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Entrepreneurship Series

Entrepreneurship Series. Marketing. Marketing. Marketing is the plan behind bringing a product or service to the market. What is the market? Various consumers who would want your product or service. Marketing vs. Selling. What is the difference? Selling involves no plan.

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Entrepreneurship Series

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  1. Entrepreneurship Series Marketing

  2. Marketing • Marketing is the plan behind bringing a product or service to the market. • What is the market? • Various consumers who would want your product or service.

  3. Marketing vs. Selling • What is the difference? • Selling involves no plan. • With marketing, you have a plan and you know what your customer wants • Selling brings the product to the customer while marketing brings the customer to your product

  4. Marketing PlanFlow Chart (t~~yanusartKta) Identify Possible Customers s.waCy g/ahk xo2a Design a Market Research Questionnaire Bajarpe# s.xo2nacI p/XnavlI tyar kra Conduct a Market Survey & Tabulate Research Baajarpe#ece s.xo2n kra v maihtIce tKte tyar kra Use Research to Plan the Four P’s s.xo2naca vapr k=n tumcI im& yojna #rva car pI ca ivcar kra What is the right PRODUCT or SERVICE to meet consumer needs? What is the right PRICE? What is the right PLACE to sell product or service? What is the right PROMOTION?

  5. Marketing Plan3PPyanusartKta s.waCy g/ahk xo2a Bajarpe#s.xo2nacIp/XnavlItyarkra Baajarpe#eces.xo2nkravmaihtIcetKtetyarkra s.xo2nacavaprk=ntumcIim&yojna#rvacarpIcaivcarkra What is the right PRODUCT or SERVICE to meet consumer needs? What is the right PRICE? What is the right PLACE to sell product or service? What is the right PROMOTION?

  6. Market Research • Surveys • People are asked directly, by interviewing or through questionnaires, what they would think about a product or service if it was available. • General research • Business people check libraries, chamber of commerce or other resources for information. If you want to start an electric appliances shop, for instance, you will need to know how many electric appliance shops are already in the area. You may find this information in the yellow pages of the telephone directory. • Statistical research • Market-research companies keep records of the typical consumer in a given area. They can then provide statistics based on Age, Annual Income, Ethnic or religious background, Geographic location, Interest, Occupation, Types of dwelling (house).

  7. The Four P’s Use Research to Plan the Four P’s What is the right PRODUCT or SERVICE to meet consumer needs? What is the right PRICE? What is the right PLACE to sell product or service? What is the right PROMOTION? • This involves both advertising (paid) and publicity (unpaid). This can be achieved through business cards, banners, or radio and newspaper listings. • Leaflets • Newspaper • Magazines • Local listing • etc. • Product – The product should meet or create a consumer need • Design • Utility • Color • etc. • The price should be low enough for consumers to buy it but high enough for the business to make a profit. • Costing • Competition • Discount • Profit • etc. The entrepreneur should locate his business in a place where consumers will buy the product or service.

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