The document discusses entrepreneurship and developing a successful business. It provides an outline for an entrepreneurial project between 2011-2013 involving several European countries. The document covers defining entrepreneurship, characteristics of successful entrepreneurs, developing a business idea and plan, marketing strategies, and establishing an ethical business culture. The goal is to help entrepreneurs develop the necessary skills and solutions for future business opportunities.

1. TRANSVERSAL COMPETENCES: TODAY’S SOLUTIONS FOR TOMORROW’S JOBS
Eurokid is an enterpreneur
Comenius Project
Theory and Practice
2011-2013
CZECH REPUBLIC – ITALY – POLAND - TURKEY

2. COMENIUS PROJECT (2011-2013)
TRANSVERSAL COMPETENCES: TODAY’S SOLUTIONS FOR
TOMORROW’S JOBS
Eurokid is Entrepreneur
Table of Content
Introduction........................................................................................................................2
1. What is Entrepreneurship and Why Become an Entrepreneur?......................................2
1.1. Characteristics of successful entrepreneurs.................................................................3
1.2. Entrepreneurship’s Importance....................................................................................5
1.3. The Entrepreneurial Process........................................................................................5
2. Developing Successful Business Idea............................................................................7
2.1. Selecting a Market and Establishing a Position...........................................................7
2.2. The 4P’s of Marketing for New Ventures...................................................................8
3. The Business Plan.........................................................................................................12
3.1. Why a Business Plan is Important..............................................................................12
3.2. Business Plan Outline................................................................................................13
3.3. What Makes a Good Plan?........................................................................................14
4. Establishing a Strong Ethical Culture for a Firm.........................................................16
4.1. Establishing a Code of Conduct ..............................................................................16
4.2. Avoiding Legal Disputes...........................................................................................16
4.3. Set Standards...........................................................................................................17
5. Marketing....................................................................................................................19
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3. 5.1. Steps to Create a Marketing Plan ............................................................................19
5.2. E-Marketing ..............................................................................................................21
References........................................................................................................................23
Introduction
Entrepreneurship is the process by which individuals pursue opportunities without regard
to resources they currently control. The essence of entrepreneurial behaviour is
identifying opportunities and putting useful ideas into practice. The tasks called for by
this behaviour can be accomplished by either an individual or a group and typically
requires creativity, drive, and willingness to take risks. Typically, established firms with
an entrepreneurial emphasis are proactive, innovative, and risk taking.
In the first part of the book, the characteristics of a successful entrepreneur and
the entrepreneurial process will be discussed. Then, we will be dealing with ways to
develop a successful business idea and the 4P’s of marketing for new ventures. In the
following part of the book, a detailed business plan outline will be given. Besides, we
will scrutinize the importance of establishing a strong ethical culture for an enterprise. In
the final part of the book, many dimensions of e-marketing will be discussed.
1. What is Entrepreneurship and Why Become an
Entrepreneur?
Entrepreneurship is the process by which individuals pursue opportunities without regard
to resources they currently control. The essence of entrepreneurial behaviour is
identifying opportunities and putting useful ideas into practice. The tree primary reasons
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4. that people become entrepreneurs and start their own firms are to be their own boss,
pursue their own ideas, and realize financial rewards.
Be their own boss: The first of these reasons—being one’s own boss—is given most
commonly. This does not mean, however, that entrepreneurs are difficult to work with or
that they trouble accepting authority. Instead, many entrepreneurs want to be their own
boss because either they have had a long-time ambition to own their own firm or because
they have become frustrated working in traditional jobs.
Pursue their own ideas: The second reason people start their own firms is to pursue
their own ideas. Some people are naturally alert, and when they recognize ideas for new
products or services, they have a desire to see those ideas realised.
Pursue financial rewards: Finally, people start their own firms to pursue financial
rewards. This motivation, however, is typically secondary to the first two and often fails
to live up to its hype. The average entrepreneur does not make more money than someone
with a similar amount of responsibility in a traditional job.
1.1. Characteristics of Successful Entrepreneurs
Although many behaviours have been ascribed to entrepreneurs, several are common to
those who are successful. Those in new ventures and those who are already part of an
entrepreneurial firm share some qualities. These are:
1.1.1. Passion for the business: The number-one characteristic shared by successful
entrepreneurs is a passion for their business, whether it is in the context of a new firm or
an existing business. The passion typically stems from the entrepreneur’s belief that the
business will positively influence people’s lives. This passion explains why people leave
secure jobs to start their own firms and why billionaires such as Bill Gates of Microsoft,
Michael Dell of Dell Inc., and Larry Page continue working after they are financially
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5. secure. They strongly believe that the product or service they are selling makes a
difference in people’s lives and makes the world a better place to live in.
Passion is particularly important for entrepreneurs because although rewarding,
the process of starting and building a new firm is demanding. Entrepreneurship isn’t for
the person who is only partially committed. Investors watch like hawks to try to
determine an entrepreneur’s passion for his or her business idea.
Another reason that passion is important is that in many instances it motivates
extra-ordinary behaviour. Entrepreneurs who are passionate about their venture will often
invest huge amount of effort to ensure its healthy functioning.
A note of caution is in order here: While entrepreneurs should have passion, they
should not wear rose-colored glasses. It would be a mistake to believe that all one needs
is passion and anything is possible. It is important to be enthusiastic about a business
idea, but it is also important to understand its potential flaws and risks. In addition,
entrepreneurs should understand that the most effective business ideas take hold when
their passion is consistent with their skills and is in an area that represents a legitimate
opportunity.
1.1.2. Product/customer focus: A second defining characteristic of successful
entrepreneurs is a product/customer focus. An entrepreneur’s keen focus on products and
customers typically stems from the fact that the most successful entrepreneurs are, at
heart, craftspeople. They are obsessed with making products that can satisfy a customer’s
need. This is an important point to remember, particularly in an era when it is tempting to
envision new business resulting from every advance in technology.
1.1.3. Tenacity despite failure: Because entrepreneurs are typically trying something
new, the failure rate associated with their efforts is naturally high. In addition, the process
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6. of developing a new business is somewhat similar to what a scientist experiences in the
laboratory. A chemist, for example, typically has to try multiple combinations of
chemicals before finding an optimal combination that can accomplish a certain objective.
In a similar fashion, developing a new business idea may require a certain degree of
experimentation before a success is attained. Setbacks and failures inevitably occur
during the process.
1.1.4. Execution intelligence: The ability to fashion a solid idea into a viable business is
a key characteristic of successful entrepreneurs. Rob Adams, a senior partner in AV Labs,
calls this ability execution intelligence is the factor that determines whether a start-up is
successful or fails. An ancient Chinese saying warns, “To open a business is very easy; to
keep it open is very difficult.”
The ability to effectively execute a business idea means developing a business
model, putting together a new venture team, raising money, establishing partnerships,
managing finances, leading and motivating employees, and so on. It also demands the
ability to translate thought, creativity, and imagination into action and measurable results.
1.2. Entrepreneurship’s Importance
Entrepreneurship has tremendously positive impact on the economy and on society. In
2005 a report by the Global Entrepreneurship Monitor stated that
Entrepreneurs are alert individuals who perceive and exploit profit opportunities. In
addition to contributing toward market efficiency, entrepreneurs introduce innovations by
offering new and unique products or services. As a result, innovative entrepreneurs are
also one of the main links between entrepreneurship and economic growth.
5

7. Consistent with this set of sentiments, one scholar, commenting on the importance of
entrepreneurship at the local level, noted that “entrepreneurship is still the best private
vehicle we have to turn around and improve the economic health of s community.”
1.3. The Entrepreneurial Process
Step 1 - Decision to Become an Entrepreneur
As discussed earlier, people become entrepreneurs to be their own boss, to pursue their
own ideas, and to realize financial rewards. Usually, a trigger event prompts an individual
to become an entrepreneur. For example, an individual may lose her job and decide that
the time is right to start her own business. Or a person might receive an inheritance and
for the first time in her life have the money to start her own company. Lifestyle issues
may also trigger entrepreneurial careers. For example, a woman may wait until her
youngest child is in school before she decides to launch her own entrepreneurial venture.
Step 2 - Developing Successful Business Ideas
Many new businesses fail not because the entrepreneur did not work hard but because
there was no real opportunity to begin with. Developing a successful business idea
includes opportunity recognition, feasibility analysis, writing a business plan, industry
analysis, and the development of an effective business model. A business plan is a written
document that describes all the aspects of a business venture in a concise manner. It is
usually necessary to have a written business plan to raise money and attract high quality
business partners. Some entrepreneurs are impatient and do not want to spend the time it
takes to write a business plan. This approach is usually a mistake. Writing a business plan
forces an entrepreneur to think carefully through all the aspects of a business venture. It
also helps a new venture establish a set of milestones that can be used to guide the early
phases of the business rollout. A firm’s business model is its plan for how it competes,
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8. uses its resources, structures its relationships, interfaces with costumers, and creates value
to sustain itself on the basis of the profits it generates.
Step 3 - Moving from an Idea to an Entrepreneurial Firm
The first step in turning an idea into reality is to prepare a proper ethical and legal
foundation for a firm, including selecting an appropriate form of business ownership. The
second step is assessing a new venture’s financial strength and viability. The third step is
related to building a new-venture team. The last step is concerned with getting financing.
Step 4 - Managing and Growing an Entrepreneurial Firm
Given today’s competitive environment, all firms must be managed and grown properly
to ensure their ongoing success. This is the final stage of the entrepreneurial process.
This stage focuses on the unique marketing issues facing entrepreneurial firms,
including selecting an appropriate target market, building a brand, and the four Ps—
product, price, promotion, and place(or distribution )—for new firms.
2. Developing Successful Business Idea
2.1. Selecting a Market and Establishing a Position
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9. In order to succeed, a new firm must address this important question: Who are our
customers, and how will we appeal to them? A well-managed start-up uses a three-step
approach to answer these questions: segmenting the market, selecting or developing a
niche within a target market, and establishing a unique position in the target market.
The Process of Selecting a Target Market and Positioning Strategy
Segmenting the Selecting a Target Crafting a Unique
Market Market Positioning Strategy
What groups of Which specific group of What Position will my firm
customers in my customers have I decided occupy in the minds of my
market are similar to target? customers (and potential
enough that the same customers) that will
product or service differentiate it from all of
will appeal to all of my competitors?
them?
Table 1.
In each step, the entrepreneurial venture must answer an important question that will help
it pinpoint its market and determine how to attract customers in that market.
A firm’s target market is the limited group of individuals or businesses that it
goes after or to which it tries to appeal. It is important that a firm first choose its target
market and position itself within its target market because virtually all its marketing
decisions hinge on these critical initial choices. If other marketing decisions are made
first, such as choosing an advertising campaign, there is a danger the firm will not send a
clear message to its target customers.
8

10. 2.1.1. Segmenting the Market
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.
This process is called market segmentation.
2.1.2. Selecting a Target Market
Once a firm has segmented the market, the next step is to select a target market. The
market must be sufficiently attractive, and the firm must be able to serve it well.
Typically, a firm (especially a start-up venture) doesn’t target an entire segment of a
market because many market segments are too large to target successfully. Instead, most
firms target a niche or a vertical market within the segment. For example, one segment of
the computer industry is handheld computers. Within this segment, there are several
smaller niche markets that are targeted by different companies. A niche market is a
place within a market segment that represents a narrower group of customers with similar
interests.
2.1.3. Establishing a Unique Position
After selecting a target market, the firm’s next step is to establish a “position” within it
that differentiates it from its competitors. Position is concerned with how the firm is
situated relative to competitors. In a sense, a position is the part of a market or of a
segment of the market the firm is claiming as its own. A firm’s market position can be
understood by studying the features of its goods or services.
2.2. The 4Ps of Marketing for New Ventures
Once a company decides on its target market, establishes a position within that market,
and establishes a brand, it is ready to begin planning the details of its marketing mix. A
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11. firm’s marketing mix is the set of controllable, tactical marketing tools that it uses to
produce the response it wants in the target market. Most marketers organize their
marketing mix into four categories: product, price, promotion, and place (or distribution).
2.2.1. Product
A firm’s product, in the context of its marketing mix, is the good or service it offers to its
target market. Technically, a product is something that takes on physical form, such as an
Apple iPod, an electronic game, or a laptop computer. A service is an activity or benefit
that is intangible and does not take on a physical form, such as an airplane trip or advice
from an attorney. But when discussing a firm’s marketing mix, both products and
services are lumped together under the label “product.”
2.2.2. Price
Price is the amount of money consumers pay to buy a product. It is the only element in
the marketing mix that produces revenue; all other elements represent costs. Price is an
extremely important element of the marketing mix because it ultimately determines how
much money a company can earn. The price a company charges for its products also
sends a clear message to its target market.
2.2.3. Promotion
Promotion refers to the activities the firm takes to communicate the merits of its product
to its target market. Ultimately, the goal of these activities is to persuade people to buy
the product. There are a number of these activities, but most start-ups have limited
resources, meaning that they must carefully study promotion activities before choosing
the one or ones they’ll use.
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12. Advertising is making people aware of a product in hopes of persuading them to buy
it. Advertising’s major goals are to do the following:
 Raise customer awareness of a product
 Explain a product’s comparative features and benefits
 Create associations between a product and a certain lifestyle
These goals can be accomplished through a number of media, including direct mail,
magazines, newspapers, radio, the Internet, television, and billboard advertising.
Steps Involved in Putting Together an Advertisement
Step1: Identify Step 3: Select a
Step 2:
the purpose of Determine the medium
the ad target audience
Select a medium
Clearly identify Identify who you for the ad, such
one or more want to see the as television,
ad radio, newspaper
purposes that
or social media
you expect the
advertisement to
achieve
Step 5: Select a
Step 4: Create
place and time Step 6: Fulfill
the Ad
for the ad to Expectations
Create an ad that appear
Make sure to have
is appropriate for
Select the enough product
your audience,
specific place on hand (or
product, and
and the specific people to take
budget time of day (or orders) if the ad is
location in a 11 successful
newspaper) for
an ad to appear

13. Table 2.
Public Relations
One of the most cost-effective ways to increase the awareness of the Products a company
sells is through public relations. Public relations refer to efforts to establish and maintain
a company’s image with the public. The major difference between public relations and
advertising is that public relations is not paid for—directly. The cost of public relations to
a firm is the effort it makes to network with journalists and other people to try to interest
them in saying or writing good things about the company and its products.
2.2.4. Place (or Distribution)
Place, or distribution, encompasses all the activities that move a firm’s product from its
place of origin to the consumer. A distribution channel is the route a product takes from
the place it is made to the customer who is the end user.
12

14. The first choice a firm has to make regarding distribution is whether to sell its
products directly to consumers or through intermediaries (such as wholesalers and
retailers). Within most industries, both choices are available, so the decision typically
depends on how a firm believes its target market wants to buy its product. For example, it
would make sense for a recording company that is targeting the teen market to produce
digital recordings and sell the recordings directly over the Web.
3. The Business Plan
The time to write a business plan is midway through the stage of the entrepreneurial
process titled 'Developing Successful Business Ideas.' It is a mistake to write a full
business plan too early. The business plan must be substantive enough and have sufficient
details about the merits of the new venture to convince the reader that the new business is
exciting and should receive support. Much of this detail is accumulated in the feasibility
analysis stage of investigating the merits of a potential new venture.
Entrepreneurs should understand what a business plan is and what it isn't. It isn't
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15. a contract, an agreement, or a budget. Instead, it is a narrative description of a new
business. Steve Jurvetson, the founder of Hotmail and now a prominent venture capitalist,
captures this sentiment: 'The business plan is not a contract in the way a budget is. It's a
story. It's a story about an opportunity, about the migration path, and how (a business) is
going to create and capture value.'
3.1. Why a Business Plan is Important
A business plan is important for two major reasons. First, a business plan is an internal
document that helps a new venture flesh out its business model and solidifies its goals. It
should convince the reader that the business idea has a bright future. When prepared
carefully, the business plan acts as an important road for the venture's initial management
team and employees.
The second reason a business is important is because it is a selling document for
a company. It provides a mechanism for a young company to present itself to potential
investors, suppliers, business partners, and key job candidates by showing how all the
pieces of a new venture fit together to create an organisation capable of meeting its goals
and objectives.
3.2. Business Plan Outline
1. Execute Summary
B. The Description of the Business
A. The Opportunity - How the proposed business solves the
- Problem to solve or need to be filled problem or fills the need
14

16. B. Board of Directors
C. Competitive Advantage - Number of directors
- Description of the business model - Composition of the board
D. The Target Market C. Board of Advisers
- Number of advisers
E. The Management Team - Composition of the advisory board
- How the advisory board will be used
F. Brief Summary of the Financial Projections
- The amount of capital needed and what the D. Key Professional Service Providers
capital will be used for, if the plan is going to a - Law firm
potential investor - Accounting firm
- Business consultants
G. Description of What the Business Needs
4. Company structure Intellectual Property
H. Exit Strategy for Investors ( if the plan is and Ownership
going to investors)
A. Organisational Structure
2. The Business - Organisational chart
- Description of organisational
A. The Opportunities structure
-Problem to solve or need to be filled
B. Legal structure
B. The Description of the Business - Legal form of organisation
- How the proposed business solves the - Ownership structure of the
problem or fills the need business
- Brief company history or background
- Company mission and objectives C. Intellectual Property
- Patents, trademarks, and copyrights
C. Competitive Advantage applied for or approved.
- Description of the business model
- How the business will create a 5. Industry Analysis
sustainable competitive advantage
A. Industry Description
D. Current Status and Requirements - Industry trends
- Description of where the business stands - Industry size
today - Industry attractiveness
- Description of what the business needs (growing, mature, or in
to move forward decline)
- Profit potential
Table 3.
3. Management Team
A. Management Team
- Management experience
- Management ability
- Technical expertise
15

17. 3.3. What Makes a Good Plan?
What factors are involved in creating a good business plan? Is it the length of the plan?
The information it covers? How well it is written, or the brilliance of its strategy. No.
The following illustration shows a business plan as part of a process. You can think
about the good or bad of a plan as the plan itself, measuring its value by its contents.
There are some qualities in a plan that make it more likely to create results, and these are
important. However, it is even better to see the plan as part of the whole process of
results, because even a great plan is wasted if nobody follows it.
Scheme 1.
Successful implementation starts with a good plan. There are elements that will make a
plan more likely to be successfully implemented. Some of the clues to implementation
include:
1. Is the plan simple? Is it easy to understand and to act on? Does it communicate its
contents easily and practically?
2. Is the plan specific? Are its objectives concrete and measurable? Does it include
16

18. specific actions and activities, each with specific date of completion, specific
persons responsible and specific budgets?
3. Is the plan realistic? Are the sales goals, expense budgets, and milestone dates
realistic? Nothing stifles implementation like unrealistic goals.
4. Is the plan complete? Does it include all the necessary elements? Requirements of
a business plan vary, depending on the context. There is no guarantee, however,
that the plan will work if it doesn’t cover the main bases.
17

19. 4. Establishing a Strong Ethical Culture for a Firm
The single most important thing the founders of an entrepreneurial venture can do is
establish a strong ethical culture for their firms.
4.1. Establish a Code of Conduct
A code of conduct (or code of ethics) is a formal statement of an organisation's values on
certain ethical and social issues. The advantage of having a code of conduct is that it
provides specific guidance of managers and employees regarding what is expected of
them in terms of ethical behaviour. Consider what Google has done in this area. The
company's informal corporate motto is 'Don't be evil,' but it also has a formal code of
conduct, which explicitly states what is and isn't permissible in the organisation.
4.2. Avoiding Legal Disputes
Most legal disputes are the result of misunderstandings, sloppiness, or a simple lack of
knowledge of the law. Getting bogged down in legal disputes is something that an
entrepreneur should work hard to avoid. It is important early in the life of a new business
to establish practises and procedures to help avoid legal disputes. Legal disputes,
18

20. particularly if they are coupled with management mistakes, can be extremely damaging
to a new firm.
There are several steps entrepreneurs can take to avoid legal disputes and complications,
as discussed below.
4.2.1. Meet All Contractual Obligations
It is important to meet all contractual obligations on time. This includes paying vendors,
contractors, and employees as agreed and delivering goods or services as promised. If an
obligation cannot be met on time, the problem should be communicated to the affected
parties as soon as possible. It is irritating to a vendor, for example, not only not to get
paid on time but also to have no explanation for the delay.
4.2.2. Avoid Undercapitalization
If a new business is starved for money, it is much more likely to experience financial
problems that will lead to litigation. A new business should raise the money it needs to
effectively conduct business or should stem its growth to conserve cash. Many
entrepreneurs face a dilemma regarding this issue. It is not the goal of most entrepreneurs
to retain as much of the equity in their firms as possible, but equity must often be shared
with investors to obtain sufficient investment capital to support the firm's growth.
4.2.3. Get Everything in Writing
Many business disputes arise because of the lack o a written agreement or because
poorly prepared written agreements do not anticipate potential areas of dispute. Although
it is tempting to try to show business partners or employees that they are 'trusted' by
downplaying the need for a written agreement, this approach is usually a mistake.
Disputes are much easier to resolve if the rights and obligations of the parties involved
are in writing. For example, what if a new business agreed to pay a Web design firm
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21. $5,000 to design its Web site? The new business should know what it's getting for its
money, and the Web design firm should know when the project is due and when it will
receive payment for its services. In this case, a dispute could easily arise if the parties
simply shook hands on the deal and the Web design firm promised to have a 'good-
looking Web site' done 'as soon as possible'. The two parties could easily later disagree
over the quality and functionality of the finished Web site and the project's completion
date.
4.3. Set Standards
Organisations should also set standards that govern employees' behaviour beyond what
can be expressed via a code of conduct. For example, four of the most common ethical
problem areas that occur in an organisation are human resource ethical problems,
conflicts of interest, customer confidence, and inappropriate use of corporate resources.
Policies and procedures should be established to deal with these issues. In addition, firms
are increasingly partnering with others to achieve their objectives. Because of this,
entrepreneurial ventures should be vigilant when selecting their alliance partners. A firm
falls short in terms of establishing high ethical standards if it is willing to partner with
firms that behave in a contrary manner.
20

22. 5. Marketing
There are many definitions of marketing but one of the simplest suggests that:
"Marketing is getting the right product or service in the right quantity, to the right place,
at the right time and making a profit in the process".
Marketing is about identifying and understanding your customer and giving them
what they want. It is not just about advertising and promoting your business. Effective
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23. marketing is a result of examining every aspect of your business and how it affects the
consumer's end experience. It covers everything you will need to do in order to deliver
your products and services to the consumer including research, planning, pricing,
packaging, promotion, selling and distribution.
5.1. Five Steps to Create a Marketing Plan
How business owners can put together a detailed marketing guide for business growth.
While your business plan generally outlines your entire business, a standalone marketing
plan focuses specifically, and in more detail, on just that one function. When business
owners want to dive deeper into their marketing strategy they will likely put together a
detailed plan that outlines their marketing goals –as well as the steps needed to
accomplish them.
The standard components of an effective marketing plan can vary depending on
who you ask. Here is my recommended five-step process for developing a marketing plan
that will help you achieve your goals for business growth.
5.1.1. Step One: Look inward.
Think of your company as if it were a person with its own unique personality and
identity. With that in mind, create separate lists that identify your business's strengths,
weaknesses and goals. Put everything down and create big lists. Don't edit or reject
anything.
Then, find priorities among the bullet points. If you have done this right, you will
have more than you can use, and some more important than others. Remove some of the
less important bullets off the list and move the ones that are important to the top.
This sometimes requires input from your managers as well. For example, your
management team thinks being conservative on spending is a weakness but you do not.
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24. That might be something to drop off the list.
5.1.2. Step Two: Look outward.
The next list you will need to make outlines your business's opportunities and threats.
Think of both as external to your business -- factors that you cannot control but can try to
predict. Opportunities can include new markets, new products and trends that favour your
business. Threats include competition and advances in technology that put you at a
disadvantage.
Also make a list of invented people or organizations who serve as ideal buyers or
your ideal target market. You can consider each one a persona, such as a grandmother
discovering email or a college student getting his or her first credit card. These people are
iconic and ideal, and stand for the best possible buyer.
Put yourself in the place of each of these ideal buyers and then think about what
media he or she uses and what message would communicate you are offering most
effectively. Keep your identity in the back of your mind as you flesh out your target
markets.
Scheme 2
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25. 5.1.3. Step Three: Focus on Strategy.
Now it is time to pull your lists together. Look for the intersection of your unique identity
and your target market. In terms of your business offerings, what could you drop off the
list because it is not strategic? Then think about dropping those who aren't in your target
market.
For example, a restaurant business focused on healthy, organic and fine dining
would probably cater to people more in tune with green trends and with higher-than-
average disposable income. So, it might rule out people who prefer eating fast-food like
hamburgers and pizza, and who look for bargains.
The result of step three is strategy: Narrow your focus to what's most in alignment
with your identity and most attractive to your target market.
5.1.4. Step Four: Set Measurable Steps.
Get down to the details that are concrete and measurable. Your marketing strategy should
become a plan that includes monthly review, tracking and measurement, sales forecasts,
expense budgets and non-monetary metrics for tracking progress. These can include
leads, presentations, phone calls, links, blog posts, page views, conversion rates,
proposals and trips, among others.
Match important tasks to people on your team and hold them accountable for their
successes and failures.
5.1.5. Step Five: Review Often and Revise.
Just as with your business plan, your marketing plan should continue to evolve along
with your business. Your assumptions will change, so adapt to the changing business
landscape. Some parts of the plan also will work better than others, so review and revise
to accommodate what you learn as you go.
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26. 5.2. E-Marketing
Electronic marketing is a form of product promotion and customer relations conducted
with the use of electronic media. With the development of the telegraph, a new era in
marketing was created. Marketers have been quick to jump on subsequent technological
developments from radio to the Internet. Companies may market exclusively via
electronic media or use a mixture of marketing media in order to reach a broad target
audience.
Marketing has a number of goals, including familiarizing people with companies
and products, encouraging consumers to adopt specific products, and promoting a
positive public opinion of a company, product, or service. Electronic marketing is highly
flexible and allows companies to create targeted campaigns with broad reach. This form
of marketing can also be very cost effective, making it possible for companies to reach
lots of consumers at a fraction of the cost for other types of advertising.
In addition to media like television, radio, and the Internet, electronic marketers
can use media such as phones for conveying advertisements. Talking ads mounted on bus
stations and other public installations are another example. Electronic kiosks in locations
like malls can be used for marketing purposes. Marketers can create video brochures,
insert ads in front of feature films, and find a number of other ways to reach an audience
via electronic means.
Internet marketing in particular is rich ground for marketers. This form of
electronic marketing can be generic, as in the case of banner ads placed on websites. It
can also be remarkably specific, tailored to Internet use habits with the goal of reaching
out to specific consumers. Marketers can serve different kinds of ads, customize email
marketing campaigns, and use other techniques to reach potential consumers on the
Internet.
Some advertising firms specialize in electronic marketing services. They can help
their customers devise effective campaigns and may also be involved in the
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27. implementation of marketing campaigns. These firms keep up with the latest trends in
marketing so that they can stay ahead of the curve with advertisements that will appeal
and attract.
Companies must use electronic marketing with care. Some consumers may find
such marketing intrusive, forcing companies to find creative ways to advertise that will
pique interest instead of irritating. It is also necessary to think about how advertising fits
in with a company image and the ideals that a company wants to project. A company that
prides itself on discretion, for example, would probably not want to deliver an intrusive
email marketing campaign based on browsing habits.
References
Barringer, Bruce R.2008) Entrepreneurship: successfully launching new ventures. Duane
Ireland. Imprint Upper Saddle River, NJ: Pearson/Prentice Hall.
http://www.wisegeek.com/what-is-electronic-marketing.htm
http://articles.bplans.com/writing-a-business-plan/what-makes-a-good-plan/37
http://www.entrepreneur.com/article/220148
http://www.smallbusiness.wa.gov.au/marketing/#what
This project has been funded with support from the European Commission.
This publication [communication] reflects the views only of the author, and the Commission
cannot be held responsible for any use which may be made of the information contained therein.
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