MARKETING FOR ENTREPRENEURS

• marketing dynamic - the heart of entrepreneurship.
• Marketing - is the indispensable tool that can effectively bring a new product to consumers and thus generate the needed financial rewards for the survival and growth of the new business.
• This takes the form of a comprehensive marketing strategy, which can be subdivided into three parts:

  • Market Strategy- Knowing and analyzing what the best target market is
  • Product Strategy- Knowing what product best meets the needs of the target market.
  • competitive strategy- Knowing what approaches can be employed to give the product or the business an effective competitive edge.
• Marketing Strategy - ONE NEEDS TO BE ABLE TO IDENTIFY THAT PART OF THE TOTAL MARKET WHICH WILL DIRECT THE COORDINATED MARKETING EFFORT.
• In order to develop this marketing strategy, an entrepreneur needs facts called Marketing Research. These includes:

  • Picking a suitable location
  • Selecting the right products
  • Determine the size and characteristics of a target market.
  • Establish the best ways to promote sales.
• MARKET SEGMENTATION - IS THE PROCESS OF DIVIDING THE TOTAL MARKET INTO SMALLER GROUPS.
• Marketing Strategy - THE OBJECTIVE IS TO IDENTIFY WHAT PARTICULAR TYPES OF GOODS OR SERVICES ARE MOST LIKELY TO BE PURCHASED BY PARTICULAR GROUPS OF CUSTOMERS.
• IN ORDER TO SEGMENT A MARKET, THE CHARACTERISTIC OF THE SEGMENTS NEED TO BE MEASURABLE AND THE INFORMATION ABOUT THEM MUST BE AVAILABLE.
• THE MARKET CAN BE SEGMENTED INTO GROUPS:

  • AGE
  • GEOGRAPHIC
  • LOCATION
  • SEX
  • RELIGIOUS
  • AFFILIATION
  • MARITAL STATUS
  • ETHNIC IDENTITY
  • FAMILY SIZE LIFESTYLE
• PRODUCT STRATEGY - HE NEEDS TO KNOW THE CUSTOMERS TO WHOM HE WANTS TO SELL AND HE NEEDS TO KNOW HOW HIS PRODUCT OR SERVICE APPEALS TO THEIR PARTICULAR NEEDS.
• IN ORDER TO DEVELOP AN EFFECTIVE PRODUCT STRATEGY, A STARTING ENTREPRENEUR NEEDS TO BE ABLE TO CLEARLY DEFINE THE PARTICULAR MARKET TO WHICH HE WISHES TO APPEAL.
• PRODUCT STRATEGY - NEEDLESS TO SAY, THE EASIEST AND MOST PROFITABLE PRODUCTS OR SERVICES TO SELL ARE THE ONES THAT YOUR INTENDED CUSTOMERS WANT TO BUY.
• PRODUCT LINE - IS A GROUP OF PRODUCTS THAT HAVE SIMILAR CHARACTERISTIC AND USES.
• PRODUCT MIX- IS THE CONSISTENCY WITH WHICH IT CONFORMS TO THE TARGET MARKET SEGMENTS.
• PRODUCT BREADTH- THE NUMBER OF PRODUCT LINES OFFERED BY A BUSINESS.
• PRODUCT STRATEGY - DECISIONS ABOUT PRODUCT LINES, PRODUCT MIX, PRODUCT BREADTH AND PRODUCT DEPTH,
• COMPETITIVE - TO MARKET ANY PRODUCT OR SERVICE EFFECTIVELY, YOU NEED TO KNOW YOUR COMPETITION AND THE ADVANTAGES THAT THEY OFFER.
• THERE ARE A NUMBER OF BUSINESS CHARACTERISTIC USED BY CUSTOMERS IN FORMING IMAGES. AMONG THEM ARE:

  • PRICE
  • LOCATION
  • DISPLAY
  • QUALITY
  • CONVENIENCE
  • ADVERTISING
  • ASSORTMENT
  • PARKING
  • ATMOSPHERE
  • FASHION
  • SERVICE
  • SALES
  • PERSONNEL
• Competitive strategy - AFTER AN ENTREPRENEUR HAS IDENTIFIED HIS MARKET AND PRODUCT STRATEGIES, HE STILL NEEDS TO CONSIDER THE WAY IN WHICH HE IS GOING TO COMPETE IN THE MARKET PLACE.
• Competitive Theory - WHEN YOU CHOOSE AN IMAGE, BE SURE THAT IT ACCURATELY REFLECTS THE NEEDS AND WANTS OF YOUR TARGET MARKET SEGMENTS.
• HOWEVER, FOR EACH OF THE PRODUCT LINE THAT YOU DECIDE TO CARRY, IT IS IMPORTANT YOU WEIGH A NUMBER OF FACTORS SUCH AS THE FOLLOWING:

  • AVAILABILITY AND TERMS OF SUPPLY
  • EXPECTED SALES VOLUME
  • COST OF INITIAL INVENTORY
  • PROJECTED PROFITABILITY NUMBER AND TYPES OF CUSTOMERS
  • NUMBER AND TYPES OF COMPETITORS
  • SPECIFIC PRODUCTS OR SERVICES WITHIN THE LINE
  • THE EXPERIENCE YOU ALREADY DO OR DO NOT HAVE IN CARRYING SIMILAR GOODS OR SERVICES.