Midterm Study Guide BGEN 204
Midterm Study Guide BGEN 204 BGEN 204
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This 3 page Study Guide was uploaded by Tia Goebel on Friday October 7, 2016. The Study Guide belongs to BGEN 204 at Montana State University taught by Mike Shaw in Fall 2016. Since its upload, it has received 52 views. For similar materials see Business and Entreupenership Fundamentals in Business at Montana State University.
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Date Created: 10/07/16
Tia Goebel BGEN 204 Midterm Study Guide Test Overview: Chapters 1, 2, and 6 3 Joe Start Up Videos 50 multiple choice questions Questions may be on chapter summaries (side blocks) May bring 1 page of notes to use (front and back) Key Terms From Chapter 1 Business: any profit-seeking organization that provides goods and services designed to satisfy customers’ needs Revenue: money a company brings in through the sale of goods and services Profit: money left over after all the costs involved in doing business have been deducted from revenue Competitive Advantage: some aspect of a product or company that makes it more appealing to target customers Business Mindset: a view of business that considers the myriad decisions that must be made and the many problems that must be overcome before companies can deliver the products that satisfy customer needs Key Terms From Chapter 2 Small Business: an independently owned and operated company that employs fewer than 500 people and is not dominant in its field of operation Small businesses do the following: Provide jobs, introduce new products, meet the needs of larger organizations, inject money into the economy, take risks that larger companies may avoid, and provide specialized goods and services Factors contributing to the growth of small business: E-commerce, social media, technology, growing diversity in entrepreneurship, downsizing and outsourcing Entrepreneurial Spirit: positive, forward-thinking desire to create profitable, sustainable business enterprises Intrapreneurship: the act of designating entrepreneurial efforts within a larger organization Business Plan: summarizes a proposed venture, communicates the company’s goals, highlights how management intends to achieve those goals, and shows how customers will benefit from the company’s goods/services A Business Plan will include: A summary, mission and objectives, company overview, products/services, management and key personal, target market, Tia Goebel marketing strategy, design and development plans, operations plan, start-up schedule, major risk factors, financial projects/requirements, exit strategy Starting a business is risking failure, however there is advice and support for business owners: Government agencies, and not-for-profit organizations, business partners, mentors and advisory boards, print and online media, networks and support groups, and business incubators. Financing options for business can be split into three groups: Private: seed money (the first infusion of capital used to get a business started), banks and microlenders, venture capitalists, angel investors, credit cards and personal lines of credit, small business administration assistance Public: initial public offering (IPO) – a corporation’s first offering of shares to the public Crowdfunding: using another business to take donations, find investors, and get off the ground as a business (i.e. Kickstarter) Franchise: when a small-business owner operates under a larger company’s trade name in order to sell its goods and services Key Terms From Chapter 6 Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Place Marketing: efforts to market geographic areas ranging from neighborhoods to entire countries Cause-related Marketing: promotes a cause or social issue, such as physical fitness, cancer awareness, or environmental sustainability Needs: what people require in order to live; needs create the motivation to buy products and are at the core of any discussion on marketing Wants: based on needs, but are more specific; desirable but unnecessary Exchange Process: trading something of value for something else of value Transaction: when the exchange process occurs, it forms a transaction Utility: any attribute that increases the value that customers place on the product Marketing Concept: the idea that companies should respond to customers’ needs and wants while seeking long-term profitability and coordinating their own marketing efforts to achieve the company’s long-term goals Relationship Marketing: marketing with the goal of creating long-term bonds with satisfied customers Customer Loyalty: the degree to which customers continue to buy from a particular retailer of buy the products offered by a particular manufacturer Marketing Mix: this is made up of product, price, distribution, and customer communication Tia Goebel Joe Start Up Videos (Creative Mindset, Startup Innovation Process Video, Haiku) Creative Mindset – o Everyone is creative, creativity just takes practice o Exercises for practicing creativity: o Pretend you’re a spy, memorize the details in the room o Look for inspiration every day o Create a list of the problems/frustrations you have and come up with solutions o Spend time journaling and writing down your ideas o Make time for an activity that allows your ideas to flow easily and bein in the present moment o Mash up all your ideas Innovation Process – Innovation is applied or focused creativity working toward a solution The Innovation Process includes five steps: PRICE #1: Problem Identification #2: Research the Problem #3: Ideate (“Yes, And!”) #4: Curate #5: Edit Product Haiku – A product definition includes: the problem, the user, the solution, and the key features Get input from as many users as possible Keep developing your product with constant input from the users
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