Shah Abdul Latif University, Khairpur.

Entrepreneurship

Chapter 01
Course Instructor: Rahim Bux Soomro Lecturer Department of Business Administration Shah Abdul Latif University

The World of the Entrepreneur

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Every year in the U.S., entrepreneurs launch 850,000 new businesses.

Entrepreneurial spirit the most significant economic development in recent history.

GEM (Global Entrepreneurship Monitor ) study: 11.3 percent of adult population in the U.S. is actively involved in trying to start a new business.

R B S o o m ro , Le c ture r De partm e nt o f B us ine s s Ad m inis tratio n, S hah Ab d ul La tif Un ive rs ity, Kh airpur

The World of the Entrepreneur

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

What Is an Entrepreneur?

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

What Is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

What Is an Entrepreneur?
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

Characteristics of Entrepreneurs

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

Characteristics of Entrepreneurs
One characteristic of entrepreneurs stands out:

Anyone
regardless of age, race, gender, color, national origin, or any other characteristic can become an entrepreneur (although not everyone should).

Diversity!
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

Benefits of Entrepreneurship
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Do what you enjoy and to have fun at it Create your own destiny Make a difference Reach your full potential Contribute to society and to be recognized for your efforts Reap impressive profits
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

Drawbacks of Entrepreneurship

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Marketing Research for New Venture

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Marketing Research for New Venture

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Understanding the Marketing Plan

Your Go-to-Market Strategy

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Un d e rs tanding th e Ma rke ting Pla n

Where have we been?

Where we want to go (Short-term)?

How do we get there? 1. Discuss the specific marketing strategy.

2. When it will occur?

3. Who will be the responsible for monitoring activities?

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Un d e rs tanding th e Ma rke ting Pla n

Outline for Marketing Plan

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Un d e rs tanding th e Ma rke ting Pla n

Defining Marketing Plan
Written statement of marketing objective , strategies and activities to be followed in business plan. A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or services you offer. Central instrument for directing and coordinating the marketing effort
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Un d e rs tanding th e Ma rke ting Pla n

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Marketing Mix

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Preparing the Marketing Plan

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan Business situation

Describes past and present business achievements of new venture.

Where have we been?

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan Target Markets

Specific group of potential customers toward which venture aims its market plan.

Market Segmentation
Process of dividing a market into definable and measureable groups for purpose of targeting marketing strategy.

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan Henry Fords Model T

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan Henry Fords Model T

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan

Strengths and Weaknesses

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan

Establishing Goals and Objectives

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Steps in Preparing the Marketing Plan

Establishing Goals and Objectives
Goals are broad objectives are narrow. Goals are general intentions; objectives are precise. Goals are intangible; objectives are tangible. Goals are abstract; objectives are concrete.

Examples: Goals: knows about the human body. Objectives: LWBAT name all of the bones in the human body as stated in the medical textbook "The Human Body".
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Defining Marketing Strategy and Action Programs

Defining Marketing Strategy and Action Programs
Specific activities outlined to meet the ventures business plan goals and objectives.

How do we get there?

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Functionality Quality

1. Product: Does
the organization creates what its intended customers want?

Appearance Packaging

Brand
Service Support Warranty Website

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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2. Price: How much are

the intended customers willing to pay?

List Price Discounts Markups Allowances

Related Issues
Costs Markups or Margins Competition
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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 Locations Logistics Number of Intermediaries Market Coverage Web Marketing

3. Place: Available
at the right place, at the right time, in the right quantities.

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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 Advertising

4. Promotion: (How)
are the chosen target groups informed or educated about the organization and its products?

Public Relations Message

Direct sales
Sales Media

Budget

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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Reasons of failure of Marketing Plan

R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif University, Khairpur

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