Management Entrepreneurship

The four Ps of the marketing mix are product,price,promotion,and packaging.

The marketing mix consists of variables that can be controlled in bringing the product or service to the target market.

At the heart of the marketing mix is promotion.

The expected product level of product satisfaction includes the set of attributes and conditions that consumers assume will be present.

The most basic level of product satisfaction is the core benefit.

Product augmentations are additions made to create a unique product.

Trends like increased global competition and quickly changing customer needs have shortened product life cycles and increased the need for new products.

According to Booz,Allen,& Hamilton classifications,products that have never before been seen and result in entirely new markets are called product positioning.

The addition of a coffee bar in a campus bookstore would be considered a new product line for the bookstore.

About 25,000 totally new products are introduced to grocery stores each year.

All an inventor/entrepreneur needs is a good idea for a new product and companies will gladly pay huge amounts of money to produce it.

Under a licensing agreement,an inventor generally receives a royalty of about 50 percent of the sale of the product.

Under private label manufacturing a small business can produce a product for another company,like Craftsman under the Sears name.

A sustainable competitive advantage is based on a core competency that the firm does better than others.

Advertising should be thought of as the last five seconds of marketing.

The ability to offer quality goods at competitive prices depends upon purchasing skills.

Price is the only factor to consider when purchasing inventory.

The first step in the purchasing process is investigating suppliers.

After a business owner selects a supplier,the next step is to pay the purchasing invoice.

Vendor selection should be based upon habit,not systematic analysis.