COURSE TITLE: ENTREPRENEURSHIP

AND MARKETING

Course Code: MS434

Course Instructor: Dr. Abid Ullah

School of Management Sciences
Ghulam Ishaq Khan Institute Of Engineering Sciences and Technology
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CREATIVITY AND THE BUSINESS IDEA

WORK IN THE RIGHT ENVIRONMENT

Career Anchors
A “Career Anchor” is a combination of perceived areas of
competence, motives, and values relating to professional work choices.

Dr. Edgar Schein of the Massachusetts Institute of Technology has

identified five career anchors: technical, managerial, security,
creativity, and autonomy.
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Career Anchors
 Technical anchor
(Automobile mechanics, computer repair shop owners,
hobby shop owners, and small technology manufacturers)
 Managerial anchor
(Chain store owners and manufacturers who produce a variety of products)
 Security anchor
(might purchase a well-established franchise such as McDonald’s or Pizza Hut, or an existing
business with a proven track record).
 Creativity anchor
Promotion-based businesses such as advertising and retail merchandising are a better fit.
 Autonomy anchor
Inventors, writers, and artists.
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CREATIVITY AND THE BUSINESS IDEA

SOURCES FOR NEW BUSINESS IDEAS

 Previous Employment
 Hobbies
 Intentional Search
 Accidental Invention or Discovery
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CREATIVITY AND THE BUSINESS IDEA

SOURCES FOR NEW BUSINESS IDEAS

TRENDS
o Wearable trend
o Green trend
o Payments
o Maker trend
o Mobile trend ( Industry exceeded $7.8 billion)
o Health trends
o The Internet of things (by 2020, more than 26 billion devices)
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SOURCES FOR NEW BUSINESS IDEAS

 Existing Products and Services ( Sam Walton)

 Distribution Channels
 Research and Development
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Needs:
Human needs are states of felt deprivation. (Physical needs for food, clothing, warmth, and safety)

Wants:
Want are the form taken by human needs as they are shaped by culture and individual personality.
People have almost unlimited wants but limited resources.
They want to choose products that provide the most value and satisfaction for their money.
Demands:
When backed by buying power, wants become demands.
Consumers view products as bundles of benefits and choose products that give them the best
bundle for their money.
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Different forms of Needs

• Conscious needs

• Preconscious needs

• Unconscious need
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Demands:
Types of demand:-
 Nonexistent demand—Consumers may be unaware of or uninterested in the
product.
 Latent demand—Consumers may share a strong need that cannot be satisfied
by an existing product.
 Declining demand—Consumers begin to buy the product less frequently or
not at all.
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Demands:
Types of demand:-

 Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly,

daily, or even hourly basis.

 Full demand—Consumers are adequately buying all products put into the
marketplace.

 Unwholesome demand—Consumers may be attracted to products that have

undesirable social consequences.
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Market Segmentation
The process of dividing the market into subgroups of similar customers.

Market Segment
Subgroups of people that share similarities which can be used for more
efficient seller/buyer relationship.
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How to access segments?

Common used criteria segments should be:

Substantial
Accessible
Actionable
Differentiable
Measurable
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Target Market
Subgroup that present greatest opportunity for targeting.
How to select segments for targeting?
Need to take into account:
Available company resources
Segment growth potential
Segment profitability
Competitive environment
Company long term objective
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METHODS OF GENERATING IDEAS

 Focused Group
 Brainstorming
 Reverse brainstorming
 Brainwriting
 Gordon method
 Checklist method
 Free association
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METHODS OF GENERATING IDEAS

 Forced relationships
 Collective notebook method
 Attribute listing method
 Big-dream approach
 Parameter analysis
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CREATIVITY AND THE BUSINESS
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METHODS OF GENERATING IDEAS

 Focused Group
Groups of individuals providing information in a structured format.
Thank You