Chapter 04 - Essentials of Entrepreneurship ENTR 2001...

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Essentials of Entrepreneurship ENTR 2001 Session 6 Copyright 2013 Jack M. Kaplan & Anthony C. Warren Patterns of Entrepreneurship Management Chapter 4 Analyzing the Market, Customers, and Competition
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Presentation Outline Customer/Market Analysis Niche or target markets One to One Marketing Define the Market Segmentation Evaluate the Competition-Sample Evaluation Prepare the Pricing Plan Position the Product or Service Using The Internet for Market Research Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Preparing a Marketing Plan The search for marketing plan will help: Identify customer needs and desires Creates customer profiles Identify market segments and sub-segments Identify pricing strategies Determine how to position the product Identify tactics to reach customers
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Niche or Target Markets A niche market is a small segment of a large market ignored by other companies Target marketing is a strategy to focus on segments of a market and prepare a plan for each market segment. Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Rogers’ Bell-Curve Customer Adoption Patterns Copyright 2013 Jack M. Kaplan & Anthony C. Warren When introducing a new product or service, you should target customers who are more likely to try something new – the innovators and early adopters. They are usually not price-sensitive
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Prepare the Marketing Analysis and Plan Identifying Customers--Consider the 4 factors Market Identification --Current market and service needs determined Current and Best Customers --to allocate resources to segment the market Potential Customers
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