rev competition
DESCRIPTION
TRANSCRIPT
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