What is an entrepreneur short definition?

A person who undertakes the risk of starting a new business venture or something new is

called and entrepreneur. An entrepreneur creates a firm, which aggregates capital and

labor in order to produce goods or services for profit. Entrepreneurship is an important

driver of economic growth and innovation. Jul 1, 2020

What is entrepreneurial decision process?

In other words, the individual / entrepreneur have to take a number of decisions in

sequential order, call it the entrepreneurial decision process, to leave the present status

and become an entrepreneur. In other words he challenges the existing status queue in

business by introducing new product and making efforts to make it success. Sometimes he

confronts unfavorable conditions, such as recession, inflation, high interest rates lack of

infrastructure, economic uncertainty ,hostile competitor etc, but he tries to confront all those

difficulties and to accomplish his goals.

Entrepreneurial ventures and economic opportunity:

What are the opportunities in entrepreneurship?

Entrepreneurial opportunities are usually defined as situations where products and services can be
sold at a price greater than the cost of their production. An 'entrepreneurial opportunity', thus, is a
situation where entrepreneurs can take action to make a profit. Without an opportunity there is
no entrepreneurship. Therefore opportunity recognition is widely seen as a key step of
the entrepreneurial processes. The identification of opportunities has been recognized
as one of the most important abilities of successful entrepreneurs.
 Entrepreneurial ventures are resilient to economic  development duress, while providing higher
quality and quantity of jobs, products and services. A needed entrepreneurial economic omnipresence
pervasively stimulates socio-economic mindset in opportunity, rather than resource pursuit. What is
the relationship between entrepreneurship and economic growth?

Briefly Entrepreneurship boosts economic growth by introducing innovative

technologies, products, and services. Increased competition from entrepreneurs'
challenges existing firms to become more competitive. It also provides new job
opportunities in the short and long term.

Innovative venture

Innovation is important in entrepreneurship. ... Innovation doesn't always mean

to create something new: innovators often take something that already exists,
improve it, change it, make it better and make it the best for their
customers. Innovative ides are what will make a startup competitive.

Entrepreneurship is found to be positively related to GDP growth rate. Innovation

entrepreneurship is negatively related to economic growth rate in high- income countries. ...
Network size and human capital have positive effects on innovative performance. What is the
role of entrepreneurship in innovation?
 What are the business environmental factors?

The forces which effect the decisions of entrepreneur is called environment.

Factors of Business Environment and their Influence on Business. Broadly

Speaking there are two types factors effecting the decisions of an entrepreneur .

Organization culture and inside environment of the organization.

 Geographical and Ecological or Natural Factors. Supply of Natural

Resources.
These environmental conditions include the Entrepreneurial Finance, the Government
Policy, the Entrepreneurial Education, the Research and Development Transfer, the
Commercial and Legal Infrastructure, the Internal Market Dynamics, the Entry Regulation,
the Physical Infrastructure and the Cultural and Social Norms.

 Demographic Environment.
Demographic characteristics of entrepreneurs like gender, age, education and
experience have a positive and significant impact on entrepreneurs' success. This study
may assist the government for boosting up entrepreneurial proficiencies of
entrepreneurs by dint of provision of funds and skill development.

Economic Environment.
The economic factors that affect the growth of entrepreneurship are the following:

 Capital. Capital is one of the most important factors of production for the

establishment of an enterprise. ...

 Labor. Easy availability of right type of workers also

effect entrepreneurship. ...

 Raw Materials. ...

 Market. ...

 Infrastructure.

Economic Systems. Political and Legal Environment.

 Social and Cultural Environment. According to the research findings, the
following factors have effect on entrepreneurship: age, education, experience,
population, social position, social dignity, community relations, consciousness and
information.

 Technological Environment.

General examples of Technological Factors affecting business include:

 The existence of 3D technology.

 Computer calculation speed/power.

 The ability of computers to create truly 'random' numbers.

 Engine efficiency.

 Internet connectivity.

 Wireless charging.

 Automation.

 Security in cryptography.
what exactly is corporate entrepreneurship?
In order to have more competiveness, satisfying customer in a better way, keeping
competitor out
Of market many existing companies prefer to form corporate entrepreneurship.

We define the term as the process by which teams or independent individuals within an
established company conceive, foster, launch and manage a new business that is distinct
from the parent company but leverages or can use the parent company’s assets, market
position, capabilities or other resources.

CE can make a significant difference to a company's ability to compete. It can be used to

improve competitive positioning and transform corporations, their markets, and industries
when opportunities for value-creating innovations are developed and exploited.
Benefits:

In the late 1980’s many large corporations saw themselves being overtaken by much
smaller firms due to their innovations and efficiency. This caused concern in all the

quarters and forced management of large corporations to take some quick steps to
keep their top positions in the market intact. This phenomenon could be especially seen

in the technology industry where big and old companies like IBM, Siemens, and DEC
etc. found it difficult to compete with smaller firms with lowers prices and new designs.

Although this cannot be restricted to tech industry only, many financial and
manufacturing firms faced the same dilemma. Some major banks in US bought out

smaller banks in order to eliminate the competition and survive in a cut throat market.
All these changes and effect of external factors forced these companies to restructure

and become leaner with fewer management layers, inclination towards teams based
structures and reliance on technology.

The words restructuring and downsizing could be heard in the halls of all the large
corporations. One of the reasons is the competitive environment that is present today
caused by a huge number of competitors tapping into each market because of

globalization and customers demanding more from companies due to the increase in
choices. It has been argued that companies in this highly competitive market

environment, cannot just stand still, but needs to improve their ability to innovate and
become more flexible in order to meet their customers’ needs. They have to

create entrepreneurship culture in their organisation. Hence they need to implement an

“entrepreneurial culture” in order to survive, and be competitive in this market as they

cannot just rely on their past company behavior due to this ever changing market.

Another benefit of corporate entrepreneurship is that it brings knowledge as

everyone in the organization works towards the same goal. This creates valuable

knowledge and understanding between all members. Thus the organization develops a
continuous knowledge base of information that results in increased and better

informed innovative behavior in decision making and risk taking. This increases the
company’s competitiveness and ability to use this knowledge to outperform

competition and to become the top player in the market.

Sony
It might be the best-selling console in the world today, but Sony’s PlayStation only
happened because a junior employee tinkered with his daughter’s Nintendo.

Ken Kutaragi spent hours trying to make the console more powerful and user-
friendly but his idea was reportedly rebuffed by many Sony bosses – hesitant at
joining a gaming industry they considered a waste of time. One senior employee
spotted value in Kutaragi’s innovative product and the rest, as they say, is history.

Facebook
One of the most documented initiatives associated with the rise of the social-
networking behemoth has been its infamous “hack-a-thons”; all-night competitions
for coders and engineers to develop an idea into a prototype. Facebook’s ‘Like’
button was born from the event, and has since become synonymous with the brand.

Lockheed Martin
Working as an autonomous and small team within the firm, the Skunks Works
project – led by Kelly Johnson – created innovative aircraft models for Lockheed
Martin, including the SR71. The example reflects the need for large employers to
give talented workers both support and the space to think creatively on projects,
whereby they can define their own plan.

Dreamworks
The creators of several Hollywood movie franchises, including Shrek and
Madagascar, encourages all staff – regardless of job title – to be part of the
filmmaking process by sending in their own ideas.

The employer also invests in its staff by providing access to courses such as artist
development; giving them the skills, knowledge and aptitudes to pitch the next
blockbuster animation. Dan Satterthwaite, head of human resources explained: “We
challenge all our employees to be their own CEOs.”
Intel
Known for investing in Silicon Valley entrepreneurs, Intel decided to start investing
in the ideas of its own staff in 1998 with its "new business initiative."

A year after its creation, more than 400 ideas were pitched by employees – with
over two dozen receiving funding. One of its most successful ventures has been the
Vivonic Fitness Planner founded by former Intel engineer Paul Scagnetti, which
helped users meet nutrition and exercise goals.
 What is Entrepreneur risk?

What is risk?
In simple terms, risk is the possibility of something bad happening. Risk involves
uncertainty about the effects/implications of an activity with respect to something
that humans value (such as health, well-being, wealth, property or the
environment), often focusing on negative, undesirable consequences

Entrepreneurs face multiple risks in today dynamic business environment

such as bankruptcy, financial risk, competitive risks, environmental
risks, reputational risks, and political and economic risks.

Therefore Entrepreneurs must plan wisely in terms of budgeting and show

investors that they are considering risks by creating a realistic business plan.

Entrepreneurs should also consider technology changes as a risk factor.

Market demand is unpredictable as consumer trends can change rapidly,

creating problems for entrepreneurs.

Causes of failure of new venture;

 Lack of Vision. It is an assumption that loving something or having so much
passionate about a thing is enough reason to make it a business. ...

 Selection of a Business. ...

 Lack of Proper Planning. ...

 Not Having Enough Capital. ...

 Poor Implementation of the Plan. ...

 The Hiring of Wrong People. ...

 Failure in Marketing. ...

 Expanding Very Early.

Market Risk
Many factors can affect the market for a product or service. The ups and
downs of the economy and new market trends pose a risk to new
businesses, and a certain product might be popular one year but not the
next. For example, if the economy slumps, people are less inclined to buy
luxury products or nonessentials. If a competitor launches a similar product at
a lower price, the competitor might steal market share. Entrepreneurs should
perform a market analysis that assesses market factors, the demand for a
product or service, and customer behavior.

Competitive Risk 
An entrepreneur should always be aware of its competitors. If there are no
competitors at all, this could indicate that there is no demand for a product. If
there are a few larger competitors, the market might be saturated, or, the
company might struggle to compete. Additionally, entrepreneurs with new
ideas and innovations should protect intellectual property by seeking patents
to protect themselves from competitors.

Reputational Risk
A business's reputation is everything, and this can be particularly so when a
new business is launched and customers have preconceived expectations. If
a new company disappoints consumers in the initial stages, it may never gain
traction. Social media plays a huge role in business reputation and word-of-
mouth marketing. One tweet or negative posting from a disgruntled customer
can mean huge losses in revenue. Reputational risk can be managed with a
strategy that communicates product information and builds relationships with
consumers and other stakeholders.

Environmental, Political, and Economic Risk 

Some things cannot be controlled by a good business plan or the
right insurance. Earthquakes, tornadoes, hurricanes, wars, and recessions
are all risks that companies and new entrepreneurs may face. There may be
a strong market for a product in an under-developed country, but these
countries can be unstable and unsafe, or logistics, tax rates, or tariffs might
make trade difficult depending on the political climate at any point in time.
Also, some business sectors have historically high failure rates, and
entrepreneurs in these sectors may find it difficult to find investors. These
sectors include food service, retail, and consulting.

56%
 What's the plan meaning?
A plan is typically any diagram or list of steps with details of timing and resources,
used to achieve an objective to do something. It is commonly understood as a
temporal set of intended actions through which one expects to achieve a goal. ...
Informal or ad hoc plans are created by individuals in all of their pursuits.

What is meant by feasibility?

Feasibility describes how easy or difficult it is to do something. When you set a
goal at work, think about the long-term feasibility of accomplishing what you want.
Following are some of the examples of feasibility; an automobile prototype is a tool for
the feasibility study, an experiment on rats to develop a new medicine is a procedure
of feasibility analysis, checking the configuration and features before purchasing a laptop
resembles feasibility tests.

What are the 5 stages of growth?

The model postulates that economic growth occurs in five basic stages, of varying
length:

 The traditional society.

 The preconditions for take-off.

 The take-off.

 The drive to maturity.

 The age of high mass-consumption.

Product servicing concept and commercial opportunities.

A product is a tangible item that is put on the market for acquisition, attention, or
consumption, Types of Product – Goods, Services, Experiences, Convenience,
Shopping, Specialty Goods, Industrial Goods and Consumer Goods. while a service is
an intangible item, which arises from the output of one or more individuals. ... One thing to
keep in mind is that products and services are closely aligned.

A service or service product may be defined as “an activity of more or less intangible

nature that normally, but not necessarily, takes place in inter-action between the customer
and service employees and/or physical resources or goods and/or systems of
the service provider, which are provided as solutions to customer . The
term commercial refers to activities of commerce—business operations intended for an
exchange on the market with the goal of earning profits. The entrepreneur has to make
decision about the product after prolong deliberation about the following:

The lifecycle of products and services

There are five key stages in the lifecycle of any product or service.

Development - at this point your product or service is only an idea. You're investing
heavily in research and development.
Introduction - you launch your product or service. You're spending heavily on
marketing.
 Growth - your product or service is establishing itself. You have few competitors,
sales are growing and profit margins are good. Now's the time to work out how you
can reduce the costs of delivering the new product.
Maturity - sales growth is slowing or has even stopped. You've been able to reduce
production and marketing costs, but increased competition has driven down prices.
Now is likely to be the best time to invest in a new product.
Decline - new and improved products or services are on the market and competition
is high. Sales fall and profit margins decline. Increased marketing will have little
impact on sales and won't be cost-effective unless new markets are identified.
Manage the lifecycle

Identifying where products or services are in their lifecycle is central to your

profitability. Effective research into your markets and competitors will help you do
this. See our guide on how to understand your competitors.
You can extend the lifecycle of a product or service by investing in an "extension
strategy". You could:

 increase your promotional spending

 introduce minor innovations - perhaps by adding extra features or updating
the design
 seek new markets
But ultimately this only delays a product or service's decline.

Ideally, you should always have new products or services to introduce as others
decline so that at least one part of your range is showing a sales peak.

Developing your ideas

There's a lot at stake when developing a new product or service. To minimise risks
and allocate investment and resources wisely, you should consider a number of
factors:

 Will your new product or service meet customers' specifications? For

example, consider its design, ease of use and performance benefits.
 How technologically feasible is the product or service? Can you meet the
design, resource and manufacturing requirements?
 Are you clear about what you hope to achieve with the new product or
service? Does it meet the strategy outlined in your business plan and play to your
business' strengths?
The clearer you are about your plans, the better you can analyses the risks
involved.

The following tips may also be helpful:

 consult members of your team about your development plans - they may
contribute insights that you've overlooked
 seek the views of suppliers and other business associates - their specialist
expertise could be invaluable
 test lots of ideas at the start of a project - it costs relatively little to assess
which are most promising, but make sure you stop work on ideas that don't meet
your criteria before committing a lot of time and resources
 ask your best customers what they think of your plans
 consider the regulatory framework within which your new product or service
will operate
 don't overlook the environmental impact of your plans
 look beyond a new product or service's immediate potential and consider the
longer term
Match products and services to market needs
New products and services have to offer benefits that meet your customers' needs.
You need to discover what these are.

Market research, using techniques such as surveys and focus groups, will help you
do this.

Remember that although the end user of your product or service might be your
most important customer, you may have to take the needs of other parties into
account.
 For example, if you were planning a new DIY product, you would need to consider
how retailers would stock it as well as how it would benefit professional decorators.
If you're creating a toy, you should consider what parents as well as children will
think of it.

Your competition

Not only must you meet your customers' needs, you have to do so in a way that is
better than the alternatives offered by the competition.

Your new product or service needs a unique selling proposition - a feature or

property that makes it stand out in the marketplace. Before entering the market you
need to determine:

 how customers needs are currently met

 why customers would choose your product or service rather than the
competition's, both now and in the future
 what risks you are prepared to take to launch your product or service into
this market
To find out more, see our guide on how to understand your competitors.
Pricing your proposed service or product
Establishing a pricing strategy for a new product or service is an important part of
the development process. You should consider pricing the moment you decide to
take an idea forward as it will determine how much you can afford to invest in the
project.

You will need to take the following factors into account:

 The benefits - or value - to the customer of your product or service compared

with what the competition has to offer. Will the price be one that customers are
prepared to pay?
 Whether or not you're first to market. Is your product or service revolutionary
or are you following a market trend?
 The selling channels you want to use, which will affect your promotional
spending and distribution costs.
 The speed with which you want to establish your product or service.
 The expected lifecycle of your product or service.
 Whether you are covering your costs.
Strategic pricing can be used to drive sales and regulate demand. See our guide on
how to price your product or service.
The project development process
An effective development process for products or services should be divided into a
number of key stages:

 Idea generation - to capture new ideas.

 Idea distillation - to screen out those ideas not worth taking forward.
 Concept definition - to consider specifications such as technical feasibility
and market potential. If you're planning a new product, you should consider the
design process now.
 Strategic analysis - to ensure your ideas fit into your business' strategic plans.
 Concept development - to create a prototype product or pilot service.
 Test marketing and finalizing the concept - to ensure your product or service
can be modified according to customer, manufacturer and support organizations’
feedback. This means deciding the best timing and process for piloting your new
product or service.
 Product launch - the trickiest stage. Before setting a date you must determine
how to sell, promote and support your product or service. Getting it right first time is
essential. But any decisions to delay your launch should be balanced against the
danger that your competitors will beat you to market.
In practice some of these stages may overlap, but the presence of a staged
process will help keep timing and costs under control.

Creating a project team

Every potential new product or service requires a dedicated development team.
 In creating your team you need to include people with a variety of skills. For
example, as well as a creative ideas person you may also need a technical expert,
a marketing specialist, someone who can source components and someone who
understands the supply-chain difficulties you could encounter.
All team members should understand your business' objectives and be committed to
them.
There are many forms of effective team working and the right one for you will
depend on your business' needs. For example, team members might:
 work as a unit dedicated to one project, reporting to a project manager
 work exclusively on one project but remain in separate departments
reporting to department heads who are under the project manager
 work on several projects at once with both a department head and project
manager to monitor progress
Teams need someone in a project management role to lead, co-ordinate and
motivate the team. See the page in this guide on how to manage a development
project.
Investment and cost control
Developing new products and services is an inherently risky process. You must
plan any investment carefully and strictly control your costs.

You need to:

 factor any future investment in products and services into your strategic

business plan
 plan exactly where this investment will be directed
 justify the expenditure on every project
 manage your costs
Before making investment decisions, consider how much your business stands to
gain from a completed product or service. Weigh this against the risks you face.

Phasing new product development

 One way to minimize your risks is to phase investments in projects. By reviewing a
project at the end of each phase or stage of development, you can identify products
or services that are unlikely to be successful before resources are wasted. If the
product or service fails to meet established criteria, the project is ditched. If it meets
them, resources sufficient to enable it to reach a next, predetermined, stage are
allocated.

Finding support

A range of government grants and tax breaks is available for research and new
product development.

Cost control

It's essential to keep a close eye on costs when you develop new products and
services to avoid them spiralling out of control. You should:

 estimate development costs in advance, as described below

 monitor expenditure throughout the development process
 introduce phased investment, as described above
There are two main ways to estimate costs:

 a top-down approach where you consider previous comparable projects and

use them as a benchmark
 a bottom-up approach where all team members agree on the costs they
expect to incur with one project manager, who will then estimate the total cost
Remember that your costs could include staffing, materials, technology, product
design, market research, prototyping and incremental overhead costs.

Manage a development project

Project managers are essential to ensure the successful development of new
products or services. They'll be responsible for:
 controlling costs and allocating resources - for further information, see the
page in this guide on investment and cost control
 drawing up the key parameters for the product or service's specification
Coordinating the product development team - for further information, see the page
in this guide on creating a project team
 timetabling the development process
 troubleshooting
Timetabling the development process

Your project manager should draw up a critical path for the completion of key tasks.
SMART (specific, measurable, agreed, realistic and time-limited) objectives can
help to control and co-ordinate the development team's advance along this path
and stages can be used to monitor progress.

However, flexibility must be built into your plans. Any number of unknowns can

come into play and result in, for example, a change in the project's specifications or
expected completion date.
Original document, Develop new products and services, © Crown copyright 2009
Source: Business Link UK (now GOV.UK/Business)
Adapted for Québec by Info entrepreneurs
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range of UK-based (gov.uk/business) and Québec-based (infoentrepreneurs.org)
businesses. Because of its general nature the information cannot be taken as
comprehensive and should never be used as a substitute for legal or professional
advice. We cannot guarantee that the information applies to the individual
circumstances of your business. Despite our best efforts it is possible that some
information may be out of date.

As a result:

 The websites operators cannot take any responsibility for the consequences
of errors or omissions.
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Trade Mark and patent rights:

The term trademark refers to a recognizable insignia, phrase, word, or

symbol that denotes a specific product and legally differentiates it from all
other products of its kind. A trademark exclusively identifies a product as
belonging to a specific company and recognizes What is patent in simple
words?
 A patent is a form of intellectual property that gives its owner the legal right
to exclude others from making, using, or selling an invention for a limited
period of years in exchange for publishing an enabling public disclosure of
the invention.
the company's ownership of the brand.

Trademarks protect consumers, provide endless opportunities to promote

and encourage innovation and ideas, increase jobs and fuel
global economic growth. Trademarks also provide the legal framework for
a strong brand. Consumers' affinity to brands provides an opportunity for
education about trademarks and IP.

Decisions by entrepreneur about trade Mark

1. Protection: If left unprotected, a good invention or creation may be lost to

larger competitors that are in a better position to commercialize the product
or service at a more affordable price, leaving the original inventor or creator
without any financial benefit or reward. Adequate protection of a
company's IP is a crucial step.
2. Attraction for investors: Furthermore, IP rights may enhance the value or
worth of SME in the eyes or investors and financing institutions. Hence, in
the event of sale or merger or acquisition, IP assets may significantly raise
the value of the enterprise. Traditionally, physical assets have been
responsible for the bulk of the value of a business entity and largely
responsible for determining the competitiveness of an enterprise in the
market. However, these scenarios have changed as a result of the revolution
of the information technologies, intangible assets ranging from human
capital such as know how to ideas, brands, designs and other intangible
assets from the creative and innovative capacity are often today become
more valuable than the physical assets.
3. Increase in competitiveness: The strategic utilization of IP assets can,
therefore, substantially enhance the competitiveness of SMEs. SMEs should
 make sure that they are ready to face the challenge and take measures to exploit
their IP and protect it wherever possible. Like physical assets, IP assets must be
acquired and maintained, accounted for to extract their full value. But before this
can be done, SMEs must first acknowledge the value of IP and begin to see it as a
valuable business asset.
4. Measures for customer guidance: customers should be able to distinguish, at a
glance, between your products or services and those of your competitors and
associate them with certain desired qualities. IP, when efficiently used, is an
important tool in creating an image for your business in the minds of your current
and potential customers and in positioning your business in the market
(Perbadanan Harta Intelek Malaysia, 2013). IP rights, combined with other
marketing tools (such as advertisements and other sales promotion activities) are
crucial for differentiating your products and services and making them easily
recognizable and diversifying your market strategy to various target groups
including marketing the products or services in foreign countries.
5. Registering: To register a brand, entrepreneur must have knowledge on trademark.
Trademark is a distinctive sign which identifies certain goods or services.
Trademarks may be one or a combination of words, letters, and numerals. They
may consist of drawings, symbols, three- dimensional signs such as the shape and
packaging of goods, audible signs such as music or vocal sounds, fragrances, or
colors used as distinguishing features. A trademark is used as a marketing tool to
enable customers in recognizing the product of a particular trader.

 What does patented mean definition?

 The exclusive right granted by a government to an inventor to manufacture, use, or
sell an invention for a certain number of years. an invention or process protected by
this right. an official document conferring such a right; letters patent.

 .

Human resources:
 Def :(HR) is the division of a business that is charged with finding, screening,
recruiting, and training job applicants, as well as administering employee-benefit
programs.
An HR department is tasked with:
1.Maximizing employee productivity and
2. Protecting the company from any issues that may arise within the workforce. 
Responsibility:
HR responsibilities include compensation and benefits, recruitment, firing, and
keeping up to date with any laws that may affect the company and its employees,
while HR Infrastructure as the foundation and “skeleton” of your business; though not
easily visible, it provides the support that holds the business together and helps keep its
shape.
In short, human resource activities fall under the following five core functions:
staffing, development, compensation, safety and health, and employee and labor
relations. Within each of these core functions, HR conducts a wide variety of
activities.
What are the four types of human resources?

Common types of human resources specialties

 Human Resources Assistant.

 Human Resources Coordinator.

 Human Resources Specialist.

 Recruiter.

 Human Resources Generalist.

 Recruitment Manager.

 Human Resources Manager.

 Employee Relations Manager.

 What is Market research:

Market research is the process of determining the viability of a new service

or product through research conducted directly with potential customers.
Market research allows a company to discover the target market and get opinions and
other feedback from consumers about their interest in the product or service.

How to conduct a market analysis: 7 steps

1. Determine the purpose of your study. There are many reasons why

businesses might conduct market research. ...
2. Look at your industry's outlook. ...
3. Pinpoint target customers. ...
4. Compare your competition. ...
5. Gather additional data. ...
6. Analyze your findings. ...
7. Put your analysis into action.
 What are the marketing concepts?

The basic marketing concept is the belief that companies must assess the needs of their
consumers first and foremost. Based on those needs, companies can make decisions in
order to satisfy their consumers' needs, better than their competition. ... Nowadays, most
companies have incorporated the marketing concept.

Related Marketing concepts: They are also called the philosophies or different
school of thoughts used by entrepreneurs while marketing their products in the
market.
Essential Marketing Concepts You Should Know

 The Production Concept.

 The Product Concept.

 The Selling Concept.

 The Marketing Concept.

 The Societal Marketing Concept.


Apr 24, 2020
 What is competitive market research?

What is a competitive analysis? A competitive analysis is a strategy where you

identify major competitors and research their products, sales,
and marketing strategies. By doing this, you can create solid business strategies
that improve upon your competitor's.
1. Determine the feasibility of a new business. ...

2. Test interest in new products or services to respond to customer needs.

3. Find and develop new markets or expand existing ones.

4. Monitor industry and economic trends and develop strategies to adapt the business
to the changing environment.

For example, a marketing research manager may study demographic information from

customers to determine the average age, income level and attitudes of his company's
customers. The marketing manager may then identify where these clusters of customers
reside within certain markets and target his advertising toward them.
How Do Businesses Use Market Research?
 Marketing strategies and Functions:

A marketing strategy focuses on the products and services of an organization and their

positioning in relation to attracting customers.
This is a part of one of the functional strategies that help in achieving organizational
goals.
There are 4 types of marketing strategies?

4 Types of Marketing Strategies to Spice Up Your Campaigns

 Cause Marketing. Cause marketing, also known as cause-related

marketing, links a company and its products and services to a social cause or
issue. Now a days marketers are using this strategy to sell the product.

 Relationship Marketing. Relationship marketing is a strategy designed to

foster customer loyalty, interaction and long-term engagement. It is designed to develop
strong connections with customers by providing them with information directly suited to
their needs and interests and by promoting open communication

 Scarcity Marketing. Scarcity in marketing means to use the fear of shortage to

sell more. It's a fairly simple psychological premise. ... Scarcity can also increase the
perceived value of the item or service you're providing. Your products can become that
much more precious in the eyes of a customer.

Undercover Marketing. Undercover marketing, also known as buzz or stealth

marketing, is a marketing technique that focuses on “hidden” marketing activities. ... The
target audience does not realize they are being marketed to and the hope is that the efforts
will generate a buzz and get people talking excitedly about the product or service.
 Setting up market research:
An marketer has to take the following steps while setting up his marketing research.
For example, a marketing research manager may study demographic information from
customers to determine the average age, income level and attitudes of his company's
customers. The marketing manager may then identify where these clusters of customers
reside within certain markets and target his advertising toward them. Steps in marketing
research are:

1. Determine the purpose or objectives of your study being entrepreneur. There

are many reasons why businesses might conduct market research The marketer
may be launching a new product, they may be interested to know about the liking
and disliking of customer, decline of sales, increase in profit etc.
2. Look at your industry's outlook. Especially the competitor strategies, market
trends..
3. Pinpoint target customers. And collect data about your targeted customer
4. Compare your competition especially your competitor’s weakness and
strengths.
5. Gather additional data. To solve your problem Data may be available both in
secondary form and primary.
6. Analyze your findings. Using statically available tools to analyze date. It is very
essential in order to interpret the data collected for decision making purpose..
7. Put your analysis into action.
 What are Infrastructure services?
Infrastructure services are foundational information technologies that are offered as
a service such that they are supported and managed. Infrastructure is made up of the
physical, institutional, organizational structures that support economic activity, such
as entrepreneurship. This spares customers the cost, complexity and risk of managing
their own digital infrastructure. The following are common examples of infrastructure
services. Business infrastructure is the basic facilities, structures and services upon
which the rest of a business is built. It is common to think of infrastructure as physical
things but basic software and services can also be considered infrastructure. The
following are common examples of business infrastructure

Facts about the Service Industry

 Recreation.
 Arts and entertainment.
 Social assistance.
 Health care.
 Waste management.
 Professional and technical services.
 Scientific services.
 Transportation.

It is the major reason for an entrepreneur's success. Entrepreneurs do

not succeed without having a personal purpose, dream, target or mission. Getting things
done in a quick manner is one of the many reasons why entrepreneurs are able to reach
their goals and milestones. Thus good infrastructural services have closed relation with the
success of entrepreneur.