The document discusses identifying entrepreneurial opportunities by understanding customer needs and developing products or services to meet those needs. It emphasizes the importance of having an entrepreneurial mindset and passion, as well as sources of opportunities such as changes in the environment, technology, government policies, and people's interests. An entrepreneur must carefully select the right products or services for the target market that deliver superior customer value.
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
This project gives a fair idea of starting a venture which is particularly applicable in India due to its various tax and legal laws. But still it gives the essentials of starting a venture anywhere in the world
Running Head MARKETING10Title Marketing.docxjeanettehully
Running Head: MARKETING 10
Title: Marketing
Student’s Name:
Professor’s Name:
Date:
Marketing
Describe or list the feedback you received on Part A of your marketing plan. Explain how you will use the feedback to improve your plan.
The feedback is very important in every aspect. The feedback I received in part A will help me do better in my writing and make great improvements. I will rectify the areas that are a bit weak. The areas that I need to improve are the areas on sentence structuring as well as summarizing the researched items.
Develop a branding strategy for your product/service that covers the brand name, logo, slogan, and at least one brand extension.
Branding is a very essential aspect in every business since it strengthens the company's uniqueness as well as a competitive advantage over other companies. Branding has been attributed to the greatest successes that have ever been achieved by some of the most prosperous companies across the globe. Premier Cleaning Company already has a great brand that is derived from the world Premier. This creates a very good impression on the customers since it shows the superiority and quality of the services provided.
The company's slogan will be "keeping the world clean". This is a very appealing slogan as it motivates people to keep their environment clean. When a customer comes across such a slogan, he/she will get the impression that the company is aimed at transforming the world and making it better. A unique brand extension will be the provision of another service under the name of Premier Car Washing. This will be an extra activity that the company will undertake in addition to homes and commercial areas cleaning. The Premier Car Washing points will be distributed across the country to help in reaching more customers.
Logo
Thoroughly analyze the primary and secondary markets that you want to target. Thoroughly include the demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile, professional profile, geographic profile, and any other segmentation variable you deem necessary.
Cleaning services are in very high demand both in homes and also in the corporate or business areas such as offices and markets. Before one has decided on the target market that one needs to have in mind, it is important to find out the probable profitability of the business when selling the services to the market identified. Premier Company is aiming at exploring both the market available in residential homes as well as business areas. The primary market for the company is residential homes while the secondary market will be the business areas such as offices as well as markets. In most cases, the market in the residential areas comprises of the people who are employed and they are too buzzy in their work and therefore they are unable to undertake cleaning in their homes. These are the people between the age of 20 to 50 years wh ...
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
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This article provides a comprehensive guide on how to
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
2. LEARNING OBJECTIVES
1. Identify the possible product/s or service/s that
will meet the need.
2. Develop a short plan in providing the products and
services to address the needs.
3. Use critical thinking in accomplishing tasks given.
3. Entrepreneurial Ideas
The creation of an entrepreneurial ideas
leads to the identification of entrepreneurial
opportunities, which in turn results in the
opening of an entrepreneurial venture.The
entrepreneurial process of creating a new
venture is presented in the diagrambelow.
(Aduana, 2017)
4.
5. Essentials in Entrepreneur’s Opportunity Seeking
These are the basic foundation that the entrepreneur
must have in seeking opportunities:
•Entrepreneurial mind frame. This allows the
entrepreneur to see things in a very positive and
optimistic way in the midst of difficult situation.
Being a risk - taker, an entrepreneur can find solution
when problems arise.
6. Essentials in Entrepreneur’s Opportunity Seeking
•Entrepreneurial heart flame. Entrepreneur's driven
passion, they are attracted to discover satisfaction in
the act and process of discovery. Passion is the great
desire of an entrepreneur to achieve his/her goals.
7. Essentials in Entrepreneur’s Opportunity Seeking
•Entrepreneurial gut game. This refers to
the ability of the entrepreneur of being
intuitive. This also known as intuition. The
gut game also means confidence in one’s
self and the firm believes that everything
you aspire can be reached.
8. Sources of Opportunities
There are many ways to discover opportunities.
Looking at the big picture some have noticed the
emerging trends and patterns for business
opportunities. While others are trying to find out their
target market.
9. Sources of Opportunities
Some are the following sources of opportunities:
1. Changes in the environment
Entrepreneurial ideas arise when changes happen in
the external environment. A person with an
entrepreneurial drive views these changes positively.
External environment refers to the physical
environment, societal environment, and industry
environment where the business operates.
10. Sources of Opportunities
1.1 The physical environment includes
a. Climate- the weather conditions.
b. Natural resources- such as minerals, forests, water,
and fertile land that occur in nature and can be used
for economic gain.
c. Wildlife- includes all mammals, birds, reptiles, fish,
etc., that live in the wild.
11. Sources of Opportunities
• 1.2 The Societal environment includes the various forces like
a. Political forces- includes all the laws, rules, and regulations that
govern business practices as well as the permits, approvals, and
licenses necessary to operate the business.
b. Economic forces- such as income level and employment rate.
c. Sociocultural forces- customs, lifestyles and values that
characterize a society.
d. Technological environment- New inventions and technology
innovations.
12. Sources of Opportunities
• 1.3 The industry environment of the business includes:
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers
13. Sources of Opportunities
•For example, one factor in the physical environment
that can easily change is the climate. The
temperature is very high during summer but very low
during the rainy season. An individual with
entrepreneurial drive can be extremely imaginative
and inventive in identifying opportunities. He/she
can venture a business that responds to the needs of
the people during summer and rainy season.
14. Sources of Opportunities
2. Technological discovery and advancement
A person with entrepreneurial interest sees possibility
of business opportunities in any new discovery or
because of the use of latest technology. For example,
an individual with knowledge in repair and installation
of a machine engine discovers that additional engine
parts that considerably reduce fuel consumption.
15. Sources of Opportunities
3. Government’s thrust, programs, and policies
The priorities, projects, programs, and policies of the
government are also good sources of ideas. For example, the
use of firecrackers to celebrate New Year’s Eve is strictly
prohibited. People without entrepreneurial interest will view
the ordinance as a plain restriction. However, for an
entrepreneur, it is a business opportunity to come up with a
new product that will serve as a substitute for firecrackers.
16. Sources of Opportunities
4. People’s interest
The interest, hobbies, and preferences of
people are rich source of entrepreneurial ideas.
Like the increasing number of Internet Café at
present could be lead to the strong attachment
of young people to computers.
17. Sources of Opportunities
5. Past experiences
The expertise and skills developed by a person who
has worked in a particular field may lead to the
opening of related business enterprise. For example an
accountant who has learned the appropriate
accounting and management skills and techniques in a
prominent accounting firm can start his/her business
venture by opening his/her own accounting firm.
18. Sources of Opportunities
5. Past experiences
The expertise and skills developed by a person who
has worked in a particular field may lead to the
opening of related business enterprise. For example an
accountant who has learned the appropriate
accounting and management skills and techniques in a
prominent accounting firm can start his/her business
venture by opening his/her own accounting firm.
19. The Possible Product/s or Service/s that will
Meet the Need
To succeed as an entrepreneur, you must develop the ability
to select and offer the right products or services to your
customers in a competitive market. Ultimately, the need is
the driver of every entrepreneur. Business operators often
look at the customer need as an opportunity to resolve or
contribute to the need which is providing a right product and
services. More than any other factor, your ability to make this
choice will determine your success or failure (Tracy, B.,
2015).
20. The Possible Product/s or Service/s that will
Meet the Need
Once you have the product or service in mind, you need to begin
with a self-analysis (Tracy, B., 2015): 1. What kind of products do
you like, enjoy, consume and benefit from? 2. Do you like the
product or service you are planning to sell? 3. Can you see
yourself getting excited about this product or service? 4. Would
you buy it and use it yourself? 5. Would you sell it to your
mother, your best friend, your next-door neighbor? As would-be
entrepreneurs, there is a need to find the right products or
services for your target market. The product or service should
deliver superior customer value (Claessens, M., 2015).
21. Concepts about Product and Service
A product can be defined as anything that we can offer to
a market for attention, acquisition, use or consumption
that could satisfy a need or want. However, the definition
of product does not only involve tangible goods such as a
car, a fridge or a phone. The definition is extended to
include intangible objects as well, because they can be
offered to a market. Therefore, the broad definition of
product includes services, events, persons, places,
organizations, or even ideas .
22. Concepts about Product and Service
Services are special form of product which consists
of activities, benefits or satisfactions offered for
sale that are intangible and do not result in the
ownership of anything. A service can thus include
banking, airline travel, communication services,
hotel services and so on
23. The Difference between Product and Service
Tangible vs. Intangible
Assessing the quality of a tangible product is very easy. Since
most products are countable, touchable, and visible, a
consumer can assess its durability by examining it.
In a nutshell, the client lacks sufficient knowledge about the
inspector’s expertise until the task is already in progress. The
customer can read online reviews, ask for the inspector’s
credentials, as well as before and after pictures of his previous
work, but there’s no definite way of evaluating the quality of a
service until it’s rendered.
24. The Difference between Product and Service
Production vs. Interaction
A potential car buyer usually checks the car’s body lines, feels the
leather used on the seats, and takes the car for a test drive before
deciding whether to buy the car or not.
But what about the service the car buyer receives from the car dealer?
The way a car salesperson interacts with one buyer is not the same way he
interacts with another buyer. If the car buyer is lucky, he may find a
salesperson who is well-informed, courteous, and is willing to negotiate. If
he’s not, the car salesperson might be one who lacks information or
behaves in a nonchalant way.
25. The Difference between Product and Service
Perishable vs. Imperishable
The best way to illustrate perishable products is to consider a restaurant
owner. If such an individual does not understand the concept of spoilage
and waste reduction, he risks ruining his business since most fresh foods
spoil within a few days. Another example is technology. Even some
intangible products like software become obsolete at some point.
Imperishable products include items like jewelry and automobile parts.
However, does the distinction between perishable and imperishable exist
in services? Services can be described as perishable but not imperishable.
A perishable service simply means that it’s short-lived. Ideally, such a
service is consumed as soon as it is produced. Unlike products, the service
cannot be stored for later use.
26. Identifying and Meeting Customer Needs
Customer needs are the named and unnamed needs
of customers when they come in contact with the
different business establishments or when they
search for the solutions which businesses provide.
27. Why “Identifying Customer Needs” matter?
1. Correctly identifying customers’ needs is essential for
ensuring customer satisfaction and loyalty.
2. Customers have unique needs.
3. Often, customers either aren’t clear about what they
need or they don’t really know what they want.
4. Identifying clients’ needs creates satisfied customers,
and satisfied customers are less likely to have reason to
enter into disputes with the organization or contemplate
legal action.
28. ACTIVITY TIME!
Direction: Imagine yourself a seller of certain Mobile Phone. Use your available
brand of Mobile Phone to sell. List down the product features, specifications and
attributes, and possible benefits to the customers using the guide questions:
Mobile Phone Brand: __________________
1. What are the main features or attributes of the product?
2. What benefits will users gain from each product feature?
3. What are the main applications of the product?
4. What makes your product different from other similar products on the
market?
5. Is the product worth the price?
29. Why “Identifying Customer Needs” matter?
•Selecting a Business Idea
•Find something you love to do and are good at
doing
•Can your idea satisfy a need in the
marketplace?
•Entrepreneurs must be sure that the idea they
choose has interest in the marketplace