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Understanding the Lexicon of Entrepreneurship: Key Terms and Jargon – Part 2 of 3

In today’s segment, we're zeroing in on the marketing terms that are the lifeblood of any thriving entrepreneurial venture.

Understanding these concepts is not just about speaking the language but harnessing the power of effective communication to captivate markets and drive growth.

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Welcome to the "LET'S GET ENTREPRENEURIAL" podcast, your go-to resource for navigating the world of entrepreneurship.

"LET'S GET ENTREPRENEURIAL" podcast addresses essential concepts and strategies that are valuable for the launch and growth of entrepreneurial ventures.

Hosts:

Professor Gary Palin is an entrepreneur and senior lecturer of entrepreneurship with a combination of 40+ years experience in academic & entrepreneurial settings.

Serial entrepreneur Ryan Budden has participated in all aspects of business as a founding team member in five startups.

'LET'S GET ENTREPRENEURIAL' podcast can be found on Spotify, Apple Podcast, YouTube and others.

Take the Janus Assessment to discover your entrepreneurial tendencies on 7 scales at ⁠⁠⁠⁠⁠https://janusscore.com⁠⁠⁠⁠⁠

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Marketing Definitions:

B2B (Business to Business)- A situation where one business makes a commercial transaction with another.

B2C (Business to Consumer)- The process of selling products and services directly between a business and consumers who are the end-users of its products or services.

SaaS (Software as a Service)- A cloud computing service model that delivers software applications over the internet, typically on a subscription basis.

Conversion Rate- The percentage of visitors to a website or users of an application who take a desired action, such as making a purchase.

Churn Rate- The percentage of customers who stop using a company's product or service during a particular time frame.

Customer Acquisition Cost- The total cost of acquiring a new customer, including all marketing and sales expenses.

Lifetime Value- The total revenue a business can expect from a single customer account throughout the business relationship

Key Performance Indicator (KPI)- A measurable value that demonstrates how effectively a company is achieving key business objectives.

Product-Market Fit- The degree to which a product satisfies a strong market demand.

Value Proposition- An innovation, service, or feature intended to make a company or product attractive to customers.

Elevator Pitch- A succinct and persuasive sales pitch.

Freemium- A business model, especially on the Internet, whereby basic services are provided free of charge while more advanced features must be paid for.

Go-to-Market Strategy- A plan that specifies how a company will target customers and achieve competitive advantage to introduce its products or services to the marketplace.

Market Disruption- A situation where a smaller company with fewer resources is able to successfully challenge established incumbent businesses.

Market Penetration- A measure of the extent to which a product or service is recognized and bought by customers in a particular market.

Monetization- The process of converting something into or generating revenue from it, often through advertising, subscription, or selling products or services.

Traction- The progress of a startup company and the momentum it gains as the business grows.