ENTREP (1)

• Recognize a potential market


  Identifying market problems to be solved or market needs to be met, and proposing solutions in the form of products/services to meet the need
• Business


  The activity of making, buying, or selling goods or providing services in exchange for money
• Product


  Something created or grown to be sold or used, or the end result of a process
• Services


  Intangible products that involve a skill and have a monetary value
• Entrepreneur


  A person who organizes and operates a business, taking on greater than normal financial risks in order to do so
• Creation of entrepreneurial ideas

  1. Identification of entrepreneurial opportunities

  2. Opening of entrepreneurial venture
• Essentials in Entrepreneur's Opportunity-Seeking

  • Entrepreneurial mind frame
  • Entrepreneurial heart flame
  • Entrepreneurial gut game
• Entrepreneurial mind frame


  Allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situations. Being a risk-taker, an entrepreneur can find solutions when problems arise.
• Entrepreneurial heart flame


  Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.
• Entrepreneurial gut game


  The ability of the entrepreneur of being intuitive. This also known as intuition. The gut game also means confidence in one's self and the firm belief that everything you aspire can be reached.
• Sources of Opportunities


  • Changes in the environment
  • Technological discovery and advancement
  • Government's thrust, programs, and policies
  • People's interest
  • Past experiences
• Physical environment


  Includes climate, natural resources, and wildlife
• Societal environment


  Includes political forces, economic forces, sociocultural forces, and technological environment
• Industry environment


  Includes competitors, customers, creditors, employees, government, and suppliers
• Economic forces


  Includes income level and employment rate
• Customers


  The ones who pay cash in exchange for your goods and services
• People's interest, hobbies, and preferences are rich sources of entrepreneurial ideas
• Past experiences and expertise developed from previous work can lead to the opening of a related business enterprise
• Marketing Mix


  A selection of marketing tools that include several areas of focus that can be combined to create a comprehensive plan

  
• 4 P's of Marketing

  Product, Price, Placement, Promotion

  
• 7 P's of Marketing

  Product, Price, Promotion, Place, People, Packaging, Process
• The 4 P's marketing mix concept was introduced by Jerome McCarthy in his book "Basic Marketing: A Managerial Approach"

  
• Product (or Service)


  • Your customer only cares about what your product or service can do for them
  • Prioritize making your product the best it can be and optimize your product lines accordingly
  • This approach is called "product-led marketing"
• Pricing


  • Brands may price a product higher than competitors to create the impression of a higher-quality offering
  • Price a product similar to competitors, then draw attention to features or benefits other brands lack
  • Price a product lower than competitors to break into a crowded market or attract value-conscious consumers
  • Plan to raise the price after the brand is established or lower it to highlight the value of an updated model
  • Set the base price higher to make bundling or promotions more appealing
• Promotion


  • Includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more
  • All these promotional channels tie the whole marketing mix together into an omnichannel strategy that creates a unified experience for the customer base

  
• Place


  • Where will people be looking for your product?
  • Will they need to hold it in their hands?
  • Will you get more sales by marketing directly to customers from your own e-commerce website, or will buyers be looking for you on third-party marketplaces?
  • Do you want to converse directly with your customers as they purchase, or do you want a third party to solve customer service issues?
• People


  • Develop your marketers' skills so they can carry out your marketing mix strategy
  • Think about company culture and brand personality
  • Hire professionals to design and develop your products or services
  • Focus on customer relationship management, or CRM, which creates genuine connections and inspires loyalty on a personal level
• Packaging


  • Design for differentiation
  • Provide valuable information
  • Add more value
• Process


  • Prioritize processes that overlap with the customer experience
  • The more specific and seamless your processes are, the more smoothly your staff can carry them out
  • If your staff isn't focused on navigating procedures, they have more attention available for customers—translating directly to personal and exceptional customer experiences
• Create a Concept Map of the 7Ps of Marketing Mix using digital tools
• Unique Selling Proposition (USP)

  How you sell your product or services to your customer, addressing the wants and desires of your customers
• Value Proposition (VP)


  A business or marketing statement that summarizes why a consumer should buy a company's product or use its service
• Value Proposition


  • Target Customer
  • Needs/opportunity
  • Name of the product
  • Name of the enterprise/company
• An important aspect in Value Proposition is that it must be truthful and that it should establish credibility with the consumers
• Unique Selling Proposition (USP)


  Presents the best feature of your product or service that is different from other competitors
• Tips for creating an effective USP

  • Identify and rank the uniqueness of the product or services character
  • Be very Specific
  • Keep it Short and Simple (KISS)
• The two propositions (USP and VP) are used to differentiate the products from competitors
• Target Market


  Market Targeting is a stage in market identification process that aims to determine the buyers with common needs and characteristics
• Commonly used methods for segmenting the markets

  • Climate
  • Dominant ethnic group
  • Culture
  • Density (either rural or urban)
  • Gender
  • Age
  • Income
  • Occupation
  • Education
  • Religion
  • Ethnic group
  • Family size
  • Needs and wants
  • Attitudes
  • Social class
  • Personality traits
  • Knowledge and awareness
  • Brand concept
  • Lifestyle
  • Perceptions
  • Knowledge
  • Reaction
  • Benefits
  • Loyalty
  • Responses
• Customer Requirements


  The specific characteristics that the customers need from a product or a service