Shark Tank Terms 2
1. Test Run - When a company tries to sell a limited number of a products to see if the consumers
will like to buy the product more often or on a larger scale.
2. Franchise - When a corporation or other company sells the rights to use the company’s name
and products to another entrepreneur
3. “Winning Formula” - When a company tries out a strategy that works well and results in sales,
profit, and happy customers
4. High End - For many products, there are a variety of different models. Some are very expensive,
some are very inexpensive, and some are in the middle price range. This term refers to the
more expensive version of the product.
5. Ingenuity - When a entrepreneur finds a unique or creative way to do something, they are said
to have this trait
6. Retail Price - The amount of money a consumer pays to buy a product
7. Margin - The difference between the cost of the product to the store and the amount a
consumer pays to buy the product.
8. Patent - A protection offered to a entrepreneur for an invention that makes it illegal for anyone
else to build and sell the same invention
9. Partner - A business or individual who works with an entrepreneur to make something happen.
It could be a new product or a joint marketing venture.
10. Price Point - As the price of a product goes up, it causes a drop in the cost of the product per
item to the entrepreneur
11. “Space” - The image a business has in the mind of the consumer creates the ____________ the
business has in the market place. For example, Walmart is the low price store for almost
everything.
12. “Bait & Switch” - When store advertises a product with the intention of substituting something
of lesser quality or value when the consumer shops at the store.
Shark Tank Terms 3
1. Reorder - What an existing customer does when they want more of a product they ordered
before
2. Launch - When a company kicks off a marketing and distribution effort for a new product
3. Exclusive Deal (Rights) - What a company has when no other companies can sell a product in a
specific geographic area
4. Purchase Order - The form used to request that merchandise be sent to your company
5. Line of Goods - A group of similar or related products
6. Product Fulfillment - When a company gets the product that another company ordered
delivered to them
7. Distribution - All the different ways that a company uses to get its merchandise to its customers
(not product fulfillment).
8. Commission - What a salesperson receives for selling a product, usually a percentage of the
selling price.
9. Lucrative - A deal that a company makes that is very profitable
10. Gimmick - A unique and/or creative way of doing something that gets the customer’s attention
11. Valuation - Determining the dollar value of something, in the case of Shark Tank, the value of a
business
12. Guerrilla Marketing - Creative and low cost ways of advertising or promoting a company, a
product, or company.
Shark Tank Terms 4
Referrals
When an existing Customer recommends
to a friend or neighbor that they shop at
your business.
Marketing Tool
A device you can use to promote your
product or service.
VIP
Very Important Person (to your business).
Someone you depend on.
Financial Depth
How much backing the investors are giving
the entrepreneur. Is it enough to survive?
E – Commerce Platform – A website for your business
Publicity
Free advertising given your company by
others. Word of mouth for example or a
newspaper article
Sales Professional
An individual who makes his living by
selling goods and services
Decision Maker
The person in a company or family who
has the authority to make financial or
economic choices.
Corporate Events
Social events used to attract and build
relationships with existing or prospective
customers.
Venue
The physical place where events happen. It
could be a stadium, store, hospitality tent,
etc.
Trade Show
An organized event where suppliers of
products and services gather (venue) to
share information or make sales.
(A local college night is a type of trade show).
Enhancement
Something added to a product, service, or
deal to make it better (or worth more).
Shark Tank Terms 5
1. Retail Chain - A consumer-oriented business that has
multiple outlets
2. Infomercial- A longer version of an advertisement offering
more detail and some entertainment
3. Red Flag – A sign that there might be something wrong
(with the business).
4. Ambient Marketing – Using the most memory inducing
sense, smell, to influence buying decisions like popcorn at
a movie theater
5. Tailor – To change the design of a product or service to
meet the specific needs of an individual customer.
6. Packaging – The material used to house the merchandise
safely, but to also help promote the product as well.
7. Pre-Venture – All the steps taken before the launch of a
product or company. For example, obtaining financing,
prototype development, creating a business plan are
examples of pre-venture activities.
8. Impulse Product – A product bought without much, if any,
forethought. There’s no planning done for the purchase
9.
Optimization (Optimizing) – Making something (a product
for example) the best it can be
10. Iteration – Making a change in a product to make it
better. For example, the 2nd edition of a textbook is the
second iteration.
11. Seasonal Business – When a company only has a limited
amount of time to make money so they have “to strike
while the iron is hot.” (old saying)
12. Due Diligence – What someone does before making a
difficult decision meaning doing your homework or
research before making a commitment.
Shark Tank Terms 6
PUPPY CAKE
1. Viable – A product or company that has a good chance to be
successful
2. Novelty Item – A product bought once, sometimes for the its gag
or humor value
WINE BALLOON (Air Cork)
3. Soft Release – The launch of a product without much fanfare or
promotion
4. Bought Out – When an owner gives up their entire ownership of a
company or product
THE LAST LID
5. Pending – Something that is about to happen, an approval of a
patent or the agreement to a deal for example.
6. Logo – An image or graphic that represents a company or product
TALBOTT TEAS
7. Premium – A high end product featuring a higher price
8. Lifestyle Brand – A product that fits the way a member of the
target market feels about themselves
M3 GIRL DESIGNS
9.
Distributor – A company whose sole purpose is to get
products in the hands of retailers
10.
Sales Representative – The person in a company that
presents your product(s) to others
FIVE MINUTE FURNITURE
11.
Solutions – Another word for the benefits a product or
service offers.
12.
“Experience” – In the world of sales, it is the opportunity
that potential customers have to try out or use a company’s
products or services.
Shark Tank Terms 7
THE PAINTED PRETZEL
1. Position –It’s a way to describe what customers think of you,
your company, and/or your product
2. Negotiating – A process where two parties work to come to an
agreement on competing points of view
ESSO WATCHES
3. Scams – An offer that will ultimately cost you more than you
anticipate because one party is either withholding information or
will lie/cheat/steal their way into your pocketbook.
4. Laboratory Testing – A way to confirm and document the
truthfulness of a claim using a scientific method.
READEREST
5. Market Test – Offering a product in a limited geographic area to
determine its chances of success with a larger population.
6. Bundle – Putting two or more products together to make their
overall value greater.
KISS TIXX
7. Revenue – The money a business takes in from the sales of a
product.
8. Roll Out – All the steps taken to begin selling a product or service.
SMART BAKER
9. Net – The amount of money a business person keeps after their
costs and expenses are paid.
10. Scale – Determining how large a company is going to become.
HEAT HELPER
11. Special Order – When a product or deal is customized to fit one
specific customer.
12. Necessity – Buying a product or service that you have to have
versus would just like to have.