Kap11primerentrepreneuruka

Kap11primerentrepreneuruka - AprimerinEntrepreneurship...

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A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser stitute r trategy d usiness Economics Institute for Strategy and Business Economics University of Zurich Spring semester 2008
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Chapter 11: Unique Marketing Issues Confronting New Ventures Table of Contents I. Selecting a Market and Establishing a Position II. Key Marketing Issues for New Ventures III. The Four Ps for New Ventures University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2
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I. Selecting a Market and Establishing a Position 1. In order to succeed, a new firm must address this important question: Who are the customers, and how will we appeal to them? 2. A well managed start up approaches this query by following a three step process: segmenting the market, selecting or developing a niche within a target market, and establishing a unique position in the target market. University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3
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I. Selecting a Market and Establishing a Position University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 4
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I. Selecting a Market and Establishing a A. Segmenting the Market Position 1. The first step in selecting a target market is to study the industry in which the firm intends to compete, and determine the different potential target markets in that industry. 2. This process is called market segmentation, and is important because a spocess s ca ed ae seg e a o , ad s po a because a new firm typically only has enough resources to target one market segment, at least initially. 3. Markets can be segmented in a number of different ways: ± product type rice point ± price point ± customers served University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 5
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I. Selecting a Market and Establishing a Position A. Segmenting the Market 4. There are several important objectives a new firm should try to accomplish as part of its market segmentation process: a. The process should identify one or more relatively homogeneous groups of prospective buyers within the industry the firm plans to enter in regard to their wants and needs. . ifferences within the segment the firm chooses should be small b. Differences within the segment the firm chooses should be small compared to differences across segments. c. The segment should be distinct enough so that its members can be asily identified easily identified. d. It should be possible to determine the size of the segment so that a firm knows how large its potential market is before it aggressively moves forward.
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This note was uploaded on 01/03/2012 for the course ECON 101 taught by Professor Bela during the Spring '10 term at FIU.

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Kap11primerentrepreneuruka - AprimerinEntrepreneurship...

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