Entrepreneurship - MGT602 Fall 2006 Assignment 06 Solution - ASSIGNMENT 4 FALL SEMESTER(2006 TOTAL MARKS 10 MARKS OBTAINED INSTRUCTIONS 1 You are

Entrepreneurship - MGT602 Fall 2006 Assignment 06 Solution...

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A SSIGNMENT SSIGNMENT # 4 F ALL ALL S S EMESTER EMESTER (2006) (2006) T OTAL OTAL MARKS MARKS 10 10 M ARKS ARKS O BTAINED BTAINED I NSTRUCTIONS 1. You are allowed to consult the online material in preparation of this assignment. 2. Do not copy and paste. Copy and pasted material from any source will be awarded zero marks. 3. Please use a 12-point font in Times New Roman. 4. Assignments will be graded on content (missing important information/details), and grammar (writing style, misspelled words, subject/verb agreement, awkward phrases, sentence/paragraph length, coherence, word choice. 5. Late assignments will not be accepted. 6. Plagiarism will never be tolerated. Plagiarism is the use of direct quotations without identifying them as such or the summarizing or paraphrasing of other quotations. If you do not specifically identify the source of ideas other than your own, you are plagiarizing. Q UESTION UESTION Suppose you are acting as an entrepreneur who is managing a new venture. For that new venture you are required to plan marketing of your product or services. What will be the specific procedure to follow to make an effective marketing plan? S OLUTION OLUTION STEPS IN PREPARING THE MARKETING PLAN Step 1: Defining the Business Situation The  situation analysis  is a review of where the company has been and considers many of the environmental factors. The entrepreneur should provide a review of past performance of the product and the company. Industry analysis should include information on market size, growth rate, suppliers, new entries, and economic conditions. Step 2: Defining Target Market/Opportunities and Threats The entrepreneur should have a good idea of who the customer or   target market  will be. The defined target market will usually represent one or more segments of the entire market. 
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