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mana 3325 final voca
final exam chapters 9, 10, 11, 12 vocab
| Question | Answer |
|---|---|
| The group of founders, key employees, and advisors that move a new venture from an idea to a fully functioning firm. | new venture team |
| Situation that often causes new firms to falter because the people who start the firms can't adjust quickly enough to their new roles, and because the firm lacks a "track record" with customers and suppliers | liability of newness |
| A team of individuals chosen to start a new venture; has an advantage over firms started by an individual because a team brings more talent, resources, ideas, and professional contacts to a new venture than does a sole entrepreneur | founding team. |
| A team whose individual members are diverse in terms of their abilities and experiences. | heterogeneous team |
| A team whose individual members' experiences and areas of expertise are very similar to one another. | homogenous team. |
| Prior start up experience; this experience has been found to be one of the most consistent predictors of future entrepreneurial performance | prior entrepreneurial experience |
| Experience in the same industry as an entrepreneur's current venture that includes a network of industry contacts and an understanding of the subtleties of the industry | relevant industry experience |
| Building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm | networking |
| A chart that depicts the most important skills that are needed and where skills gaps exist | skills profile |
| A panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm | board of directors |
| A person on a firm's board of directors who is also an officer of the firm | inside director |
| Someone on a firm's board of directors who is not employed by the firm | outside director |
| The act of a high-quality individual agreeing to serve on a company's board of directors, which indicates that the individual believes that the company has the potential to be successful | signaling |
| A panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis; unlike a board of directors, an advisory board possesses no legal responsibilities for the firm and gives nonbinding advice | advisory board |
| An individual who gives professional or expert advice. Consultants fall into two categories: paid consultants and consultants who are made available for free or at a reduced rate through a nonprofit or governmental agency | consultant |
| The rate at which a company is spending its capital until it reaches profitability | burn rate |
| The value of the time and effort that a founder puts into a new firm | sweat equity |
| Using creativity, ingenuity, or any means possible to obtain resources other than borrowing money or raising capital from traditional sources | bootstrapping |
| A means of raising money by exchanging partial ownership in a firm, usually in the form of stock, for funding | equity financing |
| An occurrence such as a new venture going public, finding a buyer, or being acquired by another company that converts some or all of a company's stock into cash | liquidity event |
| Getting a loan; most common sources of debt financing are commercial banks and the Small Business Administration's (SBA's) guaranteed loan program | debt financing |
| A brief, carefully constructed statement that outlines the merits of a business opportunity | elevator speech (or pitch). |
| Individuals who invest their personal capital directly in new ventures | business angels |
| The money that is Invested by venture capital firms in startups and small businesses with exceptional growth potential | venture capital |
| The venture capitalists who manage a venture capital fund | general partner |
| Participants in a partnership, such as a venture capital fund, which have limited liability, meaning that they are only liable up to the amount of their investment and have no management authority | limited partner |
| The percentage of profits that the venture capitalist gets from a specific venture capital fund | carry |
| Stages of subsequent investments made in a firm by investors | rounds |
| Additional funding for a firm following the initial investment made by investors | follow-on funding |
| The process of investigating the merits of a potential venture and verifying the key claims made in the business plan | due diligence. |
| . A type of capital similar to traditional venture capital, except that the money comes from corporations that invest in new ventures related to their areas of interest | corporate venture capital |
| The first sale of a company's stock to the public 4 reasons to do this are: a way to raise equity capital; raise a firm's public profile; a liquidity event; and it creates another form of currency (company stock) that can be used to grow the company | initial public offering (IPO). |
| Any later public issuance of shares after the initial public offering | secondary market offering. |
| A federal law that was passed in response to corporate accounting scandals involving prominent corporations, like Enron and WorldCom | Sarbanes-Oxley Act |
| A financial institution that acts as an underwriter or agent for a firm issuing securities | investment bank. |
| A document issued by an investment bank that describes the potential offering to the general public while the SEC is conducting an investigation of the offering (also red-herring). | preliminary prospectus |
| Documents issued by the investment bank after the Securities and Exchange Commission (SEC) has approved the offering that sets a date and issuing price for the offering | final prospectus |
| A whirlwind tour taken by the top management team of a firm wanting to go public; consists of meetings in key cities where the firm presents its business plan to groups of investors | road show |
| A variation of the IPO in which there is a direct sale of an issue of securities to a large institutional investor | private placement |
| One common type of loan in which a specific amount of money is borrowed that must be repaid in a fixed amount of time with interest | single-purpose loan |
| A borrowing "cap" is established and borrowers can use the credit at their discretion; requires periodic interest payments | line of credit |
| An important source of funding for small businesses in general in which approximately 50 percent of the 9,000 banks in the United States participate | SBA Guaranteed Loan Program |
| The main Small Business Administration (SBA) program available to small businesses operating through private sector lenders providing loans that are guaranteed by the SBA | 7(A) loan guaranty program |
| A form of credit In which a vendor extends credit to a business in order to allow the business to buy its products and/ or services upfront but defer payment until later | vendor credit |
| A financial transaction whereby a business sells its accounts receivable to a third party, called a factor, at a discount in exchange for cash | factoring |
| A category of financial transactions which occur directly between individuals or "peers." | peer-to-peer lending |
| A method of funding in which people pool their money and other resources, usually via the Internet. to support efforts Initiated by other people or organizations | crowd funding |
| A written agreement in which the owner of a piece of property allows an individual or business to use the property for a specified period of time in exchange for regular payments | lease |
| Firms that act as brokers, bringing the parties Involved In a lease together (e.g.,firms acquainted with the producers of specialized equipment match these producers with new ventures that are In need of the equipment). | venture-leasing firms |
| Small Business Innovation Research (SBIR) competitive grant program that provides over $1 billion per year to small businesses for early stage and development projects | SBIR Program |
| A provision in the SBIR Program in which some applicants can simultaneously submit Phase I and Phase II grant applications | fast-track program |
| A government grant program. Similar to the SBIR program, which requires the participation of a research organization, such as a research university or a federal laboratory | STTR Program |
| The process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry | market segmentation |
| A place within a large market segment that represents a narrow group of customers with similar interests | niche market |
| A map that illustrates a firm's positioning strategy relative to its major rivals | product attribute map |
| A phrase that is used consistently in a company's literature. advertisements. promotions. stationery, and even invoices to develop and to reinforce the position the company has staked out in its market | tagline |
| A program that protects the image and value of an organization's brand in consumers' minds | brand management |
| An awareness and sense of anticipation about a company and its offerings | buzz |
| The set of assets and liabilities that is linked to a brand and enables it to raise a firm's valuation | brand equity |
| The set of controllable, tactical marketing tools that a firm uses to produce the response it wants in the target market; typically organized around the four Ps-product, price, promotion, and place (or distribution). | marketing mix |
| The element of the marketing mix that is the good or service a company offers to its target market; often thought of as something having physical form | product |
| An activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney | service |
| An early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product | reference account |
| The amount of money consumers pay to buy a product; one• of the four Ps in a company's marketing mix | price |
| A pricing method in which the list price Is determined by adding a markup percentage to the product's cost | cost-based pricing |
| A pricing method In which the list price is determined by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion | value-based pricing |
| The assumption consumers naturally make that the higher priced product is also the better quality product | price-quality attribution |
| The marketing mix category that includes the activities planned by a company to communicate the merits of its product to its target market with the goal of persuading people to buy the product | promotion |
| Making people aware of a product or service in hopes of persuading them to buy it. | advertising |
| The efforts a company makes to establish and maintain a certain image with the public through networking with journalists and others to try to interest them in saying or writing good things about the company and its products. | public relations |
| A folder typically distributed to journalists and made available online that contains background information about a company and includes a list of the company's most recent accomplishments. | press kit |
| An event at which the goods or services In a specific industry are exhibited and demonstrated | trade show |
| Tools that Web sites use to provide its users with personalized and social experiences | social plugins |
| A new marketing technique that facilitates and encourages people to pass along a marketing message about a particular product or service | viral marketing |
| A low budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques | guerilla marketing |
| The route a product takes from the place it is made to the customer who is the end user | distribution channel |
| The marketing mix category that encompasses all of the activities that move a firm's product from its place of origin to the consumer | place |
| The process of eliminating layers of intermediaries, such as distributors and retailers, to sell directly to customers | disintermediation |
| An agreement that gives a retailer or other intermediary the exclusive rights to sell a company's products in a specific area for a specific period of time. | exclusive distribution arrangements |
| The systematic process a business engages in to identify prospects and close sales | sales process |
| Any product of human intellect, imagination, creativity, or inventiveness that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets. | intellectual property |
| A grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent | patent |
| The most common type of patent covering what we generally think of as new inventions that must be useful. must be novel in relation to prior arts in the field, and must not be obvious to a person of ordinary skill in the field. | utility patents |
| Requirement that a patent must be filled within one year of when a product or process was first offered for sale, put into public use, or was described in any printed publication. | one year after first use deadline |
| A patent that protects an invention that is or facilitates a method of doing business | business method patent |
| The second most common type of patent covering the invention of new, original, and ornamental designs for manufactured products | design patents |
| Patents that protect new varieties of plants that can be reproduced asexually by grafting or cross-breeding rather than by planting seeds | plant patents |
| A document signed by an employee as part of the employment agreement that assigns the employer the right to apply for the patent of an invention made by the employee during the course of his or her employment. | assignment of invention agreement |
| Documentation of the dates and activities related to the development of a particular invention | invention logbook |
| States that first person to invent an item or process is given preference over another person who is first to file a patent application | first-to-invent rule |
| An administrative proceeding overseen by a judge, which takes place when there is a dispute regarding who was the first person to invent a product | interference |
| A part of patent law that grants "provisional rights" to an inventor for up to one year, pending the filing of a complete and final application | provisional patent application |
| This is when one party engages in the unauthorized use of another's patent | patent infringement |
| Any work, name. symbol, or device used to identify the sources or origin of products or services and to distinguish those products and services from others | trademark |
| Similar to ordinary trademarks but used to identify the services or intangible activities of a business rather than a business's physical product | service marks |
| Trademarks or service marks used by the members of a cooperative, association, or other collective group, including marks indicating membership in a union or similar organization | collective marks |
| Marks, words, names, symbols, or devices used by a person other than its owner to certify a particular quality about a product or service | certification marks |
| An act of Congress, passed in 1946, that spells out what is protected under trademark law. | Lanham Act |
| This arises when, over time, consumers start to identify a trademark with a specific product. For example, the name CHAP STICK for lip balm was originally considered to be descriptive, and thus not afforded trademark protection | secondary meaning |
| An application based on the applicant's intention to register and use a trademark | intent-to-use trademark application |
| A form of Intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits of the work | copyright |
| Works that are new renditions of something that is already copyrighted, which are also copyrightable | derivative works |
| In 1980, Congress passed this act, which amended previous copyright acts; now, all forms of computer programs are protected | Computer Software Copyright Act |
| The legal principle describing the concept that although an idea is not able to be copyrighted, the specific expression of an idea is | idea-expression dichotomy |
| The letter c inside a circle with the first year of publication and the author copyright owner | copyright bug |
| Violation of another's copyright that occurs when one work derives from another work or is an exact copy or shows substantial similarity to the original copyrighted work | copyright infringement |
| The limited use of copyright material for purposes such as criticism, comment, news reporting, teaching, or scholarship | fair use |
| Any formula, pattern. physical device, Idea, process, or other information that provides the owner of the Information with a competitive advantage In the marketplace | trade secret |
| Passed in 1996, an act that makes the theft of trade secrets a crime | Economic Espionage Act |
| Drafted in 1979 by a special commission In an attempt to set nationwide standards for trade secret legislation | Uniform Trade Secrets Act |
| A firm's assessment of the intellectual property it owns | intellectual property audit |
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