Market analysisA market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined.
EntrepreneurshipEntrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship".
Market researchMarket research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Target marketA target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind.
Market segmentationIn marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on shared characteristics. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar s.
Theory of the firmThe theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards. Organisational structure, incentives, employee productivity, and information all influence the successful operation of a firm in the economy and within itself.
CustomerIn sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration. Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires.
G-type main-sequence starA G-type main-sequence star (spectral type: G-V), also often, and imprecisely called a yellow dwarf, or G star, is a main-sequence star (luminosity class V) of spectral type G. Such a star has about 0.9 to 1.1 solar masses and an effective temperature between about 5,300 and 6,000 K. Like other main-sequence stars, a G-type main-sequence star converts the element hydrogen to helium in its core by means of nuclear fusion, but can also fuse helium when hydrogen runs out.
A-type main-sequence starAn A-type main-sequence star (A) or A dwarf star is a main-sequence (hydrogen burning) star of spectral type A and luminosity class (five). These stars have spectra defined by strong hydrogen Balmer absorption lines. They measure between 1.4 and 2.1 solar masses () and have surface temperatures between 7,600 and 10,000 K. Bright and nearby examples are Altair (A7), Sirius A (A1), and Vega (A0). A-type stars do not have convective zones and thus are not expected to harbor magnetic dynamos.
B-type main-sequence starA B-type main-sequence star (B V) is a main-sequence (hydrogen-burning) star of spectral type B and luminosity class V. These stars have from 2 to 16 times the mass of the Sun and surface temperatures between 10,000 and 30,000 K. B-type stars are extremely luminous and blue. Their spectra have strong neutral helium absorption lines, which are most prominent at the B2 subclass, and moderately strong hydrogen lines. Examples include Regulus and Algol A.
F-type main-sequence starAn F-type main-sequence star (F V) is a main-sequence, hydrogen-fusing star of spectral type F and luminosity class V. These stars have from 1.0 to 1.4 times the mass of the Sun and surface temperatures between 6,000 and 7,600 K.Tables VII and VIII. This temperature range gives the F-type stars a whitish hue when observed by the atmosphere. Because a main-sequence star is referred to as a dwarf star, this class of star may also be termed a yellow-white dwarf (not to be confused with white dwarfs, remnant stars that are a possible final stage of stellar evolution).
Main sequenceIn astronomy, the main sequence is a continuous and distinctive band of stars that appears on plots of stellar color versus brightness. These color-magnitude plots are known as Hertzsprung–Russell diagrams after their co-developers, Ejnar Hertzsprung and Henry Norris Russell. Stars on this band are known as main-sequence stars or dwarf stars. These are the most numerous true stars in the universe and include the Sun. After condensation and ignition of a star, it generates thermal energy in its dense core region through nuclear fusion of hydrogen into helium.
K-type main-sequence starA K-type main-sequence star, also referred to as a K-type dwarf red dwarf, or orange dwarf, is a main-sequence (hydrogen-burning) star of spectral type K and luminosity class V. These stars are intermediate in size between red M-type main-sequence stars ("red dwarfs") and yellow/white G-type main-sequence stars. They have masses between 0.6 and 0.9 times the mass of the Sun and surface temperatures between 3,900 and 5,300 K. These stars are of particular interest in the search for extraterrestrial life due to their stability and long lifespan.
Customer serviceCustomer service is the assistance and advice provided by a company to those people who buy or use its products or services. Each industry requires different levels of customer service, but towards the end, the idea of a well-performed service is that of increasing revenues. The perception of success of the customer service interactions is dependent on employees "who can adjust themselves to the personality of the customer". Customer service is often practiced in a way that reflects the strategies and values of a firm.
O-type main-sequence starAn O-type main-sequence star (O V) is a main-sequence (core hydrogen-burning) star of spectral type O and luminosity class V. These stars have between 15 and 90 times the mass of the Sun and surface temperatures between 30,000 and 50,000 K. They are between 40,000 and 1,000,000 times as luminous as the Sun. The "anchor" standards which define the MK classification grid for O-type main-sequence stars, i.e. those standards which have not changed since the early 20th century, are (O7 V) and (O9 V).
Resource-based viewThe resource-based view (RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage. Barney's 1991 article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view. However, some scholars argue that there was evidence for a fragmentary resource-based theory from the 1930s.
Entrepreneurship ecosystemAn entrepreneurial ecosystems or entrepreneurship ecosystems are peculiar systems of interdependent actors and relations directly or indirectly supporting the creation and growth of new ventures. "Ecosystem" refers to the elements – individuals, organizations or institutions – outside the individual entrepreneur that are conducive to, or inhibitive of, the choice of a person to become an entrepreneur, or the probabilities of his or her success following launch.
Customer analyticsCustomer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle at the consumer.
Customer relationship managementCustomer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many softwares come with a softphone), email, live chat, marketing materials and more recently, social media.
Startup companyA startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses, including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo founder. At the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to become successful and influential.
