Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2
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Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2
Building a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2g a bootstrap marketing plan, and explain the benefits of preparing one.2Explain how small businesses can pinpoint their target markets.3Discuss the role of market research in building a bootstrap marketing plan and oudine the market research process.4Describe how a small business can build a compet Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2itive edge in the marketplace using bootstrap marketing strategies.Find more at http://www.downloadslide.comhttps://khothuvien.cori!CHAPTERS • BUILDINEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
G A POWEHtUL 8OOISIRAP MARKtlING PLAN 303As you learned in Chapters 4 and 5, creating a solid business model and business plan improves an entrepreneuBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2mplish in both quantitative and qualitative terms and how he or site plans to accomplish it. Ute plan consolidates many of the topics we have discussed in preceding chapters with those in this section to produce a con CISC statement of how an entrepreneur plans to achieve success in the marketplace. Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2 This section focuses on building two major components of every business plan: the marketing plan and the financial plan.Too many business plans descrEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
ibe in great detail what entrepreneurs intend to accomplish (c.g.. "the financials") and pay little, if any. attention to the strategics to achieve thBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2ces because they fail to determine what it will take to at tract and keep a profitable customer base. Sometimes they fail to determine whether a profitable customer base even exists! To be effective, a solid business plan must contain both a financial plan and a marketing plan. Like the financial ph Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2ut, an effective marketing phut projects numbers and analyzes them hut from a different perspective. Rather than focus on cash flow, net income, and oEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
wner's equity, a marketing plan concentrates on the customer.This chapter is devoted to creating an effective marketing plan, which is a subset of a tBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2o whom and how. and on what terms and at what price and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customersEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
a Bootstrap Marketing PlanMarketing IS the process of creating and delivering desired goods and services to customers and involves all of the activitiBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2ands, and wants arc before your competitors can; to offer them the products and services that will satisfy those needs, demands, and wants; and to provide customer sen ice. convenience, and value so that they will keep coming back.The marketing function cuts across the entire company, affecting ever Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2y aspect of its operation from finance and production to hiring and purchasing as well as rhe company's ultimate success. As competition for customersEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
becomes more intense, entrepreneurs must understand the importance of developing creative marketing strategics. Their success and survival depend on Building a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2filter and block many of these messages, limiting the effectiveness of "push” techniques. Successful entrepreneurs recognize that modern marketing strategies also must include techniques such as social media and cause marketing that pull customers into their companies' sphere of influence. The good Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2news is that many of these "pull" strategics arc relatively inexpensive and, when infused with a healthy dose of creativity, are extremely effective.AEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
lthough they may he small and cannot match their larger rivals' marketing budgets, entrepre neurial companies are not powerless when it comes to develBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2as much or more "bang" from their marketing bucks. For instance, facing the power of discount giants such as Wal-Mart, Target, and "category killer" superstores such as Best Buy and Home Depot that arc determined to increase their market shares, small retail shops arc turning to bootstrap marketing Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2tactics to attract new customers and to keep existing ones. Jay Conrad Levinson. the late guerrilla and bootstrap marketing guru, said bootstrap markeEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
ting is all about maximizing the efficiency of a small company's marketing budget.An effective bootstrap marketing campaign docs not require an entrepBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2 lhe principles orixiihliue a bcHilslnip marketing plan, and explain the benefits of preparing one.marketingthe process of creating and delivering desired goods and Mfvit I-. Io < lAlorrirrs, mvcilwv .ill of ifx1 rtt ImIk's ayrtXMtc'd with winning rttxi retaining loyal customers.bootstrap marketing Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2strategies unccnventicoal. lewcost. creative marketing strategies designed to give small companies on edge over their larger, richer, more powerful riEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
vals.Find more at http://www.download5lide.com304 SECTION III • LAUNCHING IHL BUSINESSTABLE 8.1 A Seven-Sentence Bootstrap (Guerrilla) Marketing stratBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2 create a bootstrap marketing plan with just seven sentences:1What is the purpose of your marketing.' In other words, what action do you want customers or prospective customers to take as a result of your marketing efforts? Should they visit your store? Go to your company’s Web site? Call a toll fre Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2e numlier for more information?2What primary benefit can you offer customers? What is your company’s competitive advantage, and what docs it do for cuEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
stomers? Bootstrap marketers express their companies’ competitive advantage as a solution to a customer’s problem, which is easier to market than justBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2a key customer Ixmefit of a product or service that sets it apart from its competition.3Who is your target market.' At whom are you aiming your marketing efforts? Answering this question often requires some basic research about your target customers, their characteristics, their habits, and tlreir p Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2references. Bootstrap marketers know that broadcasting is old school; they realize that narrow casting focusing their marketing efforts on those peoplEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
e who are most interested in and are likely to purchase their gixxls and services is much more efficient ami effective. Most small companies have moreBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2nly those tools your company underslanils, knows how to use effectively, and can aifortl. The gorxl news is that marketing lixils do mil have to he costly to lx: effective. In fact. bootstrap marketers are experts al using low cost mellKxIs Io market their companies.5What is your company's niche in Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2the marketplace? How do you intend to position veur company against your competition? Bootstrap marketers utxicrstand that their markets arc crowded wEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
ith competitors, some of them much Larger with gigantic marketing budgets that dwarf their own. and that finding a profitable nidie Io occupy can he hBuilding a Powerful Bootstrap Marketing PlanLearning ObjectivesOn completion of this chapter, you will he able to:1Describe the principles of building Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2 his agency ax specializing in serving the needs of small httõntSKMK. Il'Sugar, a company founded in 2006 by Jett’ Rubin, a veteran of the candy industry, sells many types of candy, ranging from Jelly Belly jelly beans to five-pound Hershey chocolate bars through its Web site and its 70 retail store Ebook Essentials of entrepreneurship and small business management (8th edition): Part 2s. Not a typical candy store aimed at children. It’Sugar stores mainly target adults and resemble Victoria’s Secret shops. with mannequins dressed inEbook Essentials of entrepreneurship and small business management (8th edition): Part 2
candy. unique displays, and vibrant colors. I jke Il’Sugiir, the key is Io carveGọi ngay
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