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Creativity in Business: Based on the Famed Stanford by Michael Ray, Rochelle Myers

By Michael Ray, Rochelle Myers

This exploration of cutting edge considering in businesses of all types "shows us how creativity in company can enhance us, and those that paintings with us.

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Additional info for Creativity in Business: Based on the Famed Stanford University Course That Has Revolutionized the Art of Success

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PAGE 22 CHAPTER 3: GLOSSARY OF TERMS Differentiation An approach to create a competitive advantage based on obtaining a significant value difference that customers will appreciate and be willing to pay for, and which, ideally, will increase their loyalty as a result. Direct mail marketing A form of direct marketing that involves sending information through a mail process, physical or electronic, to potential customers. Direct marketing Any method of distribution that gives the customer access to an organization’s products and services without intermediaries; also, any communication from the producer that communicates with a target market to generate a revenue producing response.

F Fighting brand strategy Adding a new brand to confront competitive brands in an established product category. Fixed cost Static expenses that do not fluctuate with output volume and become progressively smaller per unit of output as volume increases. PAGE 24 CHAPTER 3: GLOSSARY OF TERMS Focus group Groups of people representing target audiences, usually between 9 and 12 in number, brought together to discuss a topic that will offer insight for product development, service, or marketing efforts.

Strategies that aren’t focused won’t work. When people have more than three or four priorities to deal with, the priorities get lost. When you have 20 strategic objectives in a plan, you won’t accomplish any. Developing Your Strategy • Focus on selected target markets. • Focus on selected target market needs and selected product or service offerings. • Focus on your company’s strengths. Play toward your strengths and away from your weaknesses and take advantage of the opportunities ahead. " --Hector Saldana Notice how strategy fits into this general description.

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