able to be copyrighted the specific expression of an idea is
Intellectual Property
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
Intellectual Property Audit
a firm’s assessment of the intellectual property it owns
Intent-to-use Trademark Application
an application based on the applicant’s intention to register and use a trademark
Lanham Act
an act of congress, passed in 1946, that spells out what is protected under trademark law
One Year After First Use Deadline
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
Patent
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
Patent Infringement
this is when one party engages in the unauthorized use of another’s patent
Plant Patents
patents that protect new varieties of plants that can be reproduced asexually by grafting or cross-breeding rather than by planting seeds
Provisional Patent Application
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
Secondary Meaning
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
Service Marks
similar to ordinary trademarks but used to identify the services or intangible activities of a business rather than a business’s physical product
Trademark
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
Trade Secret
any formula, pattern, physical vice, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace
Uniform Trade Secrets Act
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
Utility Patents
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
Adverse Selection
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
Core Competencies
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
Economies of Scale
a phenomenon that occurs when mass producing a product results in lower average costs
Economies of Scope
the advantage a firm accrues thru the scope (or range) of its operations rather than from the scale of its production
Entrepreneurial Services
those services that generate new market, product, and service ideas
Fixed Costs
the costs that a company incurs in operating a business whether it sells something or not (overhead)
Managerial Capacity Problem
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
Managerial Services
the routine functions of the firm that facilitate the profitable execution of new opportunities
Market Leadership
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
Moral Hazard
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
Pace of Growth
the rate at which a firm is growing on an annual basis
Productive Opportunity Set
the set of opportunities the firm feels it is capable of pursuing
Sustained Growth
growth in both revenues and profits over an extended period of time
Variable Costs
the costs that are not fixed that a company incurs as it generates sales
Acquirer
the surviving firm in an acquisition
Acquisition
the outright purchase of one firm by another
External Growth Strategies
growth strategies that rely on establishing relationships with third parties, such as mergers, acquisitions, strategic alliances, joint ventures, licensing, and franchising
Geographic Expansion
an internal growth strategy in which an entrepreneurial business grows by simply expanding from its original location to additional geographical sites
Improving an Existing Product or Service
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
Internal Growth Strategies
growth strategies that ely on efforts generated within the firm itself, such as new product development, other product related strategies, or international expansion
International New Ventures
businesses that, from inception, seek to derive significant competitive advantage by using their resources to sell products or services in multiple countries
Joint Venture
an entity created when two or more firms pool a portion of their resources to create a separate, jointly owned organization
Licensee
a company that purchases the right to use another company’s intellectual property
Licensing
the granting of permission by one company to another company to use a specific form of its intellectual property under clearly defined conditions
Licensing Agreement
the formal contract between a licensor and licensee
Licensor
the company that owns the intellectual property in a licensing agreement
Link Joint Venture
a joint venture in which the position of the parties is not symmetrical and the objectives of the partners may diverge
Marketing Alliances
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
Market Penetration Strategy
a strategy designed to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency
Merchandise and Character Licensing
the licensing of a recognized trademark or brand, which the licensor typically controls through a registered trademark or copyright
Merger
the pooling of interests to combine two or more firms into one
New Product Development
the creation and sale of new products (or services) as a means of increasing a firm’s revenues
Organic Growth
internally generated growth within a firm that does not rely on outside intervention
Outsourcing
work that is done for a company by people other than the company’s full time employees
Product Line Extension Strategy
a strategy that involves making additional versions of a product so they will appeal to different clientele
Scale Joint Venture
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
Spin-ins
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
Spin-outs
the opposite of a spin-in that occurs when a larger company divests itself of one of its smaller divisions
Strategic Alliance
a partnership between two or more firms that is developed to achieve a specific goal
Target
in an acquisition, the firm that is acquired
Technological Alliances
business alliances that cooperate in R&D, engineering, and manufacturing
Technology Licenses
the licensing of proprietary technology, which the licensor typically controls by virtue of a utility patent
Agency Theory
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
Area Franchise Agreement
agreement that allows a franchisee to own and operate a specific number of outlets in a particular geographic area
Business Format Franchise
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
Fiduciary Obligation
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
Franchise Agreement
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
Franchise Disclosure Document (FDD)
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
Franchisees
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
Franchising
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
Franchisor
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
Individual Franchise Agreement
the most common type of franchise agreement, which involves the sale of a single franchise for a specific location
Master Franchise Agreement
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
Multiple-Unit Franchisee
an individual who owns and operates more than one outlet of the same franchisor, whether through an area or a master franchise agreement
Product and Trademark Franchise
an arrangement under which the franchisor grants to the franchisee the right to buy its product and use its trade name
Subfranchisees
the people who buy franchises from master franchisees

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