lec 7 enterpreneurship and marketing approach
TRANSCRIPT
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ENTERPRENEURSHIP AND
THE MARKETINGAPPROACH
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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.
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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.
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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:
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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.
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MARKETINGAPPROACH
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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.
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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.
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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
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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.
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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)
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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
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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.
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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.
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