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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?
Life Style
Growth (want to grow asap!)
Personal Achievers
Real Managers
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?
general managment
marketing sales expertise
distribution channels
vendors (supply source)
production needs
licenses and patents
How/what are the 6 ways of acquiring resources?
outsourcing (expand to int.)
contract labor
joint venture
What are the 5 branches of implement and manage?
start your business
monitor performance
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?
What are the three arrows pointing between the black big circles on the Timmons Model?
What is underneath the balance on the Timmons Model?
What is in the middle of the Timmons Model?
Business Plan
Opportunity driven
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?
opportunity obessed
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...
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 > 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
Overall, what should one keep in mind when trying to market a product?
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 “product”.
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?
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?
Information Technology
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/
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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