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?: 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 customersâ€™
bikes. Since part of our revenue comes from these service activities, they are part of the â€œproductâ€.
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, â€œNo payment due until 2004â€
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 McDonaldâ€™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?: 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?: 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

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Number of cards 54