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Part III - Developing The Entrepreneurial Plan

The document discusses marketing research for new ventures. It defines markets and marketing research, and covers developing research instruments, interpreting information, and inhibitors to research. It also discusses developing the marketing concept, consumer behavior, marketing stages, planning, pricing strategies, and telemarketing and internet marketing.

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Mirza Naveed Baig
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71 views20 pages

Part III - Developing The Entrepreneurial Plan

The document discusses marketing research for new ventures. It defines markets and marketing research, and covers developing research instruments, interpreting information, and inhibitors to research. It also discusses developing the marketing concept, consumer behavior, marketing stages, planning, pricing strategies, and telemarketing and internet marketing.

Uploaded by

Mirza Naveed Baig
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Part III – Developing the

Entrepreneurial Plan
Chapter 7 – Environmental Assessment:
Preparation for a New Venture
Chapter 8 – Marketing Research for
New Ventures
Chapter 9 – Financial Preparation for
Entrepreneurial Ventures
Chapter 10 – Developing an Effective
Business Plan

Copyright (c) 2004 by South-Western, a division of Thomson Learning. All rights reserved.
Chapter 8 – Marketing Research
For New Ventures
Definition of a Market
A market is a group of consumers
(potential customers) who have
purchasing power and unsatisfied
needs. A new venture will survive
only if a market exists for its product
or service.
Marketing Research
Marketing Research involves the
gathering of information about a
particular market, followed by
analysis of that information.
Defining the Research
Purpose and Objectives
• Gathering Secondary Data
• Gathering Primary Data
Developing an Information-Gathering
Instrument
• Make sure each question pertains to a specific
objective in line with the purpose of the study.
• Place simple questions first and difficult-to-answer
questions later in the questionnaire.
• Avoid leading and biased questions.
• Give concise but not complete directions in the
questionnaire.
• When possible, use scaled questions rather than
simple yes/no questions to measure intensity of an
attitude or frequency of the experience.
Interpreting and
Reporting the
Information
Inhibitors to Market Research
• Cost
• Complexity
• Strategic Decisions
• Irrelevancy
Developing the
Marketing Concept
Marketing Philosophy
• Production-driven philosophy
• Sales-driven philosophy
• Consumer-driven philosophy
Market Segmentation
Market segmentation is the
process of identifying a specific
set of characteristics that
differentiate one group of
consumers from the rest.
Consumer Behavior
Five Major Classifications:
1. Convenience goods
2. Shopping goods
3. Specialty goods
4. Unsought goods
5. New products
Marketing Stages for Growing
Ventures
Stage 1: Stage 2: Stage 3: Stage 4:
Entrepreneurial Opportunistic Responsive Diversified
Marketing Marketing Marketing Marketing

Marketing
Strategy Market Market Product- New-
Niche Penetration Market Business
Develop- Develop-
ment ment
Marketing Planning
• Marketing research
• Sales research
• Marketing information system
• Sales forecasting
• Marketing plans
• Evaluation
Telemarketing
Advantages:
• Receptiveness
• Impressions
• More presentations
• Unlimited geographic coverage
• Better time management
• Immediate feedback
• Better control
• Less “piracy”
• Lower salary and commissions
Telemarketing
Pitfalls:
• Poor telephone techniques can defeat the
telemarketing strategy.
• Dissension between the field sales staff and
the telephone sales personnel can arise.
• Entrepreneurs must be aware of the ever-
present problem of rapid turnover of
telephone staff.
Marketing on the Internet
• The Internet allows the firm to increase its presence
and brand equity in the marketplace.
• The Internet allows the company to cultivate new
customers.
• The Internet allows Web site visitors to match their
needs with the offerings of the company.
• The Internet can improve customer service by
allowing customers to serve themselves.
• The greatest potential for the future is probably in
direct marketing, where catalogs can be offered
online.
Pricing Strategies
Pricing for the Product Life Cycle
Product Life-Cycle Stage Pricing Strategy

Introductory Stage Skimming – deliberately setting a high price


•Unique product to maximize short-term profits
•Nonunique product Penetration – setting prices at such a low level
that products are sold at a loss
Growth Stage Consumer Pricing – combining penetration and
competitive pricing to gain market share;
depends on consumer’s perceived value
of product
Maturity Stage Demand-Oriented Pricing – a flexible strategy
that bases pricing decisions on the demand
level for the product
Decline Stage Loss Leader Pricing – pricing the product below
cost in an attempt to attract customers to
other products

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