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Module 3
Business Plan
• A comprehensive paper that details the situation analysis, objective,
strategies and tactics and how to monitor and control the enterprise.
Marketing Process
• in a nutshell, it is knowing the customers
• starts with identifying the customers needs where you are tasked to
create a meaningful value proposition.
• study what the customers want or desire for you to build a unique
selling proposition.
Value proposition
• states why a customer should buy a certain product or service.
• Customers are specific when it comes to their needs and desired
benefits, so the value proposition should cater to those particular
needs.
• the major driver in customer purchase or service availment.
Unique Selling Proposition
• refers to how you will sell the product or service to your customers.
• addresses the customers wants and desires
• Tips to create an effective USP:
• Identify and rank the uniqueness of the product or service attribute.
• Be very specific.
• KISS (Keep it short and simple)
Know Your Customer
• Maketing Research - a comprehensive process of understanding the
customers intricacies and industry they revolve in.
one of the most critical tasks of an entrepreneur.
its result is the entrepreneur's major investment on a business, it will lead
him to the most effective strategies to employ.
aims to scrutinize the target market, their specific requirements, and the
market size where the business operates.
Market Size
• the size the arena where entrepreneur's business will play.
• the approximation of the number of buyers and sellers in a particular market.
• Required to determine the market size first to gauge the vastness or tininess
of the market where he/she intends to join.
1. Estimate the potential market - approximate number of customers that will
buy the product.
2. Eliminate the customers who are probably unlikely to buy the product of
avail the service.
3. Estimate the market share - the plotting and calculation of the competitors
market share to determine the remaining portion for the new venture.
• Direct Competitors - offer exactly the same product and are
structured similarly.
• Indirect Competitors - don't offer exactly the same product type, and
are not similarly structured but still compete.
• Customers - the lifeblood of the business.
• People who buy the products or avail the services of the entrepreneur.
• Thoughts, feelings and experiences shape the decision of the business.
• The phrase “the customer is alwaysht” is a mantra that most successful
entrepreneurs follow.
Market Segmentation
• a process of grouping similar or homogeneous customers according
to demographic, psychographic, geographic (location), and behaviour.
• gives the entrepreneur holistic and general view of market group that
he or she is serving.
Demographic
• Demographic Segmentation - also called socioeconomic segmentation
:
• process of grouping customers according to relevant socioeconomic variables.
• these includes, social class, occupation, gender and age, religion and
ethnicity.
• data help the entrepreneur target customers accurately and classify their
respective needs, wants, desires.
• data can be derived from public documents or internet, therby giving the
entrepreneur an easier task of collecting data.
Income range and the social class
• important factors for the entrepreneur to consider because these
represent the purchasing power of the market.
• The entrepreneur will be able to determine the extent to which the
customers can buy opr avail of the servce.
Occupation
• considered not just to determine the customers income but also their
routine where goods and services can be properly positioned.
Gender and Age Group
• data must be mined because the life cycle of customers and their
gender influence their buying behaviour.
Packaging
• how the product/service is presented to the customers.
• overall identification (look and feel) of the product/service.
• determine the uniqueness of the product from the competitors
• ultimate goal is to entice customers to purchase product/services
• establish the brands identity as well as the unique selling proposition
Process
• the internal and external operations of the business to serve the
customers better.
• defined as the step-by-step procedure or activity workflow that the
entrepreneur or employees follow to effectively and efficiently serve
customers.
• components include input, throughput, and output.
• internal process include back-office operations (preprocessing,
processing, and postprocessing) wherein employees/machines
process customers request without necessarily being seen
Fundamentals of Brand Management
• Brand - refers to the identity of a company, of a product, of a service,
or of an entrepreneur. A symbol of promise or assurance from the
entrepreneur.
• Brand management - supervision of the tangible and intangible
elements of a brand. The tangible elements include product itself, its
packaging, its price and its location. Intangible elements includes
perception and relationship of the customers to the brand.
• Branding - process of integrating strategies formed from marketing
mix to give an identity to product/service.
• The Goals of Branding :
1. Establishing to the customer that the business is reliable and
trustworthy and that the product/service is a superior solution to
their current problem.
2. Differentiating with the competitors.
3. Driving customer loyalty and retention.