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ITM KHARGHAR
PGDM TRIMESTER V
ENTREPRENEURSHIP
NOV 09
WHAT IS ENTREPRENEURSHIP?WHAT IS ENTREPRENEURSHIP?
IT IS THE PRACTICE OF STARTING NEW ORGANIZATIONS OR REVITALIZING MATURE ORGANIZATIONS, PARTICULARLY NEW BUSINESSES IN RESPONSE TO IDENTIFIED OPPORTUNITIES.
SOME ASPECTS-----SOME ASPECTS-----
SCALEFUNDING-VENTURE CAPITAL OR ANGEL
FUNDINGSUPPORT FROM BUSINESS INCUBATORS,
SCIENCE PARKS, NGOS AND EDUCATIONAL INSTITUTIONS
RISK AND AMBIGUITY
WHO IS AN ENTREPRENEURWHO IS AN ENTREPRENEUR
AN ENTREPRENEUR IS ONE WHO CREATES NEW BUSINESSES IN THE FACE OF RISK AND UNCERTAINTY FOR THE PURPOSE OF ACHIEVING PROFIT AND GROWTH BY IDENTIFYING SIGNIFICANT OPPORTUNITIES AND ASSEMBLING THE NECESSARY RESOURCES TO CAPITALIZE ON THEM.
THE ENTREPRENEUR IN AN ADVANCED ECONOMY IS AN INDIVIDUAL WHO INTRODUCES SOMETHING NEW IN THE ECONOMY- A METHOD OF PRODUCTION NOT YET TESTED BY EXPERIENCE IN THE BRANCH OF MANUFACTURE CONCERNED, A PRODUCT WITH WHICH CONSUMERS ARE NOT YET FAMILIAR, A NEW SOURCE OF RAW MATERIAL OR OF NEW MARKETS AND THE LIKE
JOSEPH SCHUMPETER
TYPESTYPES
BUSINESS ENTREPRENEURTRADING ENTREPRENEURCORPORATE ENTREPRENEURAGRICULTURAL ENTREPRENEURTECHNICAL ENTREPRENEURPROFESSIONAL ENTREPRENEURINNOVATIVE ENTREPRENEURIMITATIVE ENTREPRENEURS
CHARACTERISTICSCHARACTERISTICS
NEED FOR ACHIEVEMENT-STRONG DESIRE TO BUILD NEED TO WORK INDEPENDENTLY INGENUITY AND RESOURCEFULNESS ABILITY TO EXPLOIT OPPORTUNITIES OPTIMISM IN DECISION MAKING PROCESSES VISION AND DRIVING FORCE PRUDENT RISK TAKING HIGH DEGREE OF MOTIVATION FUTURE ORIENTATION TOLERANCE FOR AMBIGUITY ORGANIZING SKILLS
To morph into an entrepreneur---To morph into an entrepreneur---
MANAGERS MUST BE ABLE TO TRANSLATE THEIR CAREER AMBITIONS INTO SPECIFIC BUSINESS GOALS
MUST UTILIZE PEOPLES MANAGEMENT TO MOTIVATE AND INSPIRE THEIR EMPLOYEES
MUST CAPITALIZE ON THEIR SKILLS TOMANAGE FINANCIAL ASPECTS PERSONALLY
MUST CONVERT AGGRESSION IN THE WORK PLACE INTO A RISK TAKING APPROACH
MUST LEVERAGE THEIR FUNCTIONAL EXPERTISE IN CHOOSING THEIR LINE OF BUSINESS
MUST DEVELOP LEADERSHIP QUALITIES ON THE JOB BEFORE VENTURING OUT ON THEIR OWN.
BENEFITSBENEFITS
OPPORTUNITY TO CREATE OWN DESTINY
OPPORTUNITY TO MAKE A DIFFERENCE
OPPORTUNITY TO REACH YOUR OWN POTENTIAL
ENORMOUS PERSONAL AND FINANCIAL GAINS
OPPORTUNITY TO DO WHAT YOU ENJOY.
DRAWBACKSDRAWBACKSUNCERTAINTY OF INCOMERISK OF LOSING ENTIRE
INVESTMENTLONG HOURS OF HARD WORKLOWER QUALITY OF LIFEDISCOURAGEMENTCOMPLETE RESPONSIBILITY
41-50 HRS-28%
30-40 HRS-24%
LESS THAN 30 HRS-11%
MORE THAN 60 HRS-17%
51-60 HRS-20%
NO OF HRS PER WEEK
TOP NOTCH WOMEN TOP NOTCH WOMEN ENTREPREPRENEURS(ET-06)ENTREPREPRENEURS(ET-06)
PATRICIA NOERTZ-ARCHER DANIELS MIDLANDS-$36 BN
INDIRA NOOYI-PEPSI CO-$32 BN BRENDA BARNES-SARA LEE-$19.7 BN MARY SAMMONS-RITE AID-$16.8 BN PATRICIA RUSSO- LUCENT TECH- $9.4 BN SUSAN IVEY- REYNOLDS AMERICAN-$8.3 BN ANDREA JUNG-AVON PRODUCTS-$8.1 BN PAULA REYNOLDS-SAFE CO-$6.4 BN MEG WHITMAN-e BAY- $4.6 BN
TOP NOTCH ENTREPRENEURSTOP NOTCH ENTREPRENEURS
BILL GATES-56BNWARREN BUFFET-$52BNCARLOS SLIM-49BNLAXMI MITTAL-32BNLI KA SHENG-23BNANIL AND MUKESH AMBANI-$70 BN plus
PROFILEPROFILE
SELF CONFIDENCE- THE #1 ATTITUDEVALUE THEIR SENSE OF FREEDOMDISCIPLINEHARDWORKINGGOAL ORIENTEDFLEXIBLE, OPPORTUNISTIC, RECOGNIZE
THE POWER OF EMERGENCEEGOLESNESSLOVE MONEY
ASK YOURSELF---ASK YOURSELF---
Do you back yourself to succeed every time
Do you take important decisions or does someone else take them for you?
Do you enjoy the process irrespective of the outcome
How well do you handle small adversitiesDid you ever feel helpless- how well did
you handle the situation at that time?
Keep asking----Keep asking----
Do you know your physical and mental limitations?
Do you make friends with a strangerDo you feel comfortable in talking about
yourselfDo you have a sense of
discipline/systematization in your life?Does the act of buying and selling excite
you
ENTREPRENEURIAL CULTURE
COMPETITIVE EDGE
INCREASED PRODUCTIVITY
IMPROVED QUALITY
INNOVATION
UNDERSTANDING CUSTOMER NEEDS
WORLD CLASS SERVICE
•SOCIETAL CULTURE
•PRODUCTIVITY CULTURE
•TQC
•ORGANIZATIONAL CULTURE
•CORPORATE VALUES
THE SUPPLY OF ENTREPRENEURSHIP IS LIMITED BY THE SCARCITY OF THE REQUISITE PERSONAL QUALITIES AND SECONDLY, BY THE DIFFICULTY OF IDENTIFYING THEM WHEN THEY ARE AVAILABLE----------
TASKS OF AN ENTREPRENEURTASKS OF AN ENTREPRENEUR
EXCHANGE RELATIONSHIP PERCEIVING OPPORTUNITIES GAINING COMMAND OVER SCARCE RESOURCES PURCHASING INPUTS MARKETING OF PRODUCTS IN RESPONSE TO
COMPETITIONPRACTICAL ADMINISTRATION DEALING WITH PUBLIC BUREAUCRACY MGT OF HUMAN RELATIONS MGT OF CUSTOMER AND SUPPLIER RELATIONS
CONTRIBUTION TO THE ECONOMYCONTRIBUTION TO THE ECONOMY
JOB CREATIONECONOMIC GROWTHNEW TECHNOLOGYSERVING SMALL MARKETS
TYPES OF ENTREPRENEURSTYPES OF ENTREPRENEURS
BASED ON TIMING OF VENTURE CREATION EARLY STARTERS EXPERIENCED MATURE CLASSIFICATION BASED ON ENTREPRENEURIAL ACTIVITY NOVICE SERIAL ENTREPRENEUR PORTFOLIO ENTREPRENEUR CLASSIFICATION BASED ON SOCIO-CULTURAL VARIABLES FIRST GENERATION FROM BUSINESS FAMILIES MINORITY WOMEN
MGT CONTROL
FINANCIAL MGT
PRODUCTION MGT
TECHNOLOGY
ACQUIRING AND OVERSEEING ASSEMBLING OF THE FACTORY
UPGRADING PROCESS AND PRODUCT QUALITY
INTRODUCTION OF NEW PRODUCTION TECHNIQUES,PRODUCTS
RICHARD BRANSON SAYS---RICHARD BRANSON SAYS---
When asked the secret of his success, Richard Branson who founded the multinational Virgin Group said ”Knowing what exactly gets me up every morning” he responded” that I am ruthless, that I am not out to win but to beat others to pulp”
STIMULANTSSTIMULANTS
AVAILABILITY OF CAPITALSUPPORTIVE GOVERNMENTAL
PROGRAMMESAVAILABILITY OF REQUIRED TRAINING
AND INPUTSCOLLABORATIVE RELATIONSHIP BETWEEN
BUSINESS AND RESEARCH.CREATION OF AN ENVIRONMENT
CONDUCIVE TO INNOVATION
ENTREPRENEURSHIP ENTREPRENEURSHIP DEVELOPMENTDEVELOPMENT
EDP AS A MEANSTO DEAL WITH A VARIETY OF PROBLEMS IDENTIFICATION OF OPPORTUNITIES THROUGH
ACCESSIBILITY TO INFORMATION STRENGTHENING OF ENTREPRENEURIAL QUALITIES DEVELOPING PEOPLES SKILLS BUSINESS EDUCATION LEGAL ASPECTS PROJECT FORMULATION AND IMPLEMENTATION DEVELOPMENT OF MULTI- SKILLS
TRAINING TOOLS AVAILABLETRAINING TOOLS AVAILABLE
ON THE JOB TRAINING PARTICIPATION IN QUALITY CIRCLES INPUTS FROM SUCCESSFUL ENTREPRENEURS
MODULAR TRAINING MODULES IN FINANCE GROUP TRAINING ON TECHNICAL SUBJECTS GROUP TRAINING ON MANAGERIAL SUBJECTS
INSTITUTIONS IN AID OF INSTITUTIONS IN AID OF ENTREPRENEURSENTREPRENEURS
MDI GURGAONIITS/IIMSNIESBUDSTEPSENTREPRENEURSHIP MOTIVATION CENTREXISSCOMMERCIAL BANKSMCEDNAYE
THE BUSINESS IDEATHE BUSINESS IDEA
ESTABLISHING YOURSELF AS A SUCCESSFUL ENTREPRENEUR DEPENDS IN PART UPON CHOOSING A GOOD IDEA.AN IDEA MUST NOT ONLY BE GOOD FOR THE MARKET BUT ALSO GOOD FOR THE PROJECT, GOOD FOR THE ENTREPRENEURS. IT SHOULD BE MANAGEABLE WITHOUT MUCH DEPENDENCE ON OTHERS.
STAGESSTAGES
SELECTION OF THE PRODUCTEVELUATION OF THE PRODUCTLABORATORY DEVELOPMENTPILOT PRODUCTION RUNSEMI- COMMERCIAL PLAN TRIALSCOMMERCIAL STAGE
ADOPTION PROCESSADOPTION PROCESS
AWARENESSINTERESTEVALUATIONTRIALADOPTION
PPDPPD
NEW PRODUCT IDEASIDEA SCREENINGCONCEPT DEVELOPMENT AND TESTINGBUSINESS ANALYSISPRODUCT DEVELOPMENT PROGRAMMETEST MARKETINGCOMMERCIALIZATION
BUSINESS PLANBUSINESS PLAN
A BUSINESS PLAN IS A WRITTEN DOCUMENT PREPARED BY THE ENTREPRENEUR THAT DESCRIBES ALL THE RELEVENT EXTERNAL AND INTERNAL ELEMENTS INVOLVED IN STARTING A NEW VENTURE. IT IS AN INTEGRATON OF FUNCTIONING OF FUNCTIONAL PLANS SUCH AS MANUFACTURING, FINANCE, MARKETING, AND HUMAN RESOURCES.
WHO SHOULD WRITE THE WHO SHOULD WRITE THE PLANPLAN
MAY BE PREPARED BY THE ENTREPRENEUR CONSULTATION REQUIRED INTERNET SKILL ASSESSMENT
SCOPE AND VALUE EMPLOYEES INVESTORS VENTURE CAPITALISTS CUSTOMERS ADVISORS CONSULTANTS
RESOURCES REQD-----------RESOURCES REQD-----------
RESOURCES REQD IN TERMS OF PLANT EQUIPMENT AND MATERIALS
SCHEDULE OF AVAILABLE RESOURCES PREMISES REQUIREMENT AND AVAILABILITY TRANSPORT REQUIREMENTS PERSONNEL REQUIRED INSURANCE REQUIREMENTS GOODWILL BASE
STRUCTURE OF A BUSINESS PLANSTRUCTURE OF A BUSINESS PLAN
THE BUSINESS IDEAo TYPE OF BUSINESS PROPOSED AND SERVICES TO BE OFFEREDo METHOD OF OPERATIONo LOCATION AND OPERATIONAL AREAo OUTLINE OF MARKET AND CUSTOMERSo STATEMENT OF VIABILITYPROPRIETORS OF THE BUSINESSo DETAILS OF KEY PERSONNELo REASONS FOR CHOICE OF THE BUSINESSo APPRAISAL OF AVAILABLE SKILLS AND IDENTIFIED DEVELOPMENT
NEEDS
“A BUSINESS PLAN HELPS YOU TO ESTABLISH WHERE YOU ARE,WHERE YOU INTEND TO GO AND HOW YOU INTEND TO GET THERE”
FINANCIAL PLANSFINANCIAL PLANS
BUDGETARY PLANS AND CASH FLOW FORECASTS EXPLANATION OF THE BASIS FOR PLANNED BUDGETS BREAK EVEN ANALYSIS AND PROFIT FORECASTS VALUE OF AVAILABLE CAPITAL AND RESOURCES FURTHER FINANCE REQUIRED POTENTIAL SOURCES OF FUNDS CHOSEN SOURCES OF FINANCE AND REASONS FOR CHOICE
BUSINESS PLAN IMPORTANT BUSINESS PLAN IMPORTANT BECAUSE-----BECAUSE-----
HELPS DETERMINE THE VIABILITY OF THE VENTURE IN A DESIGNATED MARKET
PROVIDES GUIDANCE TO THE ENTREPRENEUR IN ORGANIZING HIS OR HER PLANNING ACTIVITIES
IT SERVES AS AN IMPORTANT TOOL IN OBTAINING FINANCE USEFUL FOR START UP ENTERPRISES MODEL OF GOOD PRACTICES MONITORING PROGRESS AND ACHIEVEMENTS AGAINST
TARGETS LAID DOWN
MEASUREMENT OF SUCCESSMEASUREMENT OF SUCCESS
CUSTOMER FEEDBACKQUALITY OF GOODS AND SERVICESMEASUREMENT OF GROWTH OF BUSINESS IN
COMPARISON TO PREVIOUS YEARSCOMPARING ACTUAL/PLANNED INCOME AND
EXPENDITUREPROFITMARGINSANALYSIS OF DEBTORS AND CREDITORS,
PAYMENT TERMS ETC TO ENSURE LIQUIDITY.
WHY BUSINESS PLANS FAILWHY BUSINESS PLANS FAIL
GOALS SET BY ENTREPRENEURS UNREASONABLE
GOALS NOT SMARTTOTAL COMMITMENT TO BUSINESS
LACKINGNO EXPERIENCE IN PLANNED BUSINESSNO SWOT ANALYSIS CARRIED OUTNO CUSTOMER NEEDS ESTABLISHED.
IMPORTANCE OF MARKET FOCUSIMPORTANCE OF MARKET FOCUS
KNOWING YOURSELF AND OTHERSPEOPLE SKILLSEFFECTIVE COMMUNICATIONPROBLEM SOLVING SKILLSCREATING CUSTOMERSMARKETING AND PREFFECTIVE SELLING- CRMQUALITY MANAGEMENTMANAGING USP
oIMPORTANCE OF SPOTTING TRENDSoANTICIPATIONoFAST DECISION MAKINGoCONSTANT RE-ASSESSMENToSTAY CLOSE TO THE CUSTOMERoINNOVATE CONSTANTLYoCONCENTRATION ON NARROW TARGETS
LEGAL ISSUESLEGAL ISSUES
INTELLECTUAL PROPERTY- COPYRIGHTS, PATENTS, TRADEMARKS, TRADE SECRETS
PATENTS- DISCLOSURE, PATENT APPLICATION, PATENT INFRINGMANTS
TRADEMARKS COINED MARKSARBITRARY MARKSSUGGESTIVE MARKSDESCRIPTIVE MARKS
PROCESS---PROCESS---
FILLING FORMDRAWING THE MARKFIVE SPECIMENS SHOWING ACTUAL USE
OF THE MARKFEE
TRADEMARKSTRADEMARKS
INITIAL 20 YRS REGN WITH 20 YRS RENEWABLE TERMS PROVIDES NOTICE TO EVERYONE THAT ONE HAS
EXCLUSIVE RIGHTS FOR THE USE OF THE MARK ENTITLEMENT TO SUE IN A COURT OF LAW INCONTESTABLE COMMERCIAL RIGHTS FOR USE OF THE
MARKS PROVIDES A BASIS FOR FILLING TRADEMARK APPLICATIONS
IN FOREIGN COUNTRIES
COPYRIGHTSCOPYRIGHTS
PROTECTION OF ORIGINAL WORK OF AUTHORSHIP
PROTECTION OF MATERIAL ON THE INTERNET
TRADE SECRETSTRADE SECRETS
PROTECTION AGAINST OTHERS REVEALING OR DISCLOSING INFORMATION THAT COULD BE DAMAGING TO THE BUSINESS
OFFICE SECURITYINFO ON NEED TO KNOW BASISSCREENING OF EMPLOYEESFAXING OF SENSITIVE INFO
CONTRACTCONTRACT
LEGALLY BINDING AGREEMENT BETWEEN TWO PARTIES
SPECIFIC ROLE OF PARTIES IN THE TRANSACTION IMPORTANT
VOLUNTARY ACCEPTANCE IMPORTANTTRANSACTION SHOULD BE DESCRIBED IN DETAIL.
GOVT REGULATIONS TO BE GOVT REGULATIONS TO BE COMPLIED WITHCOMPLIED WITH
FACTORIES ACT 1961 INDUSTRIAL DISPUTES ACT 1947 OFFICES, SHOPS AND RAILWAY PREMISES ACT 1956 OSHA FIRE REGULATIONS ENVIRONMENTAL HEALTH ACT CONTROL OF POLLUTION ACT 1974 SALE OF GOODS ACT 1979 CONSUMER PROTECTION ACT 1987 ADVT STANDARDS DATA PROTECTION ACT 1984 MINIMUM WAGES ACT PARTNERSHIP ACT 1896
CONTD-----CONTD-----
BUSINESS NAMES ACT 1985COPYRIGHT, DESIGNS AND PATENT ACT 1988CONSUMER CREDIT ACT 1974INSOLVENCY ACT 1986TRADE UNION ACT 1926(AMENDED 47, 60,62,64
AND 82)
TYPES OF FIRMSTYPES OF FIRMS
PROPRIETORSHIPPARTNERSHIPPVT LTD COMPANYPUBLIC LTD COMPANYCOOP SOCIETY
STGS OF BUSINESS STGS OF BUSINESS DEVELOPMENT FUNDINGDEVELOPMENT FUNDINGEARLY STG FINANCING SEED CAPITAL-SMALL AMOUNTS TO PROVE CONCEPTS,AND
FINANCIAL FEASIBILITY STUDIES START UP- FUNDING TO GET THE OPERATIONS OF THE
COMPANY ACTUALLY STARTED EXPANSION OR DEVELOPMENT FINANCING SECOND STAGE-WORKING CAPITAL FOR INITIAL
GROWTH PHASE THIRD STAGE- MAJOR EXPANSION AND GROWTH BRIDGE FINANCING
FINANCING FOR ACQUISITION AND LBO
FORMS OF ASSISTANCE TO FORMS OF ASSISTANCE TO ENTREPRENEURSENTREPRENEURS
MANAGEMENT CONSULTANCY PROFESIONAL ADVICE AND SERVICES FOR RAISING
RESOURCES FROM THE MARKET TECHNICAL CONSULTANCY ORGANIZATIONS FOR SMALL
AND MEDIUM INDUSTRIES INTERFACE BETWEEN SCIENCE AND TECHNOLOGY AND
THE INDUSTRY ENTREPRENEURSHIP DEVELOPMENT AND RESEARCH FINANCIAL ASSISTANCE IN TERMS OF SOFT LOANS,100%
FINANCE FOR DISABLED ENTREPRENEURS, ASSISTANCE TO EX- SERVICEMEN EQUIPMENT FINANCE AND THE LIKE
ASSISTANCE FROM STATE GOVERNMENTS
FINANCIAL INSTITUTIONS IN AID FINANCIAL INSTITUTIONS IN AID OF ENTREPRENEURSOF ENTREPRENEURS
IDBIIFCIICICINABARDSFCSIDBIIFCI
IFCI GRANTING LOANS ON SUBSCRIBING TO DEBENTURES REPAYABLE
WITHIN A PERIOD NOT EXCEEDING 25 YEARS GUARANTEEING LOANS RAISED BY INDUSTRIAL CONCERNS
WHICH ARE REPAYABLE WITHIN A PERIOD NOT EXCEEDING 25 YRS
GUARANTEEING DEFERRED LOANS DUE FROM ANY INDUSTRIAL CONCERN(IMPORT/PURCHASE OF CAPITAL GOODS)
FINANCING PUBLIC SECTOR PROJECTS SETTING UP OF NEW INDUSTRIAL PROJECTS EXPANSION,DIVERSIFICATION, MODERNIZATION, RENOVATION
IDBIIDBI
MODERNIZATION ASSISTANCE SCHEMES TECHNICAL DEVELOPMENT FUND SCHEME VENTURE CAPITAL FUND SCHEME EQUIPMENT FINANCE SCHEMES FOREIGN CURRENCY ASSISTANCE SCHEMES EQUIPMENT RE-FINANCE SCHEMES SEED CAPITAL SCHEME MODERNIZATION AND REHAB OF SMALL AND MEDIUM
INDUSTRIES
NABARDNABARD
INTEGRATED RURAL DEVELOPMENT PROOTION OF COTTAGE ANDVILLAGE INDUSTRIES AS WELL
AS HANDICRAFTS SHORT- TERM RE-FINANCE ASSISTANCE MEDIUM AND LONG TERM LOANS LINKS WITH RBI
SIDBISIDBI
SUPPORT SERVICESENVIRONMENT MANAGEMENTCOLLABORATION WITH NGOS,
CONSULTANCY AND VOLUNTARY ORGANIZATIONS
ICICIICICI
ASSIST IN CREATION , EXPANSION AND MODERNIZATION OF PRIVATE ENTERPRISE
ENCOURAGING/PROMOTING PARTICIPATION OF PVT CAPITAL
RUPEE AND FOREIGN CURRENCY LOANSSOFT LOANSGUARANTEESCREDIT FACILITIES TO MANUFACTURERS
SIDCSSIDCS
EQUITY PARTICIPATIONFINANCIAL ASSISTANCEDEVELOPING INDUSTRIAL AREASINCENTIVESPROMOTIONAL SERVICES
SCOPE/ENTITIES OF SCOPE/ENTITIES OF MARKETINGMARKETING
GOODS SERVICES EXPERIENCES EVENTS PERSONS PLACES PROPERTIES ORGANIZATIONS INFORMATION IDEAS
CORE MARKETING CONCEPTSCORE MARKETING CONCEPTS
TGT MKT AND SEGMENTATION NEEDS,WANTS AND DEMANDS PRODUCT OFFERING AND BRAND VALUE AND SATISFACTION RELATIONSHIPS AND NETWORKS MARKETING CHANNELS COMPETITION MARKETING ENVIRONMENT IDENTIFICATION OF ANY SPECIAL MARKETING INFLUENCES
IMPLEMENTATION OF IMPLEMENTATION OF PROPOSALSPROPOSALS
CHOSEN MEANS OF OPERATIONS WITH JUSTIFICATION OF CHOICE
RELEVANT LEGISLATION TIME TABLE AND PHASING OF BUSINESS START UP KEY STAGES OF IMPLEMENTATION MONITORING AND CONTROL SYSTEMS CUSTOMER RECORD AND FEEDBACK
MARKETING INVOLVES-----MARKETING INVOLVES-----
GATHERING OF MARKET INTELLIGENCE TARGETING CUSTOMERS
LOCATING AND ATTRACTING NEW CUSTOMERSIDENTIFYING CUSTOMER PREFERENCESREVIEWING DFECTION PERCENTAGERETAIN CUSTOMER LOYALTY
MANAGING FOR PROFITABILITY INTEGRATION OF MARKETING FUNCTIONS
MARKETING CHANNELSMARKETING CHANNELS
PRODUCER--- CONSUMERPRODUCER-----WHOLESALER----CONSUMERPRODUCER----WHOLESALER---RETAILER---
CONSUMERPRODUCER---AGENT---WHOLESALER----
RETAILER---CONSUMERPRODUCER---WHOLESALER---CONSUMER.
FUNCTIONS OF MARKETING FUNCTIONS OF MARKETING CHANNELSCHANNELS ROUTE TO LINK PRODUCERS AND USERS STORAGE OF GOODS INTRODUCTION OF NEW PRODUCTS/MERCHANDISING
EASIER GIVE ADVICE REGARDING PRICE ACCEPTABLE TO
PRODUCER AND CONSUMER BULK BREAKING MARKET INFORMATION TO BUYERS BRING PRODUCT NEARER TO CONSUMER.
OPPORTUNITIES AND THREATS-TGT MKTOPPORTUNITIES AND THREATS-TGT MKT
MARKET SEGMENTATION ASSESS STRENGTHS AND WEAKNESSES PRODUCT OR SERVICE-
BRANDNAME,PRICE,WARRANTY,IMAGE,SERVICE,DELIVERY TIME
CUSTOMER SERVICE-FOLLOW UP,EMPLOYEE REWARDS,REGULAR CONTACT WITH THE CUSTOMERS
COORDINATION OF THE PLANNING PROCESS RESPONSIBILITY FOR IMPLEMENTATION BUDGETING
METHODS OF MARKETINGMETHODS OF MARKETING
IMPORTANCE OF CONVERTING PURCHASING POWER INTO EFFECTIVE DEMAND FOR A PRODUCT /SERVICE
PRODUCT SHOULD BE DIFFERENT/SPECIFIC-WHETHER REAL OR IMAGINARY
EMPHASIS ON WHAT THE CUSTOMER/BORROWER WANTS EMPHASIS ON SOCIAL GOOD EMPHASIS ON MARKETING FUNCTIONS LIKE MKT
INFORMATION AND RESEARCH,PRODUCT PLANNING, WAREHOUSING,SALES AND DISTRIBUTION.
MARKETING RESEARCHMARKETING RESEARCH
PLAN MEASURE AND EVALUATE MARKETING EFFORT OFFERS RT PRODUCT,RT PACKAGE,RT DEMAND ETC COVERS MKT AND SALES RESEARCH,PRODUCT
RESEARCH,ADVT AND PROMOTION,SALES METHODS AND POLICIES,DISTRIBUTION RESEARCH
FOCUS ON BUSINESS DECISIONS IDENTIFICATION OF VIABLE OPPORTUNITIES TESTING FEASIBILITY OF A PARTICULAR COURSE OF
ACTION
MKT STRAT-
MARKETING MIX FOCUSED ON PRODUCT MKT
PRICING MIX
PRICING STRAT,POLICY,BASIC PRICE,TERMS OF CREDIT,DISCOUNTS
PRODN MIX-BRAND,STYLE,COLOR,DESIGN,PRODUCT LINE,PACKAGE,WARRANTY,SERVICE
PROMOTION MIX-PERSONAL SELLING,ADVT,PUBLICITY,SALES PROMOTION
DISTR CHANNELS
PHYSICAL DISTR
PLACE MIX
ELEMENTS OF MARKETING MIX
INCENTIVESINCENTIVES
OBJECTIVESENTREPRENEURSHIP DEVELOPMENTREGIONAL DEVELOPMENTPROVIDE COMPETITIVE STRENGTHMOTIVATE PEOPLE FOR NEW VENTURESGIVE STIMULUS FOR INDUSTRY AND
BUSINESS
TYPESTYPES
TECHNICALFINANCIALSUBSIDIESTAXADVANTAGESUNIFORM DEVELOPMENT IN ALL REGIONSREDUCE OVERALL PROBLEMS OF SMALL SCALE
ENTREPRENEURS
PROBLEMSPROBLEMS
CORRUPTIONMISUSEETHICSFINANCIAL DRAIN FOR THE EXCHEQUER
THE ORGANIZATIONAL THE ORGANIZATIONAL PLANPLAN
IMPORTANCE OF WELL DEFINED ROLES EFFECTIVE INTERVIEWING AND HIRING PROCEDURES IDENTIFICATION OF MAJOR ACTIVITIES REQUIRED TO
OPERATE ORGANIZATION EFFECTIVELY ORGANIZATIONAL STRUCTURE PLANNING,MEASUREMENT AND EVALUATION SCHEMES REWARDS AND INCENTIVES SELECTION CRITERIA
BUILDING A SUCCESSFUL BUILDING A SUCCESSFUL ORGANIZATIONORGANIZATION
JOB ANALYSIS,DESCRIPTIONS AND SPECIFICATIONS
POSITIONS NECESSARY TO ACCOMPLISH TASKS/JOBS TO BE PERFORMED
DECISION FOR TRAINING/EVALUATION OF EMPLOYEES
SEARCH FOR TALENT
CRITERIA FOR SELECTING CRITERIA FOR SELECTING PROJECTSPROJECTS
INVESTMENT SIZELOCATIONTECHNOLOGYEQUIPMENTMARKETINGDEMAND AND SUPPLY OF PRODUCTSMOTIVATION, ATTITUDE AND SKILLS OF
ENTREPRENEUR
DIMENSIONS OF A PROJECTDIMENSIONS OF A PROJECT
CATALYTIC AGENTS FOR ECONOMIC DEVELOPMENT LONG TERM COSEQUENCES PROVIDE FRAMEWORK FOR FUTUREACTIVITIES OF
ENTERPRISES SUBSTANTIAL FINANCIAL OUTLAYS INITIATE DEVELOPMENT OF BASIC INFRASTRUCTURE AND
ENVIRONMENT CANNOT BE EASILY REVERSED BRINGS NECESSARY CHANGES IN SOCIETY IN COURSE OF
TIME.
SEQUENTIAL STGS OF SEQUENTIAL STGS OF PROJECT FORMULATIONPROJECT FORMULATION
PROJECT---FEASIBILITY---TECHNOECONOMIC STUDY---DESIGN---NETWORK---- INPUT---FINANCE---SOCIAL---COST BENEFIT-----PRE-INVESTMENT
SCOPE OFPROJECT APPRAISALSCOPE OFPROJECT APPRAISAL
CHOICE OF APPROPRIATE TECHNOLOGY TECHNICAL COLLABORATION ARRANGEMENTS IF ANY SIZE AND SCALE OF OPERATIONS LOCATIONAL ASPECTS-AVAILABILITY OF INFRA SELECTION OF PLANT, MACHINERY AND EQUIPMENT PLANT LAYOUT AND FACTORY BUILDINGS TECHNICAL ENGG SERVICE PROJECT DESIGN AND NETWORK ANALYSIS MANAGEMENT OF BY-PRODUCTS PROJECT COST ESTIMATES AND PROFITABILITY PROJECTIONS
CONTENTS OF A PROJECT CONTENTS OF A PROJECT REPORTREPORT
OBJECTIVE AND SCOPE OF THE REPORT PRODUCT CHARACTERISTICS MARKET POSITION AND TRENDS RAW MATERIALS MANUFACTURE PLANT AND MACHINERY LAND AND BUILDING FINANCIAL IMPLICATIONS MARKETING CHANNELS PERSONNEL
MANAGING A NEW VENTUREMANAGING A NEW VENTURE
RECORD KEEPING MONITORINGINCOMING/OUTGOING REVENUE TRACKING CUSTOMERS RECRUITING AND HIRING EMPLOYEES MOTIVATION AND DIVERSITY MANAGEMENT COMMUNICATION WITH MANAGERS AND EMPLOYEES MANAGING CASH FLOW-BUDGETED VS ACTUAL MANAGING SHORT TERM VS LONG TERM DEBT CREATING AWARENESS OF NEW VENTURES TIME MANAGEMENT NEGOTIATION SKILLS
FRANCHISINGFRANCHISING
IT IS A FORM OF DISTRIBUTION IN WHICH SEMI-INDEPENDENT BUSINESS OWNERS(FRANCHISEES) PAY FEES TO A PARENT COMPANY (FRANCHISOR) IN RETURN FOR THE RIGHT TO BECOME IDENTIFIED WITH ITS TRADEMARK, TO SELL ITS PRODUCTS OR SERVICES, AND OFTEN USE ITS BUSINESS FORMAT AND SYSTEM
TYPESTYPES
PRODUCT DISTRIBUTION FRANCHISINGPURE FRANCHISING
BENEFITSBENEFITS
SMALL BUSINESS RELATIVELY QUICKLY BENEFIT FROM BUSINESS EXPERIENCE MANAGEMENT TRAINING AND SUPPORT BRAND NAME APPEAL STANDARDIZATION ADVT SUPPORT PROVEN PRODUCTS CENTRALIZED BUYING POWER TERRITORIAL PROTECTION GREATER CHANCES OF SUCCESS
DRAWBACKSDRAWBACKS
FRANCHISE FEE AND PROFIT SHARINGSTRICT ADHERENCE TO STANDARDIZED
OPERATIONSRESTRICTIONS IN PURCHASINGLESS FREEDOMNO GUARANTEESMAX INVOLVEMENTORAL PROMISESGET RICH QUICK SCHEMES
BUYING A FRANCHISEBUYING A FRANCHISE
EVALUATE YOURSELFRESEARCH YOUR MARKETCONSIDER FRANCHISE OPTIONSTALK TO EXISTING FRANCHISEESASK THE FRANCHISOR SOME TOUGH QUESTIONSLOCATIONPIGGY BACKINGDEDICATED MGT TEAMBE THOROUGH
FRANCHISE DISCLOSURESFRANCHISE DISCLOSURES
INFORMATION ABOUT EXPERIENCE, FRANCHISES BEING SOLD ETC
BUSINESS EXPERIENCELAWSUITS IF ANYCONTINUING PAYMENTS AFTER START UPSQUALITY RESTRICTIONSFRANCHISEE OBLIGATIONSTERRITORIAL PROTECTIONTRADEMARKS TRADE NAMES ETCFINANCIAL STATEMENTS
AREAS OF FRANCHISINGAREAS OF FRANCHISING
APPARELS BEAUTY SALONS COURIER SERVICES CONSULTANCY CYBER CAFES DESIGNER WEAR EDUCATION ENTERTAINMENT FOOD AND BEVERAGES GIFTS AND GREETINGS HOME PRODUCTS HOTELS AND MOTELS EMIGRATION RETAIL SCHOOLS
FRANCHISOR
KNOWHOW ETC
APPTS
MASTER FRANCHISOR
APPTS
FRANCHISEE
PAYS ROYALTY
PAYS
ROYALTY
CONTRIBUTION, INVESTMENT, SITE, INFRA
BASICS OF INTERNATIONAL BASICS OF INTERNATIONAL FRANCHISINGFRANCHISING
KNOW YOUR PARTNERSKNOW YOUR WEAKNESSESKNOW YOUR MARKETKNOW YOUR VALUEKNOW YOUR TRADEMARKKNOW YOUR PRODUCT AND SERVICEKNOW YOUR RESOURCES
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