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BGSU - ESHP 3240 - Study Guide - Midterm

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BGSU - ESHP 3240 - Study Guide - Midterm

School: Bowling Green State University
Department: Entrepreneurship
Course: The Pre-Launch
Professor: Professor Rodgers
Term: Fall 2018
Tags: Entrepreneurship
Name: Entrepreneurship Pre-Launch Exam 1
Description: Here is a study guide for the upcoming exam
Uploaded: 10/08/2018
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background image Entrepreneurship Exam 1  What is Marketing?  It is everywhere   Every product we have, use, and see are all branded things that we choose for a reason   Where do we get our news   TV   Facebook   Twitter      You are a product and need to make yourself marketable      Marketing for entrepreneurs   •  Overview   o   The 4P's   o   Innovate   o   Research   o   Make people want to buy your brand   o   value proposition - what you get out of something   •  Role   o   allows you to find, make, arouse, and make real what the customer needs and wants   o   distribution of goods   o   telling and selling   o   FSI -Free Standing Insert   •  goes inside the Sunday newspaper   •  How do you get to people who don't get the newspaper?   •  they miss all college kids who do not get the paper   o   Marketing is the time for creating, communication, exchange, benefitting society   •  Innovation   o   Campbell’s Soup   •  mmmmmm mmmmm good   •  sales plummeted   •  made chunky, and microwavable   •  CEO walked out   •  Now what?   •  The need for innovation   •  Entrepreneurs   o   We are scatterbrained   o   Lots of tasks needed to be done   o   Need to select the target market for your product/service   o   Why do entrepreneurs fail?   •  they don't listen   •  Marketing Mix   o   Product   •  tangible thing   o   Price   •  How much it costs   •  How much it costs to make   •  retail-cost=profit  
background image o   Place   •  Distribution   •  channels - retail, wholesale, manufacturer   o   Promotion   •  talking about your product     Marketing in an Entrepreneurial Context  Enterprise   •  purpose   o   get customers   o   retain customer   •  marketing role   o   find customer needs   o   create wants (new products people didn't know they wanted, Ford a car instead of a faster  horse)   o   satisfy these needs and wants   Marketing Process   1.  Identify and understand the customer needs   2.  Develop products, services, or experiences to meet those needs   3.  Price the products in an effective way   4.  Make these products and services known   5.  Deliver products in a convenient and efficient way   6.  Make sure the customers are happy throughout the entire process   7.  Make relationships with the customers   •  50% of marketing dollars, you don't know if that money doing any good   •  Most entrepreneurs are cheap (because we don't have much cash/capital)   Marketing use in new v existing companies   •  Identify new products and get "first customers"   Target Marketing   •  best choice for entrepreneurs   •  choose the set of people who you want to buy your product   •  Who needs/wants your venture?     Finding and evaluating the right marketing opportunity  •  Why do ventures fail?   o   Bad or wrong opportunity   o   Entrepreneurs look inward   •  Go with what they know   •  they forget to find out what potential customers think of their business idea   •  Have a  "Field of Dreams" in their mind   •  Opportunities   o   Recognized   •  deduced that demand exists   •  Economic Development - stimulation in the economy   o   Discovery   •  Supply OR demand exists   •  Finds an offering based on this knowledge   o   Creation  
background image •  The creation of a new market   •  Finding a place for something that has neither a current supply nor demand   •  A good opportunity   o   Creates significant value and solves a problem for customers   o   offers profits to the entrepreneur   o   good fit for the entrepreneur based on experience and skill   o   Is a sustainable over time   o   can be funded   •  Customers   o   Want it faster, cheaper, better (opportunity for differentiation)   •  Spotting a good opportunity   o   environmental scanning   o   Social change   •  eco-preneurs   •  looking for sustainability   •  looking for better solutions that are better for the environment   •  try-sumers   •  people who are willing to try something just because it is faster better cheaper   •  try-sexuals   o   Economic change   •  shift from manufacturing to service   •  Tax laws, etc.   o   Technological   •  nanotechnology   •  biotech   •  AI   o   Competitive change   •  intertype change   o   regulatory change   •  deregulation   •  increased regulation   •  Branding   o   An activity in which an enterprise uses a name, phrase, design, or symbol, or a combo to  identify the product, service, etc. from other competitors   o   what makes you different   o   identifiable   o   unique logo/picture ID   o   usually copyrighted - therefore unable to be copied   •  Intellectual Property (IP)   o   Defined as creations of the mind   o   Inventions   o   Literary & artistic works   o   symbols   o   names   o   images   o   designs used in commerce   o   Trademark - costs absolutely nothing   o   Copyright - granting the right to make a copy  

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School: Bowling Green State University
Department: Entrepreneurship
Course: The Pre-Launch
Professor: Professor Rodgers
Term: Fall 2018
Tags: Entrepreneurship
Name: Entrepreneurship Pre-Launch Exam 1
Description: Here is a study guide for the upcoming exam
Uploaded: 10/08/2018
8 Pages 192 Views 153 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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