rev competition

REVIEW FOR Competition

Business Names, Slogans and Trademarks

The rivalry between 2 or more businesses

to sell the same products to the same

customers.

Competition

WHAT IS....

Refers to businesses that derive the majority of their profits from the sale of products or services that are the same or similar to those sold by another business.

DIRECTCOMPETITION

WHAT IS....

An important source to use when compiling a competitor’s list.

-YELLOW PAGES of the PHONEBOOK-Yellow pages-Internet-A physical check of market area

WHAT IS....

Refers to 2 businesses that derive only a small percentage of their profits from the sale of products or services that are the same or similar to those sold by another business.

INDIRECTCOMPETITION

WHAT IS....

This forces marketers to produce more efficiently and keeps marketers improving their products.

COMPETITION

WHAT IS....

A benefit of competition for customers is _?_ prices.

LOWER

WHAT IS....

A benefit of competition for customers is it keeps _?_ up.

QUALITY

WHAT IS....

A regulatory agency that was established to enforce and monitor laws relating to business.

FEDERAL TRADE

COMMISSION (FTC)

WHAT IS....

A benefit of competition for customers is it provides a wider _?_ of products.

SELECTION

WHAT IS....

This legislation states any business deal that unreasonably restricts trade or commerce among states is illegal.

SHERMAN ANTITRUST ACT

WHAT IS....

This legislation outlawed price discrimination.

ROBINSON-PATMAN ACT

WHAT IS....

This legislation strengthened Sherman Act to include it to be illegal to buy a company to create a monopoly or reduce competition.

THE CLAYTON

ACT

WHAT IS....

Doing something or having something that your competitor does not.

COMPETITIVE

ADVANTAGE

WHAT IS....

The competitive advantage of Walmart over Kmart is _?_ _?_.

LOWER PRICES

WHAT IS....

The Regal 10 theatre has the competitive advantage of _?_ over the Loew’s Seacourt 10 in Toms River.

LOCATION

WHAT IS....

TJ Maxx has the competitive advantage of _?_ _?_ over Mandee’s when selling clothing items.

QUALITY MERCHANDISE

(brand names)

WHAT IS....

The percent (%) of the total Market sales you have against the TOTAL generated by ALL competing companies in your market area is called..

MARKET SHARE

WHAT IS....

Knowledgeable salespeople, large selection of merchandise, and better atmosphere are examples of _?_ _?_.

COMPETITIVE ADVANTAGES

WHAT IS....

Knowing your competitor’s strengths are an important part of your competitor analyis, but you must also know thier _?_.

WEAKNESSES

WHAT IS....

Analyzing the competition is knowing the strength and weaknesses of your competition. Name two things you should know about your competitor?

a. what product lines do they sellb. what don’t they sellc. what is their price structure-low, medium, highd. selection of goodse. where do they advertise, and what promotions do they dof. how many employeesg. are they trained wellh. how is their customer service

Three words that cannot be included in your Business name.

INSURANCETRUSTMEDICALNATIONALBANK

A Business name should be...1.2.

DESCRIPTIVEAPPROPRIATEMEMORABLE

The benefit of starting your business name with the letter “A” is

You are first in the Yellow Pages of the Phone Book

What type of image can a business create?

ReliableDependableCreativeInnovativeFeeling of ComfortConservative ViewsContemporary Attitudes

Use your own name as your business name only if it is less than

3 Syllables (ten characters)

A business name that is different from your corporate name is called a (an)....

ASSUMED NAME

According to the Business Week article the “Golden Rule of Naming is _?_”.

Memorability

DBA stands for ......

DOING BUSINESS AS

When your name is not descriptive enough for the customer, you should add a .......

SUBHEAD

Using the words “BY” in a business name gives an image of __?__.

EXCLUSIVENESSorPRESTIGE

A Business name that is a play on words (McDead) may bring a smile to some but my __?__ others.

OFFEND

A trendy business name may be “In Today” but might be “____ ____”.

“OUT TOMORROW”

Moving a business with a geographic name to another area may not work well because the name may have a (an) _?_ _?_ with potential customers.

UNFAVORABLE IMAGE

The Business Week article was referring to what in regard to the term “If It Ain’t Broke” .

Don’t change your name….Changing your name can

backfire.

Where do you go to protect your trademark (logo).

U.S. Patent & Trademark Office

How long does a trademark last?

Ten (10 ) Years

A person who buys a domain name and has no intention of using it is called a (?)

Squatter

The Pincher’s Crab Shack in Naples Florida is suing (_?_) for using their slogan “You can’t fake fresh”.

Wendy’s

Short, often memorable phrases used in advertising campaigns.

Slogans

An effective slogan is one that…..

1. states the main benefits of the product or brand for the potential user or buyer 2. implies a distinction between it and other firms' products - of course, within the usual legal constraints 3. makes a simple, direct, concise, crisp, and apt statement 4. is often witty 5. adopts a distinct "personality" of its own 6. gives a credible impression of a brand or product 7. makes the consumer feel "good" 8. makes the consumer feel a desire or need 9. is hard to forget - it adheres to one's memory (whether one likes it or not), especially if it is accompanied by mnemonic devices, such as jingles, ditties, pictures or film sequences on televised commercials 10. sounds good

TEST TOMORROW