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Entrepreneurship

Entrepreneurship. Chapter 4 Exploring Your Market. Markets & Marketing. Market = those people or organizations that may be interested in buying a product or service, have the resources to buy it, and are permitted by law or regulation to do so Marketing = satisfying the customer at a profit

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Entrepreneurship

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  1. Entrepreneurship Chapter 4 Exploring Your Market

  2. Markets & Marketing • Market = those people or organizations that may be interested in buying a product or service, have the resources to buy it, and are permitted by law or regulation to do so • Marketing = satisfying the customer at a profit • The business function that identifies your customers and their wants and needs • The engine that drives ALL business decisions

  3. Marketing Research • Primary = research conducted directly on a subject or subjects • Secondary = research carried out indirectly through other existing resources

  4. Primary Research Methods • Personal interviews • Telephone surveys • Written surveys • Focus groups • Observation • Tracking • Review of books & records

  5. Secondary Research Methods • Online searches • Article & book searches • Competitor websites

  6. Visualize Your Customer Use market research to find out: • Who your potential customers are • Where you can reach them • What they want and need • How they behave • What the size of your potential market is

  7. Customer Research • Surveys • Focus groups • Research reports

  8. Industry Research • Interviews • Observation • Tracking • Written sources of statistical data • Books & articles • Competitor websites • Trade associations & chambers of commerce

  9. Customer Decision-Making • Awareness • Information search • Evaluation of alternatives • Decision to purchase • Evaluation of purchase

  10. Owning Customer Perception • Features create benefits. • Feature = a fact about a product or service • Benefit = what the feature can do to meet a customer’s needs • Needs, wants, and demands are different.

  11. Market Segmentation Market segment = customers who have similar response to a certain type of marketing Segmentation methods • Geographic • Demographic • Psychographic • Behavioral

  12. Product Life Cycle (PLC) Stages • Introduction • Growth • Maturity • Decline Where is your product/service in the PLC? Is your market saturated?

  13. Market Positioning • Distinguish your product/service from others offered to your market segment. • Goal is to clearly communicate how your product/service differs from competitors. • Sample positioning statement: (General Motors) is the (leading US automobile maker) that (provides affordable cars) to (American families).

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