ENTREP sem1

• Value Proposition (VP) is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service. 
• Value Proposition - This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.
• Unique Selling Proposition (USP) – refers to how you sell your product or services to your customer & address the wants and desires of your customers.
• Target Market or Market Targeting is a sage in market identification process that aims to determine the buyers with common needs and characteristics. 

  
  

  Prospect customers are a market segment that an entrepreneurial venture intends to serve.
• Geographic segmentation – the total market is divided according to geographical location. 

  1. Climate
  2. Dominant ethnic group
  3. Culture
  4. Density (either rural or urban)
• Demographic Segmentation – divided based on consumers.

  
  

  a. Gender

  b. Age 

  c. Income 

  d. Occupation 

  e. Education 

  f. Religion 

  g. Ethnic group 

  h. Family size
• Psychological Segmentation – divided in terms of how customers think and believe.

  1. Needs and wants 
  2. Attitudes
  3. Social class
  4. Personality traits
  5. Knowledge and awareness
  6. Brand concept
  7. Lifestyle
• Behavioral Segmentation – divided according to customers’ behavior pattern as they interact with a company. 

  1. Perceptions 
  2. Knowledge
  3. Reaction
  4. Benefits
  5. Loyalty
  6. Responses
• Customer Requirements are the specific characteristics that the customers need from a product or a service.
• Service Requirement

  • An intangible thing or product that cannot be touched but the customer can feel the fulfillment.
  • There are elements in service requirement like on-time delivery, service with a smile, easy-payment etc.
  • It includes all aspects of how a customer expects to be treated while purchasing a product and how easy the buying process goes. 
• Output Requirements

  • Tangible thing or things that can be seen.
  • Characteristic specifications that a consumer expects to be fulfilled in the product.
  • Costumers will avail services as a product, then various service requirements can take the form of output requirements. 
• Market Size 

  The entrepreneur’s most critical task is to calculate the ???, and the potential value that market has for their start-up business. 

  Market research will determine the entrepreneurs’ possible customers in one locality.
• Market Research or Marketing Research Process can be defined as the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
• • DATA COLLECTION is the most valuable tool in any type of research study. 
  • Inaccurate data collection may cause mistakes and ultimately lead to invalid results. 
• • SURVEYS are the most common way to gather primary research with the use of questionnaires or interview schedule.
  • These can be done via direct mail, over the phone, internet (e.g., Google) or email, face-to-face or on the Web (e.g., Skype or Viber)
• • INTERVIEW is one of the most reliable and credible ways of getting relevant information from target customers. 
  • It is typically done in person between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve.
• Customers’ feedback provides the entrepreneur a glimpse of what the customers think about the business. 
• Personal interviews are the traditional method of conducting an interview. 

  • It allows the researcher to establish relationship with potential participants and therefore gain their cooperation. 
  • It generates highest response rates in survey research. 
  • They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information. 
• Telephone interviews are less expensive and less time-consuming, but the disadvantages are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire.
• FOCUS GROUP DISCUSSION (FGD) is an excellent method for generating and screening ideas and concepts. 

  • It can be moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors.
• There are several important frameworks which you can utilize for the purpose of marketing your product and services. A very crucial structure among these is the “7 P’s of Marketing. 
• 1. PRODUCT 

  • The first P in the Marketing Mix
  • Marketing strategy typically starts with it
  • Marketers can’t plan a distribution system or set a price if they don’t know exactly what will be offered to the market.
  • refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences.
• 2. PLACE

  • Is the second P in the Marketing Mix. 
  • represents the location where the buyer and seller exchange goods or services.
  • It is also called as the distribution channel. 
  • It can include any physical store as well as virtual stores or online shops on the Internet. 
• 3. PRICE 

  • The third P in the Marketing Mix
  • a serious component of the marketing mix.
• 4. PROMOTION 

  • refers to the complete set of activities, which communicate the product, brand or service to the user. 
  • The idea is to create an awareness, attract and induce the consumers to buy the product, in preference over others.
• The most common medium in promoting a product and this is called promotional mix. 
• Radio - Advertising by means of ??? gives the advantage of selecting the territory and audience to which the message is to be directed. It is also cheaper than TV advertising. 
• Television - This is the latest and the fast-developing medium of advertising and is getting increased popularity these days. It is more effective as compared to radio as it has the advantages of sound and sight. 
• Print - The ??? media carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail.
• Electronic - You can also advertise ??? through your company website and provide important and pertinent information to clients and customers. You can protect some parts of your website through passwords and give access to member customers. 
• 5. PEOPLE 

  • Your team, the staff that makes it happen for you, your audience, and your advertisers are the ??? in marketing.
  • This consist of each person who is involved in the product or service whether directly or indirectly. 
  • are the ultimate marketing strategy.
• 6. PACKAGING 

  • is a silent hero in the marketing world. 
  • refers to the outside appearance of a product and how it is presented to the customers. 
  • is highly functional. It is for protection, containment, information, utility of use and promotion.
• 7. POSITIONING 

  • When a company presents a product or service in a way that is different from the competitors, they are said to be “???” it.
  • refers to a process used by marketers to create an image in the minds of a target market. Solid positioning will allow a single product to attract different customers for not the same reasons.