Unit 7- entrepreneurship

Understanding the market

Entrepreneurship

The process of starting and managing a business.

Marketing

Communication between seller and customers to sell.

Marketing Strategy

Plan for product introduction, pricing, distribution, promotion, sale or market share, projected profitability

Marketing Mix

Controlled factors influencing product purchases.

Marketing Concept

Focus on customer needs to outperform competitors.

Goals

Objectives set for different time frames.

Marketing Plan

Blueprint for achieving company success.

Product Management

Creating an appealing look for products/services.

Product Features

Attributes like color, size, and warranty.

Branding

Creating a unique name and image for products.

Pricing Objectives

Goals like maximizing sales and profits.

Max sales, increase profits, discourage competition, attract customers, establish an image

Demand Pricing

Price based on customer willingness to pay.

Cost-Based Pricing

Pricing based on wholesale cost of items.

Competitive Pricing

Pricing based on competitor charges.

Time-Based Pricing

Pricing determined by service completion time.

Bundling

Selling multiple products/services together.

Distribution

Process of making products available to customers.

Distribution

Process of making a product or service available to customer or business

Channel Options

Various paths products take to reach consumer

Physical Distribution

Activities related to supplying finished products efficiently.

customer service, order processing, inventory control, transportation, logistics, packaging and materials

Advertising Options

Methods like online, radio, and newspapers.

Personal Selling

Direct communication to influence buyer decisions.

other skills

product knowledge and customer need and wants

Short term goals

within first year

Long term goals

5 - forever

medium term goal

2- 5 years

marketing plan

step- by-step guide for business’ success

Product management

appealing look for product or service

Product features

color, size, delivery, warranty, etc.

Branding, packaging, and labeling

name, symbol and design

Position product or service

creating an image of product or service in customer’s mind

marketing p’s

product, price, place, promotion