Survey of Entrepreneurship Class 12 Strategic Planning King Saud University -- Kent State University Partners in Entrepreneurship

OBJECTIVES 12_Objectives 1. Present results of internet-based business research. 2. Understand the principles of Marketing; explain characteristics of internet-based businesses.

INTERACTIVITIES 12_Interactivities 1. Students should present on the internet businesses researched. 2. The instructor, depending on the time involved, may speak after the presentations.

The Market Planning Process Market planning is the process of – Identifying your customers – Defining their needs, wants and expectations – Developing your strategies and tactics for satisfying them.

Pricing Pricing is a balancing act – You must support your costs – While meeting your customer’s limits – And giving you your desired profit.

How Do I Set a Price Breakeven Analysis plus desired gross profit

Breakeven Graphs

Pricing Strategies Markup Pricing Penetration Pricing Price Skimming

Pricing Strategies Continued Follow the Leader Price Lining Variable Pricing

Product (or Service) Bundle of attributes that a customer perceives Package of value from the various features, benefits, and intangible rewards

Types of Products / Services Convenience goods/services Shopping goods/services Specialty goods/services

Product/Service Planning Strategy Product Mix and Positioning Product life Cycle Product Branding

Promotion The Ultimate Goal: increase sales Purposes of Promotions: – Communicate information – Position products/services – Add value – Control sales volume

Promotional Mix of Tools Advertising Personal Selling Sales Promotions Publicity

Place / Distribution Channels of Traditional Distribution and Intermediaries Warehousing and Transportation Operations

Location Planning Importance of Location Key Factors in Location Decisions Challenges in Designing and Equipping the Physical Facilities

Internet-Based Businesses Perhaps the hottest and fastest growing area of entrepreneurial activities

Ascent of Internet-Based Businesses E-intermediaries are internet-based members of a channel of distribution These channel members perform one or both of the following functions: – Collect information about sellers and present it to consumers – Help deliver internet products to buyers.

Types of E-Intermediaries Syndicated Sellers Shopping Agents Electronic Retailing

Electronic Catalogs Electronic Storefronts Cybermalls Interactive and Video Marketing

E- Retailing Cybermalls are collections of virtual storefronts with numerous offerings Interactive and video marketing allow viewers to conveniently shop online.

HOMEWORK 12_Homework 1. Read Mariotti text: Chapter 14: “Franchising, Licensing, and Harvesting” 2. Read and consider handout 12.1 Some Preliminary Questions About the Business to Help Decide on a Legal Structure.

HANDOUTS 12_Handouts _Some Preliminary Questions About the Business to Help Decide on a Legal Structure.

24 Questions