Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources

the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market

individual salesperson sells a product, service or solution to a client.

The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another. Rather than looking at each product separately and setting its price, product-line pricing strategies aim to maximize the sales of different products by creating more complementary, rather than competitive, products. If you offer more than one product or service, consider the impact that one product's or service's price will have on the others

most common medium in promoting a product and this is called

The promotion of a particular commodity is without reference to a specific producer, brand name or manufacturer. Producers join together to expand total demand for the commodity, thereby helping their own sales. These activities are often self-funded through assessments on marketing called check-off programs.

Starts a business from a unique and innovative idea Revolutionary Risk-taker Customer-oriented Market Leader

promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman. It is a targeted form of marketing that presents information of potential interest to a consumer that has been determined to be a likely buyer.

an excellent method for generating and screening ideas and concepts. It can be moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors.

involves adding a markup to the cost of goods and services to arrive at a selling price. Under this approach, you add together the direct material cost, direct labor cost, and overhead costs for a product, and add to it a markup percentage in order to derive the price of the product.

A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage. However, the advantage tends not to be sustainable. The high price attracts new competitors into the market, and the price inevitably falls due to increased supply

divided in terms of how customers think and believe (i.e., needs and wants)

offer the customer a chance to win prizes like cash or store merchandise.

are the traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation.

summarizes why a consumer should buy a company's product or use its service

There are 2 types of goods.

important for every business, as each happy customer can steer dozens of new ones your way. And it's one of the most credible forms of advertising because a person puts their reputation on the line every time they make a recommendation and that person has nothing to gain but the appreciation of those who are listening.

refers to the local government (municipality, city, or provincial) or the national government and its branches.

the total market is divided according to geographical location.

Five Stage Personal Selling Process

refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to create an awareness, attract and induce the consumers to buy the product, in preference over others.

There are many ways to utilize this particular sales promotion technique

FACTORS AFFECTING ENTREPRENEURSHIP

follow the ideas of other entrepreneurs

are less expensive and less time-consuming, but the disadvantages are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire.

typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries to supply retailers with smaller quantities.

divided based on the consumers (e.g., age, gender, income etc.)

Core Competencies in Entrepreneurship

is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.

can be attained by assessing and looking at changes in the environment; technological discovery and advancement; government’s thrust, programs, and policies; people’s interest, and past experiences.

strategy where prices are set primarily on consumers' perceived value of the product or service.

refers to how you sell your products or services, depending on the customers’ needs and wants

under of changes in environment

Your team, the staff that makes it happen for you, your audience, and your advertisers are the people in marketing. This consist of each person who is involved in the product or service whether directly or indirectly

pricing method in which a fixed sum or a percentage of the total cost is added (as income or profit) to the cost of the product to arrive at its selling price.

The entrepreneur constantly looks for new ideas, thus he needs to be creative.

known as intuition

The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased.

any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service (i.e., initiatives that are not covered by the other elements of the marketing communications or promotions mix)

one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in person between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve

see things in a very positive way

driven by passion

carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail.

FIVE FORCES OF COMPETITION

Setting the price of a product higher than similar products. The goal is to create the perception that the products must have a higher value than competing products because the prices are higher.

with limited order quantities, the use of wholesalers makes economic sense.

diving the target market into different groups with common needs and who respond similarly to a marketing action

is the practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are. This practice is based on the belief that customers tend to process a price from the left-most digit to the right, and so will tend to ignore the last few digits of a price.

The act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately

is a name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace.

a process used by marketers to create an image in the minds of a target market

like a size of the arena where the entrepreneurs will play their business.

Physical environment includes

refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences

different data collection techniques

entreprendre =

gives the advantage of selecting the territory and audience to which the message is to be directed. It is also cheaper than TV advertising.

refers to the outside appearance of a product and how it is presented to the customers.

most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on the Web (e.g. Skype or Viber).

he article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films your company as a result of information he or she received and researched.

divided according to customers’ behavior patterns as they interact with a company

entrepreneur needs to gamble but wise enough to offset the risk

is the most valuable tool in any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results.

social political ecological economic technological legal

ability to know what products and services are needed by people and to be able to provide these things at the right time, at the right place, to the right people, and at the right price

ESSENTIALS IN OPPORTUNITY-SEEKING

The entrepreneur can be compensated by his profit coming from the operation

Sales Promotion Technique

type of entrepreneurs new and innovative ideas

Societal environment includes the various forces like

determine the entrepreneurs’ possible customers in one locality.

skeptical about changes to be made; don’t initiate but follow only after they are satisfied

advertise electronically through your company website and provide important and pertinent information to clients and customers. You can protect some parts of your website through passwords and give access to member customers. You can also send advertisements via direct e-mail as part of your promotional strategy.

sage in market identification process that aims to determine the buyers with common needs and characteristics.

This way focuses on the assessments of success in terms of fast and profitable reasons

the target market’s stated or silent problems; key to identifying a market problem is to listen to frustrations

way for a consumer to try a new product while eliminating risk. It may be used when a product is unique to the marketplace

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand. In reality a firm has three options and these are to price lower, price the same or price higher than competitors

– the process of considering, evaluating, and pursuing market-based activities that are accepted to be beneficial for the business.

a framework for analyzing a company’s competitive environment can be used to guide business strategy to increase competitive advantage

-feelings, and behaviors, as well as skills initiative proactive problem-solving skills perseverance persuasion planning skills grit

initiate changes and drive social innovation

The company earns more through cross-selling products along with a basic core product. The main product does not have many features (and is priced low) which can be enhanced through optional or accessory products which are sold at premium by the same company

The 4 P’s of Marketing Mix

die-hard conservatives; ready to suffer the loss if business

is a business mechanism used for effective marketing of the products.

Industry environment of the business includes

is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers

Channel 3 is called a ??????? channel, since it has no intermediary levels. In this case the manufacturer sells directly to customers.

Decisive Communicator Leader Opportunity-seeker Proactive Risk-taker Innovative Open-minded

a set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing

- refers to the physical environment, societal environment, and industry where the business operates.

This is the latest and the fast-developing medium of advertising and is getting increased popularity these days. It is more effective as compared to radio as it has the advantages of sound and sight. On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer.

an innovative concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.

used to offer consumers a lower price for a period of time or to purchase in multiple quantities.

There can be two types of customer requirements:

can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business.

after identifying business opportunities from select market problems, you may use them as bases for creating new ventures

is an intermediary or middleman that customers use to get products from the manufacturers.