FME Managment
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- What is the traditional def. of entreprenuership?
- The pursueing of opportunity regardless of how much resources you have.
- What is the Babson def. of entreprenuership?
- It is a way of thinking, processing, and acting, that is opp. obessed, holistic in approach, and leadership balanced.
- What are the 7 types of entrepreneurs?
-
Wanna-bees
Life Style
Growth (want to grow asap!)
Personal Achievers
Real Managers
Supersalesperson
Expert Idea Generator - What are the 6 stages in the entrepreneurship process?
-
identify an opportunity
develop the concept
determine the resources
acquire the resources - What are the 5 changes (branches) of identifying an opportunity?
-
Tech. change
Social change
Regulatory change
Demographic Change
Market change - What are the 5 "new" branches of developing a concept?
-
new products
new processes
new sevices
new markets
new sales of distribution channels - Who/what are the 8 branches of determining the resources?
-
employees
general managment
marketing sales expertise
finiancing
distribution channels
vendors (supply source)
production needs
licenses and patents - How/what are the 6 ways of acquiring resources?
-
financing
outsourcing (expand to int.)
leasing
contract labor
joint venture
partnerships - What are the 5 branches of implement and manage?
-
start your business
reinvesting
monitor performance
expand
Strategic Plan - Harvesting your business (profit or not???)
-
Resell it
Go public with it
Shut Down the venture
license the rights
lets go take a vacation! - What are the three black big circles on the TIMMONS MODEL?
-
Opportunity
Resources
Team - What are the three arrows pointing between the black big circles on the Timmons Model?
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Creativity
Communications
Leadership - What is underneath the balance on the Timmons Model?
- FOUNDER
- What is in the middle of the Timmons Model?
- Business Plan
- Opportunity driven
- Eship
- What are the 3 M's?
-
Market Demand
Market Structure and Size
Margin Analysis $ - What is the Marshall Resource?
- Minimize and Control vs. Maximize and Own
- What are some qualities of an entrepreneural team?
-
tolerant
creative
leadership
opportunity obessed
committed
motivated - Marketing Math + Capitalist Creativity equals
- Business ideas with high probability of sucess
- Marketing Math - 3 markers to increase sucess in business
-
Over Benefit
Real Reason to Believe
Dramatic Difference - 3 laws of capitalist creativity
-
explore stimuli
leverage diversity
face your fears - What do the 3 laws of capitalist creativity do?
- increase # of practical ideas
- Why do the 2 reasons why businesses exist?
-
-To deliver products and services to markets
-Create, promote, distribute, and sell products and services - What is the marketing mix? 4p's of marketing...
-
Product
Price
Promotion
Place (distribution0 - Why is satisfying customers so important?
- To create, keep, and manage a profitable customer
- Product Line
- Diet Coke, Coke, Caffeine free Coke
- Product Mix
- Amazon.com > electronics, music, clothes, everything
- Benefits for a customer include what?
- what they receive, enjoy, experience
- What can influence the price?
-
customers ego or self image
location of the business
level of competition
season - Overall, what should one keep in mind when trying to market a product?
-
Price
Place
Product based on Placement
Product uniqueness
Who will distribute your product? - Service in physical products
-
There is often a service activity closely connected to the physical products. In the bike shop,
this could include assembly and tune-up of new bikes as well as repair work on customers’
bikes. Since part of our revenue comes from these service activities, they are part of the “productâ€. - What are the two directions of pricing?
-
Market pricing (customers and competitors)
Own pricing (cost incurred by ourselves and suppliers) - What is one danger in price competition?
- Competing below the price of your competitors can cause every business to lose profit - unless you are Walmart!
- What are some other cost of the product that are beneficial to the customer?
-
quantity
discounts, rebates, extended payment terms, “No payment due until 2004†- What are the objectives of promotion?
- Inform, Convince, Attract
- What is personal selling?
- Selling that is very expensive - usually for cars, boats, and so on
- How can one attract a customer?
-
coupons, mail-in rebates, distributing free samples, or offering
premiums (toys with McDonald’s Happy Meals) - What are some aspects of PLACE in which we can distribute a product?
- We can do it through wholesale, retailer (and retailer then uses internet, phone etc), mail order, internet,
- What are some uses of data warehouses?
- improving internal communication, upgrading sales-force automation , eliminate inefficiency in data management,accessing information quicker and faster and easier
- Productive thinking vs. reproductive thinking
- Do not think, what have I been taught to think like?
- IBM/APPLE/PHONE what do they have in common?
- They are products of productive thinking. We do not think, who will use a phone? We invent by being creative.
- what are the 4 components of an information system?
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Information Technology
Data
Procedures
People - three effects or impacts of Information technology systems?
- It is more efficient, effective, and also more innovative
- What is BI?
- BI= DDS and is knowledge about my customers, competitors, business partners, envoiment, and own operativetions.
- What does BI do?
- BI will giv eme the ability to know and make effective, imporamt, amd often strategic business decision.
- Aare DDS all computer based/
- yes!!!
- What do DDS use?
-
abalytical mdoels
specialed databases
The decision makers inights and judgement
compute rbased making business decisions - What are the 4 types of decision making analysis?
-
What if anaylsis - what would happen to sales IF...?
Sensitivity Anyasis - are sales sensitive to...?
Goal seeking analysis - What amount of goal cutting should I do?
Optimization anaylsis - what is the optimial mix of advertising and product discount to maximize my produfits? - What is data mining looking at?
- Data mining looks at trends, looks at a lot of data
- What is data warehouse?
- data collected from several prodduction databases cleaned, integrated, and hten used for data analysis
- What is the result of amazon>
- recommendations, cross selling opportunities, when to discount and when?
- L'oreal and data warehousing...
- It was bad when l'oreal merged because they had sales everywhere, had to request a lot of informaiton for marketing, it took too long time to gather information,
- Wwhat did fowler do well in l'oreal?
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He went sloly
outsourced to a data warehouse (cleaned integrated data management)
standarized nt sysmte that was web based
paid attention to change
standard definations for the data - What fowler did not do well
-
users felt overwlemed by lack of training
users felt unprepared