Midterm for Bus 37713 cards

Tagged as: business, economics, music, computer science, marketing

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1

Strategic Management

Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. Long term plan for achieving a goal.

2

Feasibility Analysis

Addresses the question, should we proceed with this business idea? Serves as a filter, screening out ideas that lack the potential for building a successful business before an entrepreneur commits the necessary resources to building a business plan.

3

Product or Service Feasibility Analysis

Determines the degree to which a product or service idea appeals to potential customers and identifies the resourced necessary to produce it

4

Pitch your top three Ideas

1. Company Description 2. The opportunity and strategy 3. Target market and projection 4. The competitive advantage

5

Check out these companies’ websites and summarize: what they do & what’s unique about each company

•Sonic Mule – Making the first sound and music application •Goodwin Heart and Pine – reclaimed wood furnishing found in rivers •Poo Poo Paper Co- produces 100% recycled paper from dung pulp •PODS – a movable storage company •Alaska Glacial Mud Co- high quality skin care from cooper River Delta, mineral rich ingredients •Green Fields – eco friendly

6

Identify 10 business and/or social problems and propose solution(s) to each.

1) The product or service 2) the target customer 3) the location of the business

7

Product Line

•A product line is a group of similar products marketed to one general market

8

Product Mix

•A product mix is the combination of all product lines offered for sale by a company

9

Guerrilla Marketing Plan

o It should pinpoint the target markets the small company will serve. o It should determine customer needs, wants, and characteristics through market research. o It should analyze a company’s competitive advantages and build an effective, cost-efficient marketing strategy around them. o It should help create a marketing mix that meets customer’s

10

Brand image

Attributes: descriptive features; personality & feeling Benefits: functional advantages, experiential feelings Attitudes: behavior toward the brand

11

The Six Hats

•Red Hat: Gut feeling. Will this succeed or fail? • Yellow Hat: Positive Feedback, why do you like the idea. What is really neat about it, why do you think it will succeed. • Black Hat: Be critical, why this may not work. Why wouldn’t you use the product/service • White Hat: What other information does the team need to assemble in order to proc

12

How to spot entrepreneurship opportunities?

• Look for creative ways to use existing resources • Notice what is missing. • Realize that others have the same product that you do.

13

Sustainable Business Practices

1. Pollution Prevention – Minimizing waste 2. Product Stewardship: Engaging stakeholders and managing the full life cycle. 3. Clean Technology