Entrepreneurship Reviewer PDF

ENTREPRENEURSHIP REVIEWER Entrepreneurship - reports directly to the Chief Executive Officer (CEO) - one of the resources economists categorize as and is considered to be second in the chain of integral to produ...

ENTREPRENEURSHIP REVIEWER Entrepreneurship - reports directly to the Chief Executive Officer (CEO) - one of the resources economists categorize as and is considered to be second in the chain of integral to production command - The act of creating businesses to generate profit Advertising Sales Agent - important driver of economic growth and innovation - building a life on your own terms - sells advertising space to businesses and individuals - about execution of ideas - contact potential clients, make sales presentations, maintain client accounts, and often work under Importance of Entrepreneurship pressure to meet sales quotas - generates new wealth in an economy Project Manager - decreases poverty - creates opportunities - have the responsibility of the planning, procurement - improves productivity and execution of a project, in any undertaking that has a defined scope, defined start and a defined 3 Major Resources finish; regardless of industry 1. Land / Natural resources - first point of contact for any issues or discrepancies 2. Labor arising from within the heads of various departments 3. Capital Operations Manager Entrepreneur - Implement the right processes and practices across - Person who sets up a business the organization - An innovator, a source of new ideas, goods, services, - formulating strategy, improving performance, and business/or procedures procuring material and resources and securing - Playing a key role in any economy and bring good compliance new ideas to market Search Marketing Strategies - take the idea and execute - tactics to increase visibility and engagement with Importance of Entrepreneurs content, products, or services in Internet-enabled - create jobs devices or interfaces - innovates Marketing Manager - create innovation and social change - give to society - responsible for managing the promotion and positioning of a brand or the products and services Popular Career Titles that a company sells Chief Executive Officer (CEO) - employed to attract more customers to buy from the company - primary responsibilities include making major corporate decisions, managing the overall operations Advertising Manager and resources of a company - creates interest among potential buyers of a product Chief Marketing Officer (CMO) or service - responsible for overseeing the planning, Product Manager development and execution of an organization's - responsible for the strategy, roadmap, and feature marketing and advertising initiatives definition of a product or product line - ensures the organization's message is distributed - provides cross-functional leadership and bridges across channels and to targeted audiences in order organizational gaps to meet sales objectives Sales Manager Chief Operating Officer (COO) - responsible for leading and coaching a team of - asked with overseeing the day-to-day administrative salespeople and operational functions of a business ENTREPRENEURSHIP REVIEWER - assigning sales territories, setting quotas, mentoring Behavioral Segmentation the members of her sales team, assigning sales - perceptions, knowledge, reactions, benefits, loyalty, training, building a sales plan, and hiring and firing and responses salespeople Business Positioning Sales Representative - refers to the method of deciding the location of - person or organization designated by a company to business in the market solicit business on its behalf Determining the Market Position Steps Consultant 1. Determine if the market position is distinct from - professional who provides expert advice in a competitors particular area 2. Evaluate the advantages or benefits - an expert or an experienced professional in a specific 3. Decide field Levels of Product Digital Marketing Specialist Core-customer Benefit - initiate effective marketing campaigns online, and to translate business goals into successful marketing - foremost basic level of products and services campaigns - adept at evaluating the needs of the consumer Actual Product market - specific product is formed from a set of attributes Market Segmentation Augmented Product - crafted as the product is made to take advantage of - consist of the highlight of the product/service to market opportunities for the specified market include; the facility for shopping, the use or removal - entrepreneurial marketing strategy designed of the merchandise, and the parts primarily to divide the market into small segments with distinct needs, characteristics, or behavior Services Market Identification - intangible products - transactions without physical goods transferred from - tool used to define prospective consumers using the seller to the buyer income, geographic, and lifestyle aspects of a market and census information for sales and marketing Characteristics of Services campaigns, advertisements and promotions (Lake, 2019) 1. Intangibility - cannot see, hear, smell, touch, or taste tangible assets to purchase Commonly Used Methods 2. Variability - changes in the quality of the same service provided by different producers Geographic Segmentation 3. Inseparability - when there is the service provider's - Climate, dominant ethnic group, culture, density physical connection to the service being provided or (rural or urban), and classification of the when the service involves the customer in the geographical unit are considered as variables production process 4. Perishability - Services are perishable when they can Demographic Segmentation be kept for future use unlike merchandise - variables are gender, age, income, occupation, Product education, religion, ethnic group, and family size - Tangible Psychological Segmentation - acquired or bought - the variables considered are needs and wants, Product Differentiation attitude, social class, personality traits, knowledge and awareness, brand concept, and lifestyle 1. Form - size, shape, or organic structure of a product ENTREPRENEURSHIP REVIEWER 2. Features - offered with varied options that 10. Make it easy for them to complain supplement their basic function Steps that will help evaluate ideas into business 3. Customization - personalize the product color, design, functionalities, and add-on features 1. Product must be unique 4. Performance Quality - level of the merchandise’s 2. Assessing the customer’s opinion / preferences on primary characteristics operation the product 5. Conformance Quality – the degree to which a 3. Find Ways to attract potential customers product’s design and operating characteristics meet 4. Know the strengths and weaknesses of your product the established standards and your competitors 6. Durability - product’s expected operating life under natural or stressful conditions Mission 7. Reliability - measure of a product to function well or - focuses on today and what an organization does to fail within a specified time period achieve it 8. Repairability – measure of a product to function well or fail within a specified time period Vision 9. Style - products look and feel to the customer - focuses on future and what an organization Services Differentiation ultimately wants to become 1. Ordering Ease - how easy it is for the customer to Key Functional Areas place an order with the company 2. Delivery – how well the product or service is Management dropped at the client - monitor the success of other individuals 3. Installation - work done to form a product operational in its planned location Operations 4. Customer Training – norm in an installation process - foundation of an organization that delivers goods 5. Customer Consulting - consultations offered in the and services in a quantity and price that meets form of data management, information systems and consumer needs advice services the seller offers to buyers 6. Maintenance and Repair – help customers keep their Marketing / Sales purchased merchandise in smart operating order - Marketing is all an organization does to recognize Types of Industries the needs of consumers - Sales' aim is to close the sales the business requires 1. Agriculture - establishments primarily engaged in to function profitably natural resources 2. Extractive Industries - take or extract raw materials Finance 3. Manufacturing Industries - process raw materials or parts into semi-finished or finished goods - includes planning, collecting and controlling the 4. Merchandising Industries – sells tangible good to its funds of a business consumer Research and Development 5. Services - provides certain intangible activity that fulfills a particular need - Functional area for research and development is the lifeblood of manufacturing enterprises Ways to Meet and Satisfy Customer Needs Consumer Decision Making Step-by-step Process when Buying 1. Understand your customer needs 2. Listen to their Feedbacks 1. Need Recognition 3. Set realistic expectation Stimuli - defined as any unit of input affecting one or 4. Pay attention to your competitors more of the five senses of sight, smell, taste, touch 5. Be consistent in communicating w/ your customers and hearing 6. Take user experience as a priority a. Internal Stimuli - hunger, thirst, sickness, 7. Foster loyalty through proactive customer sleepiness, sadness, jealousy, etc. 8. Be honest and empathetic in customer interaction b. External Stimuli - like an advertisement, the 9. Follow up w/ your customers smell of yummy food, etc. ENTREPRENEURSHIP REVIEWER 2. Search for Information i. Primary – Family, friends, a. Internal Information – stock knowledge officemates, classmates b. External Information – information outside ii. Secondary – church mates, club environment mates, org members 3. Evaluation of Alternatives b. Indirect – Nonmembership a. Objective - Features, functionality, price, i. Aspirational – desires to be a ease of use member b. Subjective - Feelings about a brand (based ii. Non-aspirational – avoids being on experience or reviews) identified to 4. Purchase Individual Factors 5. Post-purchase behavior – buyer will have thought of re-buying the product - Individuals’ gender, age, personality, self-concept Factors Determining the Level of Consumer Involvement Psychological Factors 1. Previous Experience - low time involvement to spend - Perceptions, motivation, beliefs and attitude because you have past knowledge to it already 2. Interest Involvement – high time involvement Guide Questions in Coming Up with The Product and Services because you want to know more about your interest That Will Meet the Market Need 3. Perceived Risk of negative consequences – time 1. What are your primary considerations for choosing a involvement increases as perceived risk increase particular product? – make list of criteria, and what 4. Situation – may be high or low depends on situation you think is important in identifying what business to 5. Social Visibility – involvement increases because it is engage in socially visible 2. Can you meet the needs of the customer and solve a Types of Consumer Buying Decisions specific problem? – your product must address a need or opportunity Routine – Responsive Behavior 3. How capable are you producing the product? – you must know if you have the time, resources, and - Buying certain product is part of your daily life or capability to produce the product routine 4. What is the size of your potential reachable market? Ex. Toiletries, Cooking essentials – at least get an idea of the size of your market Limited – Decision Making 5. Would you need to comply with government rules and regulations? – know if your products need - Moderate amount of time gathering information verifications or permits because of unfamiliarity 6. If a similar product exists, can your product be Ex. New brand of skin care products superior in its functionality presentation or Extensive – Decision Making marketing? 7. What barriers must be overcome for a potential new - Requires several criteria for evaluating options and product entry? much time to seek operations 8. What are the potential sales, growth, profits, and Ex. Water Pump, Generator time for payback? Factors Influencing Consumer Buying Decision 4 P’s of Marketing Mix Cultural Factors Product - Components include values, language, myths, - The actual produce or object being sold or bought customs, rituals, laws, and material artifacts Place Social Factors - Where target consumers are - When group in society influence’s an individuals’ purchasing behavior this is called Reference Group a. Direct – Face to Face membership ENTREPRENEURSHIP REVIEWER Price Variables Influencing the Setting of Prices 1. Availability of the competing products 2. Cost of Marketing a product 3. Type of product 4. Presence of substitute product 5. Stages of the product in the market a. Introductory Stage b. Growth Stage c. Decline Stage 6. Demographic Profile of the target consumers Promotion - Refers to the mode of taking the presence and attributes of the product to the target consumers a. Advertising – through commercials, radio, or billboards b. Publicity – using well-known personalities to promote the product c. Personal selling – the person selling has a direct contact to potential consumers d. Sales promotion – aims to influence the target consuming to buy the product now not tomorrow e. Direct marketing – one-on-one approach Added 3 P’s People - Individuals who play a part in service delivery or process Packaging - Refers to the process of placing the product into a box or container Positioning - Right positioning of your market in order to be profitable