Entrep

• Creating and accumulating customers
• creating and accumulating customers is Marketing
• Marketing Plan- Capture market share and defeat competitors
• The 7ps are Positioning, Product, Packaging, Place, People, Promoting, and Pricing
• The 3 overlappping objectives of Positioning are Enterprise Perspective, Customer's Perspective, and Cpmpetitive Perspective
• Positioning is the way the customers perceive the enterprise and its product services
• Enterprise perspective- scans the market environment
• competitive perspective differentiate and distinguish itself from the competitors
• Customer perspective is the way of customers perceive the enterprise, product and services
• 2 Market Dimensions are latitudinal and longitudinal
• Latitude- lays out what is important to diff customers
• longitude- represents the product features
• MVP means Main Value Proposition
• The enterprise must assess its product from the customrs view point
• 3 BRANDING PURPOSES - Differentiate the product from other products, avoid the commodity image for the product, fill a space in the customer's mind
• Product - A tangible goods o Intangible services
• 4 GENERAL TYPES OF PRODUCT- Breakthrough products, Differentiated Products, Copycat Products, Niche Products
• Breakthrough Products offer completely new performance benefits
• differentiated Products Try to claim new space in the customers mind
• Copycat Product- will not make such impressions
• Niche product- Do not intent to compete directly
• Came in small medium or large size is packaging
• PACAKGING SEVERAL IMPORTANTS PURPOSES - Identifies the product, Differentiate the product from its competitors, lengthen the lifespan, become an environmental issue
• PLACE is the location
• INITIAL LOCATION SCREENING - Number of customers residing or frequently passing the area, density of customers per unit area, access routes to alternative locations, buying habits of customers, locational features
• Entrepreneur should consider- Cost of buying/renting, renovating, and operating location, customers volume, drop-in rates and sales conversion ratios, Revenues based on volume and mixed goods and services
• FINAL CHOICE OF LOCATION- Image and location condition, exact fit to target customers, Clustering of competitors establishments, future area development, fiscal and regulatory requirements
• RELEVANT LOCATION DRIVERS- to do an in-depth location analysis
• "MUST IN CHOOSING LOCATION" - Physical proximity to target market, Customer traffic law, Industry clustering, convergence of multiple industries, population concentration, Activity hubs, Growth potential, Growth Potential and Business climate, cost of doing business and producing goods and services
• COMPARATIVE LOCATION ANALYSIS- "survey" comparing it with other locations
• Geography and Atmosphere determinants- another way of looking location
• Geography and atmosphere are the another way of looking locations
• GEOGRAPHY DETRMINANTS- Concentration vs destination, access vs abundance, clustered vs dispersed, physical vs virtual, upscale vs downscale
• ACCESS - ability to reach a place easily and inexpensively
• CLUSTERED COMPETITORS- allow customers to choose from variety of products
• ATMOSPHERE DETERMINANTS- formal vs informal, exclusive vs public, conservative vs adventurous, aesthetics vs functionality, minimalist vs maximalist
• Atmosphere refers to state or condition of the environement
• stylized, classy, highly organize is a formal atmosphere
• exclusivity is the preferred atmosphere
• People are the ultimate marketing strategy