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ENT 500 Study Guide - Final Guide: Standard Operating Procedure, Occupational Safety And Health, Canada Revenue Agency

Entrepreneurship and Strategy
Course Code
ENT 500
Pierre Pequegnat
Study Guide

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ENT500 TEST 2 NOTES (Chapter 7 to now)
FORMAT: 10 True/False, 20 Multiple Choice, 10 Fill-in the blank, 4 Short Answer questions.
The short answer questions are shorter requiring bullet point answers.
The exam will be 1 hour. questions that require 'simple' mathematics. You are permitted to bring/use a calculator.
Non cumulative - first test content not covered
Based on new chapters - READ THE TEXTBOOK AND YOU'LL DO WELL
Bring a calculator - 1 numbers question
CASES ARE ON THE TEST (the ones we've studied in class since after test 1)
A few long answer case questions
Distribution Strategies:
Distribution = physical movement of products
Establish intermediary relationships
To guide and support produce movement
Physical distribution = activities involved in physical movement
Channels of distribution = intermediary relationships
Main Functions of Intermediaries
Breaking bulk = making large quantities available in smaller amounts
Assorting = sorting homogenous lines into heterogeneous assortments
Providing information = market size, pricing consideration, other channel members
Shifting Risks = merchant middlemen take title to goods distributed
Distribution Alternative Channels
Direct Channel
Producer Consumers/Industrial User
Indirect Channel
Retailer channel = Producer Retailer/Industrial Distributor Consumers/Industrial User
Wholesale channel = Producer Wholesaler retailer Consumer
Agent/Broker channel = Producer agents/brokers wholesalers retailer consumer
Structuring a Distribution System
Materials handling
Delivery terms
The Communication Process in Promotion
Promotional mix = target customers, product characteristics, budget, cost effective, create awareness,
geographic nature
Advertising Practices for Small Firms
Product advertising = makes potential customers aware of a particular product/service and their need for it
Institutional Advertising = conveys info about business itself
Forms of Advertising Media
Paid, Owned, Earned, Sold, Hijacked

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Online Advertising
banner ads and pop-ups
direct email promotion
sponsorships & linkages
corporate and e-commerce websites
Key shifts in marketing >>>>>>>>>>>>>>>>
Online Marketing Strategies
Paid Keyword Ads (pay-per-clicks – “PPC”)
Natural rankings (SEO)
Online newsletters
Online press release
Social media marketing (FB, twitter, Youtube)
Sales Promotion for Small Firms (chart)
Trade shows, coupons, mail-in refunds, contests, loyalty programs
Gets customers to try new products, increase seasonal sales, effectiveness of ads, repeat purchase, gather
Trade Show Checklist
Plan ahead, create presence, create moving billboards, interactive booth, qualify leads, recruit customers
Marketing VS selling
Marketing (Strategy, Communciation, Analysis)
planning marketing mix
manage “4 P’s”
industry, market, competitive, prospect research
customer service
product support
Selling (Where the rubber hits the road)
prospecting and qualifying leads
getting orders
forecasting orders
managing accounts
managing territories and distribution channels
Sales Presentation
Objections: price, product, timing, source, service, need
Suggestions: direct denial, indirect denial, boomerang technique, compensation method, pass-up method
Adapting Sales approach to customer’s needs:
Avoid “canned sales talk
Speak the customers “language”
Answer every objection explicitly and adequately
Be enthusiastic, friendly, persistent, supportive of customer
Compensating Salespeople
Nonfinancial Rewards
Personal recognition of employees by the firm
Financial Rewards
Commissions (compensation paid as % of sales productivity)
Straight salary
Combo of commission / salary (balance of both adjusted to provide increasing proportion of
commission as salesperson gains experience)
Promotional Budget Steps

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Annual Financial Statement
Source of economic company data
Prime external communication tool
Subject to verification by external experts
Starting point to tax assessment
Key Financial Statements
balance sheet = shows financial position, assets it has & where its finances comes from (liabilities & equity)
Income statement = performance of a company’s operations
Content of Financial Statements
income statement = aggregated info about a company’s performance during a fiscal year
presents data covering a PERIOD
balance sheet = state of company’s financial position at end of fiscal year
shows SNAPSHOT at specific point in time
picture of company’s finances (e.g. at end of year)
Balance Sheet Structure
Left side = assets of business
Right side = financing
Share capital (money from owners)
Financial liabilities (loans)
Debts due to suppliers
Generally Accepted Accounting Principles
a set of assumptions, conventions and rules – e.g. historical cost of assets vs fair market value
the ‘true and fair view principle’ (fair presentation) is the foundation for generally accepted acc principles
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