REVIEW GUIDE FOR FINAL MGT358 Fall 2017 Final comprises of a combination of true/false questions, multiple choice questions and short answers/essay. Main overview but it is not all inclusive. The Business Plan: Road Map to Success (4) · Understand the Business Model Canvas and the important to entrepreneurs . I. Know what a feasibility analysis and when to create one: Does My Idea Work? A. Analyzing Product and/or Service Feasibility B. Analyzing Market and Industry Feasibility 1. existing competitive rivalry, 2. barriers to entry, 3. threat of substitutes, 4. supplier power, and 5. buyer power. C. Analyzing Financial Feasibility II. Know what a business plan and Business Model Canvas is and how to describe it. A. Difference between a business model and business model canvas III. Why Do You Need a Business Plan? Explain the various purposes for a business plan and the audience for it. IV. Understand the components of a business plan. V. Be able to demonstrate proper development and formatting of a business plan and business model canvas. Developing the Right Marketing Mix (7) · Define real customer need and explain why an entrepreneur should seek to develop a product · or service that meets a real need · Describe a typical adoption pattern for new products and explain the meaning of "crossing the chasm" · Combine the four P's-product, price, place, and promotion-into a marketing mix, find a way to add the fifth P, philanthropy, to your business. · Determine the mix of promotion to use for your business. · Understand the importance of a marketing plan. And identify the critical components of a marketing plan.
· Use breakeven analysis to evaluate your marketing plan. I. Combine the "Four P's"—product, price, place, and promotion—into a marketing mix. II. Determine the attributes of your product or services. III. Choose where and how to advertise your business. IV. Decide how your business will help your community philanthropically. V. Understand the importance of a marketing plan. VI. Identify the critical components of a marketing plan: VII. Use breakeven analysis to evaluate your marketing plan. Pricing and Credit Strategies (8) I. Understand the relationship between price and overall strategy. II. Multiple pricing strategies are available to businesses. III. Determine markups. IV. Explore the role of trade credit. V. Discounts, incentives, and price adjustments. Advertising and Promotion (9) I. Use Integrated Marketing Communications for Success II. Reinforce the Company's Unique Selling Proposition III. Promotional Planning IV. The Advertising Advantage V. Sales-Promotion Solutions VI. Alternative Marketing VII. Databases and Direct Response Marketing VIII. Data Collection, Coding, and Mining IX. Marketing Communications Driven by Databases X. E-Active Marketing XI. Publicity Potential Integrated Marketing Communications · Define integrated marketing communications and its components · Conduct promotional planning and budgeting. · Understand advertising and advertising management and identify and evaluate media. · Discuss sales promotion and explore alternative marketing options. · Analyze database and direct-response marketing opportunities. · Incorporate e-active marketing.
· Describe publicity and public relations. A. Communications strategies, tactics, and other components should be integrated for maximum effectiveness. B. Integrated communications may involve advertising, promotions, personal selling, database marketing, direct marketing, alternative marketing, e-active marketing, and public relations. C. Your integrated communications should reinforce your brand and your unique selling proposition. II. Conduct promotional planning and budgeting. A. Promotional planning determines the best opportunities for quality, and effective customer contact. B. All parts of your organization should be involved. C. Complete a promotions opportunity analysis to create a promotion strategy. D. Establish communications objectives. E. Create a promotional budget to accomplish the objectives. III. Understand advertising and advertising management. A. Advertising objectives include: 1. Building brand and image 2. Providing information 3. Persuading 4. Stimulating action 5. Reinforcing a purchasing decision 6. Determine if and when to use an advertising agency or freelancer. 7. Take advantage of assistance from media companies, trade associations, and suppliers 8. Decide which advertising will be institutional and which will be product advertising IV. Identify and evaluate media options. A. The customers' interests and benefits should be the focus of media decisions. B. Develop a media strategy and schedule tied to the overall marketing strategy C. Work with a media planner and buyer or internally to assess your options based upon an analysis of anticipated media effectiveness. D. Broadcast media include television and radio. E. Print media include newspapers, magazines, and directories. F. Outdoor advertising primarily consists of billboards. G. Internet advertising is a key part of e-active advertising. H. Plan measurement into your media decisions. I. Collateral materials should reinforce the company's competitive advantage. V . Discuss sales promotion. A. Encourage customers to buy more frequently through promotional tools. B. It is best to use promotional tools for highly targeted, time-limited increases in response.
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