lec 7 enterpreneurship and marketing approach

Upload: nurul-huda

Post on 14-Apr-2018

218 views

Category:

Documents


0 download

TRANSCRIPT

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    1/15

    ENTERPRENEURSHIP AND

    THE MARKETINGAPPROACH

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    2/15

    Introduction of Entrepreneurship

    Entrepreneurship is the act of being an

    entrepreneur, which is a French word meaning "onewho undertakes innovations, finance and businessacumen in an effort to transform innovations intoeconomic goods".

    entrepreneurship consists of practices and skills of aperson constantly trying for growth and excellence.This is being done by innovating an idea, object,product or service and put it to social use.

    To be an entrepreneur you need to possess somequalities. However, entrepreneurship is also referredas a career oriented purposeful task that can belearnt.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    3/15

    In summary,

    (i) Entrepreneurship is viewed as a function

    involving identification and use of

    opportunities which exist in the market.

    (ii) Entrepreneurs bear risks in converting the

    ideas into action and pursuing opportunities.

    (iii) Entrepreneurship involves creative and innovative

    action

    (iv) Entrepreneurs undertake managerial activities as

    part of their work.(v) An entrepreneur constantly strives for excellence

    in his/her field of work.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    4/15

    Importance Of Being AnEntrepreneur

    In entrepreneurship the individual is themost important element.

    Entrepreneurship is not limited to any

    class, community, gender or religion.There is no age bar.

    Any person who possesses certain traits

    and attitudes can become anentrepreneur. In the light of the above letus see the importance of being anentrepreneur:

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    5/15

    An entrepreneur is an independent person andhas enough scope for innovation.

    Entrepreneur has an opportunity for self-expression and the realization of ones dream bydoing something new and different.

    An entrepreneur makes his/her own decisions

    and acts on them.

    An entrepreneur generates employment forothers.

    An entrepreneur can make significantcontributions to the development of the country.

    An entrepreneur realizes his personal goals andcontributes to the welfare of society.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    6/15

    MARKETINGAPPROACH

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    7/15

    What is Marketing Approach?

    Performance of business activities that direct thflow of goods and services from the producer tothe consumer or user

    (The American Marketing Association)

    Heart of good marketing management is themarketing concept, which is it should be:

    Consumer Orientation find out what theconsumer wants & produce a product that willsatisfy those wants at a profit.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    8/15

    The Marketing Mix

    Marketing mix = right combination of marketingelements that will produce a profit; composedevery factor that influences the marketing effort.

    Marketing Mix

    Packaging familyplans or single plans

    Pricing price optionexist; discount prices to

    premium prices.

    Product provide

    guidelines on howto best compete.

    Channels of distributiondirect selling, retail travel agents

    or combined

    Brands names,trademarks, labels, logos

    Selling internal &external selling; have

    various sales techniques

    Advertising considerwhen, where & how to

    promote.

    Imageconsumers perceptiondepends on reputation & quality

    of product.

    Public relations good relations

    with visitors, community, suppliers& employees.

    Timing holidays, highseason, low season.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    9/15

    The Four Ps(E.Jerome McCarthy, 1994 & 2002)

    4 Ps

    Product

    Price

    Place

    Promotion

    Right location, right agencies and

    channel (concern with distribution)

    Good advertising, sales

    promotion, public relationsand personal selling (word ofmouth)

    Physical attributes, product planning &development, branding, packaging andlabeling.

    Affordable, rational and satisfycustomer. Price = quality of product

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    10/15

    Product (or service) We think of a product as a physical thing, a tangible good. But customers think

    of it in a different way. It does have some tangible elements.

    Eg. The shape and colour of a motor car are important tangibles. But the motorcan might be remembered and identified of its comfort, its speed, its safety, itsreliability, its brand name, its resale value and its perception by others. So evena product such as the motor car is 'a bundle of satisfactions' to the customer.

    A service such as membership has far fewer tangibles than a physical product.(eg : attempt to make the intangibles more noticeable by dressing staff inuniforms and using designs (shapes, colours, and words) on promotionalmaterial.

    A product, by its nature, is a constant thing. Service, in contrast, relies onpeople to deliver it.

    The product includes the parks material characteristics, the service, the image,

    the brand, the positioning, the benefit, the quality, the guarantees, and aftersales services.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    11/15

    Promotion

    The use of promotion and communicationinstruments is basic to attract customers.

    use common techniques such as advertising,

    brochures, press and public relations, sponsorshipand use of the internet.

    To extending the brand of the theme parksouvenirs, consumables, novelties such as unique

    items (to enhance the customers experience)

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    12/15

    The promotional mix includes:

    Advertising paid publicity in paid media

    Publicity unpaid publicity in media

    Public relation planned publicity in media Sales promotion inducement (eg: competition)

    Sponsorships associating your club name withspecific events or activities

    Personal selling making direct contact withcurrent or potential customer

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    13/15

    Place Place is how the customer/member has the

    opportunity to purchase or use the products or

    services (theme park/club).

    In the case of theme park/club. Visitors/members

    travel to the product to use it. Place is where the club is located compared with

    where its customer live or work.

    Distribution channel do exist tour operators put

    together parks and package holidays. Operation of booking agencies guarantee no

    price increase, no queuing.

    Providing value added service transport system,

    accessibility.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    14/15

    Pricing

    The customer is the person who determines whether

    the price is too high or too low compared with the

    competition.

    'Value for money' is important to consumer whenpurchasing products or services.

    Price needs to take into account the purchasing power

    of the customer.

    The marketer needs to match the price to the market,ensuring that this price returns the required level of

    profit.

    Price should be in accordance with the quality of the

    product or services.

  • 7/29/2019 LEC 7 Enterpreneurship and Marketing Approach

    15/15