Reviewer in Entrepreneurship PDF

Reviewer in Entrepreneurship Entrepreneurship as career involves engaging in business activities, but not all business activities may be considered entrepreneurial. Entrepreneurship necessarily involves innovation: the systematic development of something new and useful Entrepreneurship is A proces...

Reviewer in Entrepreneurship Entrepreneurship as career involves engaging in business activities, but not all business activities may be considered entrepreneurial. Entrepreneurship necessarily involves innovation: the systematic development of something new and useful Entrepreneurship is A process of creating wealth through the efforts individuals who find new and useful ways to employ resources that lead to the creation of new products, services, or techniques Benefits in the society of Entrepreneurship 1. Entrepreneurship helps the economy grow. 2. Entrepreneurship encourages technological growth. 3. Entrepreneurship aids in human development. 4. Entrepreneurship promotes inclusive growth. 5. Entrepreneurship begets entrepreneurship. Market-Refers to the group of consumers or organization that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product Target Market-Is the market of a company where we want to sell its products and services to, and it includes a targeted set of customers for whom it directs its marketing efforts. A target market can be separated from the market as a whole by : **geography**, **buying power**, **demographics**, and **psychographics**. Your company\'s **target market** are the customers most likely to purchase your products.\ Target markets are usually defined through various **demographics**, **usage patterns**, **benefits desired** or **geographic segments**, according to the Small Business Administration. Market structure- is best defined as the organizational and other characteristics of a market which affect the nature of competition and pricing. Market system -is the network of buyers, sellers and other actors that come together to trade in a given product or service. The participants in in a market system include direct market players: - **Producers**, **buyers**, **consumers** Consumer marketing - as creating and selling products, goods and services to individual buyers, as opposed to trying to appeal to businesses. The marketer must identify, evaluate and select a target market.\ \ Before you can select your target market, you first have to **segment** or **divide** your market. Find a way to collect customers' names, addresses, phone numbers and email addresses.\ Create a frequency card or loyalty program to collect names and addresses. Market segmentation-The need to divide or segment your market into smaller, relatively homogeneous groups. 1\. **Geographic segmentation**-Dividing an overall market into homogeneous groups on the basis of their locations (e.g. by barangay, village, town, city, region or country). 2\. Demographic Segmentation-Dividing consumer groups according to characteristics such as sex, age, income, occupation, education, household size, and stage in the family life cycle. 3.Segmentating by gender -Dividing the market base on gender, or even based on sexual preference such as the pink market, which caters to the members of the lesbian, gay, bisexual or transgender or LGBT community. 4.Segmenting by age - Identifying the market segments on the basis of age such as tweens (those who are aged between childhood and adolescence), teens, baby boomers or those born from 1946 to 1965, seniors, or millennials (those born in late 90s and up). 5\. Segmenting by income and expenditure patterns-The markets involved are those in the income classes A, B, C, D, or E, which may be further divided based on the amount they are willing to spend on certain things. Differentiated marketing- When a firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments. **Concentrated Marketing (Niche marketing)- When a firm commits all of its marketing resources to serve a single market segment.** Micromarketing - Involves targeting potential customers at a very basic level such as by ZIP code, specific occupation, lifestyle or individual household. Market Research- Business continuity is the desire of every entrepreneur. One way to make this a reality is through an intelligent study of the market prior and even during the business activity. To do this, every entrepreneur must be able to study the market well. This is where MARKET RESEARCH, will come in to better understand the market and validate customer concerns, the following techniques can be done: Interview- One of the many ways to assess or validate customer's satisfaction on the product or service being offered in the market is by means of interview. This approach can be very reliable provided a good set of questtionaires are well-thought of and querries are geared towards making affirmation whether the customers expectation are met or not. **Face to Face interview** - this is the most widely use technique because it allows you to get cmplete attention from your respondents and eliminate possible distractions. **Telephone interview** - almost the same in principle with face to face interview except the distance, the actual showing of visual materials, and the distractions. FGD(focus group discussion) -**This is the process of gathering people with similar interest, background and experiences to discuss on specific topic of interest in order to gather vital information related to the product or service that will be offered in the market.** This is a small group which consists of 7 to 10 individuals led by a moderator who should have the skill to engaged all members in the discussion. Survey- **This is use to gather vital information that is crucial in doing a market research.** This important technique is made possible by devising a good set of questionnaires which orientation is driven by knowing what products or services will have a good potential once offered. According to Philip Kotler, 'marketing mix is the mixture of controllable marketing variable that the firm uses to pursue the sought level of sales in the target market - Product -- the product or service offered to your customer: Their physical attributes, what they do, how they differ from your competitors' and what benefits they provide. - Promotion -- the method used to communicate the features and benefits of your products and services to your target customers. - Price -- How you price your product or service so that your price remains competitive but allows you to make a good profit. - Place (also referred to as Distribution) -- where your business sells its products or services and how it gets those products or services to your customers. Characteristics/Features/Nature of Marketing - Marketing mix involves many crucial decisions relating to each element of the mix. The impact of the mix will be the best when proper weightage is assigned to each element and they are integrated so that the combined effect leads to the best results. - The marketing manager has to constantly review the mix and conditions of the market and make necessary changes in the marketing mix according to changes in the conditions and complexity of the market. - Changes keep on taking place in the external environment. - For many industries, the customer is the most fluctuating variable of environment. Customers' tastes and preferences change very fast. Brand loyalty and purchasing power also change over a period. - Changes within the firm may take place due to technological changes, changes in the product line or changes in the size and scale of operation. Such changes call for similar changes in the marketing mix. - Marketing mix is applicable not only to busi­ness organizations but also to non-business organizations, such as clubs and educational institutions. - An application of an appropriate marketing mix helps to achieve organizational goals such as profits and market share. - A thorough understanding of the customer is common to all the four elements. The focus point of marketing mix is the customer, and the marketing mix is expected to provide maximum customer satisfaction. - Understanding how your competitors market their products and services helps you take a different approach. - It may also convince you to add an element to your product or service that provides a real distinction between your company and what others are offering. - You can also take advantage of the blind spots in the marketing strategies of your competitors. 1\. Breakthrough products - It offers completely new performance benefits. - They may be much more convenient and easy to use. - They may cater to a unique set of customer needs that have not yet been tapped. - They may create a new demand. - Marketing breakthrough products need a higher level of customer education and orientation. - The performance benefits may be close to existing products but there would be additional benefits on special aspects of the product. - Has lower prices, easier access, promotional freebies and the like. - Aggressive advertising may add to market demand but at a greater cost than the leading brands. - They are content to play minor roles in specific and smaller market segments. - Aggressive advertising may add to market demand but at a greater cost than the leading brands. - Positioning - Is the way the customers perceive the enterprise and its products or services in their minds. - Enterprise can establish their positioning either by starting with their own product creations or with their customer's outcome expectations. - The enterprise scans the market environment and decides to position itself with products that specifically address the needs of a chosen target market. **Competitive Perspective** - The enterprise has to differentiate and distinguish itself from its competitors. **Customers Perspective** - This is the way the customers perceive its products and services in their minds. Four levels of marketing efforts - 1\. to create customer awareness. - 2\. to arouse customer interest. - 3\. to educate customers as they evaluate their buying choices. - 4\. to close the sale and deliver the products. - **[ADEQUATE]** -- means that the product meets the quality and delivery specifications of the customer - **[ACCEPTABLE]** -- means that the customers is convinced by the selling points of the product. - **[AFFORDABLE]** -- means the price and payment terms are right.