ENTREP 1

• 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
• Creating Value Proposition


  • Consider the basic elements: Target Customer, Needs/opportunity, Name of the Product, Name of the enterprise/company
• Unique Selling Proposition and Value Proposition are two of the most famous tools used to explain why prospect customers buy each product and service</b>
• Target Market


  Market segment that an entrepreneurial venture intends to serve
• Methods for segmenting the markets

  • Geographic segmentation
  • Demographic Segmentation
  • Psychological Segmentation
  • Behavioral Segmentation
• Customer Requirements


  The specific characteristics that the customers need from a product or a service
• Types of Customer Requirements

  • Service Requirement
  • Output Requirement
• Market Size


  The approximate number of sellers and buyers in a particular market
• Determining Market Size


  1. Estimate potential market

  2. Estimate customers who probably dislike to buy

  3. Estimate market share
• Market size becomes the most important factor if you ever need to raise funding for your business
• Unique Selling Proposition and Value Proposition

  Join hand in hand to promote product and services
• Market Targeting


  A sage in market identification process that aims to determine the buyers with common needs and characteristics
• Market size


  The most important factor if you ever need to raise funding for your business
• Entrepreneurs will take a look at each customer's demand in the market
• Understanding your market will help reach your goal to compete with bigger competitors
• Building positive relationships with customers require more understanding in customers' purchasing motivations and habits
• Promotion and advertising


  Join hand in hand to promote its product and services
• Market identification process


  Aims to determine the buyers' common needs and behavior
• Methods for market segmentation

  • Geographic
  • Demographic
  • Psychographic
  • Behavioural
• Types of customer requirements

  • Tangible
  • Intangible
• Market Research


  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
• Inaccurate data collection may cause mistakes and ultimately lead to invalid results
• Tips in Collecting Data

  • Organize collected data as soon as it is available
  • Know what message you want to get across and then collect data that is relevant to the message
  • Collect more data
  • Create more data
  • Take note of interesting or significant data
• Survey


  The most common way to gather primary research with the use of questionnaires or interview schedule
• Interview


  One of the most reliable and credible ways of getting relevant information from target customers
• Focus Group Discussion (FGD)


  An excellent method for generating and screening ideas and concepts
• 7P's of Marketing


  • Product
  • Place
  • Price
  • Promotion
  • People
  • Packaging
  • Positioning
• Product


  The first P in the Marketing Mix. Marketing strategy typically starts with the product
• Place


  The second P in the Marketing Mix. Place represents the location where the buyer and seller exchange goods or services
• Price


  The third P in the Marketing Mix. Price is the value of money in exchange for a product or service
• Promotion


  The fourth P in the Marketing Mix. Promotion refers to the complete set of activities, which communicate the product, brand or service to the user
• Promotional Mix


  • Advertising
  • Public Relations or PR
  • Personal Selling
  • Sales Promotion
  • Direct Marketing
• People


  The fifth P in the Marketing Mix. Your team, the staff that makes it happen for you, your audience, and your advertisers are the people in marketing
• Packaging


  The sixth P in the Marketing Mix. Packaging refers to the outside appearance of a product and how it is presented to the customers
• Functions of Packaging


  • Protection
  • Containment
  • Information
  • Utility of Use
  • Promotion
• Positioning


  The seventh P in the Marketing Mix. Positioning refers to a process used by marketers to create an image in the minds of a target market
• Brand Name


  A name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace
• Brand Strategy


  A long-term design for the development of a popular brand in order to achieve the goals and objectives
• Branding


  A powerful and sustainable high-level marketing strategy used to create or influence a brand