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Entrepreneurship #4
Chapters 13,14,15
| Term | Definition |
|---|---|
| penetration strategy | a strategy to grow by encouraging existing customers to buy more of the firm's current products |
| market development strategy | strategy to grow by selling the firm's existing products to new groups of customers |
| product development strategy | a strategy to grow by developing and selling new products to people who are already purchasing the firm's existing products |
| diversification strategy | a strategy to grow by selling a new product to a new market |
| backward integration | a step back (up) in the value-added chain toward the raw materials |
| forward integration | a step forward (down) on the value-added chain toward the customers |
| horizontal integration | occurs at the same level of the value-added chain but simply involves a different, but complementary, value-added chain |
| participative style of management | the manager involves others in the decision-making process |
| time management | the process of improving an individual's productivity through more efficient use of time |
| principle of desire | a recognition of the need to change personal attitudes and habits regarding the allocation of time |
| principle of effectiveness | a focus on the most important issues |
| principle of analysis | understanding how time is currently being allocated, and where it is being inefficiently invested |
| principle of teamwork | acknowledgement that only a small amount of time is actually under one's control and that most of one's time is taken up by others |
| principle of prioritized planning | categorization of tasks by their degree of importance and then the allocation of time to tasks based on this categorization |
| principle of reanalysis | periodic review of one's time management process |
| joint venture | two or more companies forming a new company |
| acquisition | purchasing all or part of a company |
| brokers | people who sell companies |
| merger | joining two or more companies |
| leveraged buyout (LBO) | purchasing an existing venture by any employee group |
| franchising | an arrangement whereby a franchisor gives exclusive rights of local distribution to a franchise in return for payment of royalties and conformance to standardized operating procedures |
| franchisor | the person offering the franchise |
| franchisee | the person who purchases the franchise |
| distribution task | negotiating how the benefits of the relationship will be allocated between the parties |
| integration task | exploring possible mutual benefits from the relationship so that the "size of the pie" can be increased |
| reservation price | the price (the bundle of resources from the agreement) at which the entrepreneur is indifferent about whether to accept the agreement or choose the alternative |
| bargaining zone | the range of outcomes between the entrepreneur's reservation price and the reservation price of the other party |
| employee stock option plan (ESOP) | a two-to-three-year plan to sell the business to employees |
| Chapter 11 bankruptcy | provides the opportunity to reorganize and make the venture more solvent |
| Chapter 13 bankruptcy | voluntarily allows individuals with regular income the opportunity to make extended time payments |
| Chapter 7 bankruptcy | requires the venture to liquidate, either voluntarily or involuntarily |
| voluntary bankruptcy | entrepreneur's decision to file for bankruptcy |
| involuntary bankruptcy | petition of bankruptcy filed by creditors without consent of entrepreneur |
Created by:
nolanwiltshire
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