summary session 18-19

                                                                                                                                                Gabriela Hartanto

                                                                                                                                                2301851471/LC02

Summary entrepreneurship week 9

Unique Marketing Issues

                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 within that industry.This process is called market segmentation.The next step is to establish a unique position in that market-one that differentiates the entrepreneurial firm from its competitors.The term position mean emphasized that a firm’s position in the marketplace determines how it is situated relative to its competitors.From a marketing perspective,this translates into the image of the way a firm wants to beperceived bt iys customers.Importantly,position answers the question,”Why should someonein our target market buy our good or service instead of our competitor’s?” Also important to these three steps is the development of a product attribute map,which illusstrates a firm’s position in its industry relative to its major rivals.It is sitioning strategy and helps a firm develop its marketing plan.

                A firm’s marketing mix is the set of controllable,tactical marketing tools that it uses to produce the response it wants in its target market.Most marketers organize their marketing mix around the 4P’s : product,price,promotion and place (or distribution).In the context of the marketing mix,a product is a good or service the firm offers in the market it has chosen to serve.Technically,a product is something the firm sells that takes on a physical form,while a service is an activithy or a benefit the firm provides that does not take on a physical form.The most important attribute of the product a firm sells is its ability to create value for customers.Price is the amount of money customers are willing to pay to purchase a product.Typically,entrepreneurs use one of two methods to set the price of their product.With cost-based pricing,the list price for a product is determined by adding a markup percentage to the product’s cost.When using value-based pricing,the list price for a product by estimating what consumers are willing to pay for a product and then backing off a bit to provide a cushion.

                A firm’s sales process depicts the steps it goes through to identify leads and close sales.The seven-step sales process includes the following steps :

·         Step 1 : Prospect for (or gather) sales leads

·         Step 2 : Make the initial contact

·         Step 3 : Qualify the lead

·         Step 4 : Make the sales presentation

·         Step 5 : Meet objections and concerns

·         Step 6 : Close the sale

·         Step 7 : Follow up

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