...“Marketing is the first activity in starting a new business venture” Introduction: Marketing is the first and most important activity for a new business venture. Marketing introduces business in the market. Marketing plays a vital role in building new business venture's reputation. Company / Firm doesn't take back move to spend more money on marketing. Because initially, this is the only way where the company can pull the attention of many customers. Consumers get to know more and more about the products through marketing. Let's have a brief discussion about the importance of “Marketing”, why it should be prioritized the most in starting a new business venture. Brand/Name & Fame Recognition: Consumers look for “Branded Materials” now a days. So “Brand Recognition” can only be possible with high marketing activities. Marketing is one of the most powerful activities which provides brand recognition to business venture. With Marketing, We get to decide how do we want to rank our company and what we want consumers to know about what we do. We can build a reputation for our brand around our venture's values, benefits and advantages, with consistent effort and great content. Importance on Community: The products of the business venture will be more publicized if “Marketing” gives importance on the mindset of the community. Company should understand in what way they can attract the community. The business acquisition in One community will definitely help the...
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...UMT MGT190 Business Plan Introduction When venture capitalists are asked what they consider most carefully when deciding whether or not to fund a new venture, they consistently respond: “We are most concerned with the quality of the management team and the quality of the business plan.” The business plan is an important component of a business start-up. It forces the business owner and his/her management team to reflect seriously on the goals of their venture and the steps necessary to launch and maintain it successfully. The very act of constructing a business plan offers an important learning experience to the business owner, because it requires him/her to take a comprehensive view of all aspects of the new venture: organizational, financial, marketing/sales, legal, operational, and IT. Outside investors find the business plan to be important because it offers them a revealing picture of how the new venture will be organized and what it will achieve. Of equal importance, the business plan enables them to determine how effective the owner and his/her management team will be in launching and maintaining the venture. If the business plan is poorly written, inconsistent, and unrealistic, then the investors will not fund the venture, because they know that it will likely fail. If you cannot write a compelling business plan, then it is unlikely that you will be able to establish a viable business. On the other hand, a wellcrafted, compelling, and realistic business clan suggests...
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...When venture capitalists are asked what Click Link Below To Buy: http://hwaid.com/shop/when-venture-capitalists-are-asked-what/ When venture capitalists are asked what they consider most carefully when deciding whether or not to fund a new venture, they consistently respond: “We are most concerned with the quality of the management team and the quality of the business plan.” The business plan is an important component of a business start-up. It forces the business owner and his/her management team to reflect seriously on the goals of their venture and the steps necessary to launch and maintain it successfully. The very act of constructing a business plan offers an important learning experience to the business owner, because it requires him/her to take a comprehensive view of all aspects of the new venture: organizational, financial, marketing/sales, legal, operational, and IT. Outside investors find the business plan to be important because it offers them a revealing picture of how the new venture will be organized and what it will achieve. Of equal importance, the business plan enables them to determine how effective the owner and his/her management team will be in launching and maintaining the venture. If the business plan is poorly written, inconsistent, and unrealistic, then the investors will not fund the venture, because they know that it will likely fail. If you cannot write a compelling business plan, then it is unlikely that you will be able to establish a viable...
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...Chapter 2 Planning the New Venture Having great ideas and singling out the great opportunity is only the first step in a long journey to a viable venture. The next steps typically need some planning, mostly packaged into what will eventually become a “business plan.” The business plan is a document that evolves from the initial idea into a business concept proposal (BCP) and from there into an opportunity assessment. At each stage of this evolution, the entrepreneur can decide to proceed or move on to a more promising venture. The exercise of putting a business plan together is a helpful one, and by the end of the process you will have a document that helps you and potential investors think about how promising the venture truly is. This chapter covers the whys and how-tos of a business plan in depth, looking at the main parts and why they are important, as well as what to do with your business plan. In addition, we will look at other common themes characteristic of the early phase of technology startups such as product development and marketing and communications strategy, as well as issues of intellectual property. 2.1 What Is a Business Plan? A business plan is a document describing a venture’s opportunity, its product or service, context, strategy, team, required resources, and potential financial returns [1]. It is guided by three basic questions [2]: • Where are we now? • Where do we want to be? • How are we going to get there? There is ample material available...
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...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...
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...company, Venture Simulation Ltd on its business simulation game, Sim Venture. Several recommendations will be given for future improvements based on the main business areas of the company. In recent years, the business simulation industry is growing rapidly. With outstanding product design and feature, more and more educational institutes and commercial organizations demand the business simulation to provide their students and staffs quality business and entrepreneurship learning. Since there is a potential market opportunity for the product, it is necessary to introduce a new product and implement an aggressive marketing strategy in the existing and new market in order to obtain sustainable competitive advantage for larger market shares. For scaling the venture, the owners emphasize the long lasting customer relationships to enhance the customer loyalty to the product. Effective intellectual property protection strategy must also be executed in order to prevent others from copying the simulation. Finally, several innovative strategies including effective marketing strategy, introduction of new product, penetrations of new markets are strongly recommended for better future business growth. Table of Contents Executive Summary Table of Contents 1. Introduction 1 2. Background of the Company 1 3. Market Opportunity 2 4. Product Attractiveness 2 5. Implementation of Innovation 3 6. Scaling the Venture ...
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...in college. John and Mary are computer science majors, while Nabil receives his degree in business administration. After graduating, each goes his/her separate way. John and Mary work as systems engineers in large technology companies, while Nabil joins the sales staff of a software engineering services company. Both John and Mary become fully certified on Microsoft and Oracle software products. Five years after graduating, the three friends get together and toy with the idea of setting up a company to provide individuals and small businesses with a full range of computer and networking services including hardware and software upgrades, hardware repairs, debugging software problems, dealing with network problems, . They would model their business after the established franchise, Geek Squad. They would call their service Nerd Patrol. In putting together their business plan, they have a wide range of options they can pursue. For example, they can start cautiously, with John being the only full-time employee at the outset, then having Mary and Nabil join the venture later (low start-up costs). Or else they can try launch Nerd Patrol as a full-fledged operation (high start-up costs). Identify a strategy that they can pursue, then develop a business plan that describes their proposed venture. Outline of the Business Plan Document In the world of real business, business plans can take on a variety of shapes and sizes. They may range in length from a few pages...
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...CHAPTER 8: BUSINESS PLAN WHAT IS THE BUSINESS PLAN? The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources. It also addresses both short-term and long-term decision making for the first 3 years of operation. Thus, the business plan – or as it is sometimes referred to, the game plan or road map – answers the following questions: * Where am I now? * Where am I going? * How will I get there? Potential investors, suppliers, and even customers will request or require a business plan. If we think of the business plan as a road map, we might better understand its significance. Let’s suppose you were trying to decide whether to drive from Kumasi in Ghana to Tripoli in Libya (mission or goal) in a car. There are a number of possible routes, each requiring different time frames and costs. Like the entrepreneur, the traveller must make some important decisions and gather information before preparing the plan. The travel plan would consider external factors such as emergency car repair, weather conditions, road conditions, sights to see, available campgrounds, and so on. These factors are basically uncontrollable by the traveller but must be considered in the plan, just as the entrepreneur would consider external factors such as new regulations...
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...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...
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...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...| AIB student ID number: | A001324635 | | | Student name: | Patries Ramkaran | | | Course name: | MBA in Entrepreneurial Management | | | Subject name: | New Venture Creation | | | Subject facilitator: | Priscilla Bahaw | | | Teaching Centre: | School of Higher Education (SHEL) | | | No. of pages: | 27 | | | Word count: | 2491 | | | DECLARATION | I, the above named student, confirm that by submitting, or causing the attached assignment to be submitted, to AIB, I have not plagiarised any other person’s work in this assignment and except where appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not previously been submitted for assessment. | ASSESSMENT SHEET | Student name: | | | | Course name: | | | | Subject name: | | | | Assessor/marker: | | | | COMMENTS | Principles learnt (for example, number and understanding of principles referred to, their influence on the structure of this paper, number and correct citations of references, use of appropriate jargon) | | /4 | | | Application of principles. That is, the analysis and evaluation of the example problem based on the principles, including the final recommendations and their justification | | | /8 | | | How well the example problem was described, including the extent and depth of information (including the data) about it that was accessed | | | /4 | | | Structure...
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...Entrepreneurial Marketing Dr. Gerald E. Hills Turner Chair and Professor of Entrepreneurship Bradley University 1501 West Bradley Avenue, Peoria, IL 61625 E-mail: hills.gerald@gmail.com Claes M. Hultman, PhD Professor of Business Administration Swedish Business School Orebro University SE-701 82 OREBRO, Sweden Phone: +46-19303522 Fax: +46-19332546 E-mail: claes.hultman@oru.se Dr. Hills holds the Turner Endowed Chair in Entrepreneurship at Bradley University and he chairs the annual Research Symposium on Marketing and Entrepreneurship. His current research interests include entrepreneurial marketing and opportunity recognition. Claes M. Hultman holds a chair in Marketing at Swedish Business School at Örebro University and he is the author of many books and articles in marketing & entrepreneurship. His current research interests include entrepreneurial marketing and commercialisation processes in innovation based firms. Abstract Research in Entrepreneurial marketing is about 30 years old. During this period research has followed many trajectories. Two important but divergent routes are small business marketing versus entrepreneurial marketing mirroring the discourse of small businesses versus entrepreneurial firms. Today small business marketing and entrepreneurial marketing are regarded as separate research fields, however related. EM-researches have been very openminded towards different approaches in methodology, especially compared to research within mainstream marketing in...
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...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...
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...Marketing Considerations for Small-Scale Specialty Food Producers Fact Sheets for the Small Scale Food Entrepreneur Published by: The Northeast Center for Food Entrepreneurship at the New York State Food Venture Center, Cornell University, http://www.nysaes.cornell.edu/necfe/ This publication is for educational purposes only. 01/07 Cornell University is an Equal Opportunity/Affirmative Action Educator and Employer Marketing Considerations for Small-Scale Specialty Food Producers The National Association for the Specialty Food Trade has adopted the following description of specialty foods: Specialty food products …shall mean: foods, beverages, or confections meant for human use that are of the highest grade, style and/or quality in their category. Their specialty nature derives from a combination of some or all of the following qualities: uniqueness, exotic origin, particular processing design, limited supply, unusual application or extraordinary packaging or channel of distribution… the common denominator of which is their unusually high quality.. Small-scale specialty food processors face unique challenges and opportunities when marketing their products. If the venture is to be successful, the processor must decide what market the product will thrive in, what the competition is, and how to market the product given the processor’s available resources. A marketing plan facilitates business success by requiring the processor to address each of these marketing issues through marketing...
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...AMERICAN INTERCONTINENTAL UNIVERSITY PRESENTING BUSINESS PLANS MGMT422 – 1202A - 02 ADVANCED ENTREPRENEURSHIP 04/22/12 Table of Contents I. Table of Contents……………………………………………………………….2 II. Executive Summary……………………………………………………………..3 III. Introduction …………………………………………………………………….4 IV. Business Description…………………………………………………………….5 V. Description of Proposed Product………………………………………………..6 VI. Definition of the Market…………………………………………………………7 VII. Organization and management descriptions………………………………….8 VIII. Marketing Strategies………………………………………………………….11 IX. Financial Management……………………………………………………………12 X. Appendixes…………………………………………………………………….12 XI. Plan Updating Check List………………………………………………………15 Executive Summary Find Your Gadget, Inc. is the name of the new S corporation I started to introduce my invention product “Ring – in Finder” to market. The industry is huge and the market is big and after researching the market, I found that there is a big demand for this type of product. Being difficult to fund the start – up my business; my best choice is to look for venture capitalists to adopt the idea and support my business financially and help me with the best management strategies advice to reach my goals and succeed with my venture. Convincing venture capitalists requires a solid business plan to be presented with an educated request...
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