Ent_6 - MNG00314 Entrepreneurship Top 6: Environment...

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MNG00314 Entrepreneurship Top 6: Environment Assessment & Marketing Research
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Learning Objectives On completion of this topic, you should be able to: complete an environmental assessment To examine the industry environment from strategic point of view apply marketing research principles to the business planning process To review the importance of marketing research for new ventures
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The Environment for New Ventures Environmental Scanning Refers to the efforts of an owner-entrepreneur takes in examining the external and internal environments before making a decision. External Environment General environment • Demographic, economic, political/legal, sociocultural, technological, and global segments. Industry environment • New entrants, suppliers, buyers, product substitutes, intensity of rivalry among competitors Competitor environment • Position of the venture within the industry
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The External Environment Industry Environment Competitor Environment Economic Political/Legal Demographic Socio-cultural Global Technological
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The Environmental Variables (I) Demographic segment Population size, age structure, geographic distribution, ethnic mix and income distribution Economic segment Inflation rates, interest rates, trade deficits or surpluses, budget deficits and surpluses, personal savings rate, business savings rates and GDP Political/legal segment Antitrust laws, taxation laws, labor training laws and educational philosophies and policies
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The Environmental Variables (II) Socialcultural segment Women in the workforce, workforce diversity, attitude about quality of work life, concerns about the environment, shifts in work and career preferences and shifts in preferences regarding product and service characteristics Technological segment Product innovation, process innovation, applications of knowledge, focus of private and government-supported Global segment Important political events, critical global markets, newly industrialized countries, different cultural and institutional attributes
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A Macro View Assessing the economic environment Examining the industry environment A Micro View Researching the location Determining reliance and deservedness Examining the use of business incubators
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Assessing the economic environment The current state of the economy The condition of the labor market The stability of interest rates The number of firms in this industry The general characteristics of the firms in industry The geographic distribution of firms in the industry The competitive nature of this business The government regulations in affecting the type of business
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Ent_6 - MNG00314 Entrepreneurship Top 6: Environment...

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