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Entrepreneurship course notes
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A brief summary of all things to do with entrepeneurship including a busssiness plan and venture plan
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UNIT THREEMarketing is the study and management of exchange relationships. It is the business process of
identifying, anticipating and satisfying customers needs and wants. Because marketing is used
to attract customers, it is one of the primary components of business management and
commerce.
Main difference between sales and marketing:
- Marketing informs and attracts leads and prospects to your company and other products
or services.
- Sales, on the other hand, works directly with prospects to reinforce the value of the
company’s solution to convert prospects into customers.
Example of the difference between automobile sales and marketing:
Automobile sales:
Research features wanted,Research colours to offer, Advertise to target market, Get people most likely
to buy products in the dealership, Figure out what price they will pay, Deliver the best selling cars to
dealerships.
Automobile marketing:
Relationship with customers,Communicate features, Develop trust, Product knowledge, Close the deal.
The business plan is basically the venture plan.
The venture plan is basically a plan that is given to investors to make them interested in your company.
You are trying to convince someone that your business plan will work.
The typical venture plan consists of:
- Executive summary
- Marketing plan
- Resource Analysis
- Operating Strategy
- Financial strategy
, The marketing plan consists of:
- Title and page chart
- Identify target market
- Survey design
- Competitor analysis
- Advertisement
- Marketing Mix report
How to calculate profit margin:
- Cost of product - selling price = (answer)(100%) = answer in percentage
A target market includes;
- Demographic: who, age, race, gender
- Geographic: area (rural or urban)
- Psychographic: lifestyle, personality
Primary data: Primary research usually costs more and often takes longer to conduct
than secondary research, but it gives conclusive results.
Secondary data: Secondary research is a type of research that has already been
compiled, gathered, organized and published by others.
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