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This report also includes Government of India policies to support marketing in small business ventures. An evaluation of these marketing policies is also included in this report.

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Executive Summary The word Entrepreneur is derived from French word Entreprendre, which means "to undertake, to attempt, to try in hand, to contract for or to adventure". A commonly accepted description of entrepreneurship is a process of identifying, evaluating, seizing an opportunity and bringing together the resources necessary for success (forum.belmont.edu ). In the process of industrial development especially in small business, entrepreneurship has acquired special significance. This is because of its relevance in the economic growth in a rapidly changing socio-economic and cultural situation in developed and developing countries. An entrepreneur is one of the most important inputs in the economic development of a country or with in its regions. The report provides an insight about the importance of marketing mechanism in a new entrepreneurial venture. This also includes the analysis and explanations about the impact and the risks associated with marketing in a new venture and suggestions to improve current situation of entrepreneurs is also provided. Marketing occupies an important place in the management of an entrepreneurial venture. It is one of the key factors that determines the success or failure of a business. Different aspects of marketing process have been discussed in this report. The marketing process includes different stages like identification of opportunity, market research, choosing the target market, designing the market strategy, analysis of competitors, managing the marketing mix and the implementation of marketing programme. This report also includes Government of India policies to support marketing in small business ventures. An evaluation of these marketing policies is also included in this report. Marketing:- Marketing includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit (www.learnthat.com). Marketing is a key factor for the success of entrepreneurial ventures. The marketing mechanism in entrepreneurial business involves all the activities undertaken in the transferring of goods and titles there to from producers to the consumers. ...read more.


(en.wikipedia.org). Product is a core element of the marketing mix. It includes everything that a customer gets- quality, design, packaging and after sales service. The requirement of products differs from one segment to another according to the customer choice and preference. The customers may require different grades of quality and sophistication. It is important to provide much importance to the tangible and intangible elements of the product to create an impact in the market. Price: In economics and business, the price is the assigned numerical monetary value of a good, service or asset. The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory). (en.wikipedia.org). One of the most important target of small business firms is to sell the products at the maximum price. The analysis of product positioning is vital to know the whether the product is priced according to market acceptability. The detail about the pricing of competitor's products is an important factor which will help in decision regarding pricing strategy. The advantage of small business is that an high level pricing can be made because most of such firms provide personalized service. Promotion: Promotion is one of the four aspects of marketing. Promotion involves disseminating information about a product, product line, brand, or company. Promotion comprises four subcategories which are advertising, personal selling, sales promotion, publicity, and public relations. The specification of these four variables creates a promotional mix or promotional plan (en.wikipedia.org). Promotion is the process that helps to create awareness of products to the customers. The future of small business is depended on the effectiveness of the promotional activities made for the support. Some of the general media for promotions are: * Advertisement through electronic media, * Advertisement through print media, * Sponsorship of events that provides good scope for advertisement, * Display of posters, placards and hoardings, * Participation in exhibition and fair, * Billboards at strategic location, * Distribution of leaflets, * Direct mailing to prospective customer, * Personal contacts through dealers and old customers(Charantimath:426) ...read more.


Providing information related to sales opportunities available in international market * Product specific catalogue preparation * Advertising and publicity in various countries through Indian High Commissions * Offices abroad and Internet * Publication of Exporters Directory * Participating in Global Tenders * Providing assistance in deemed exports * Organization of Seminars and Workshops to upgrade and update SSI with regard to international developments. NSIC has been instrumental in developing a large number of small scale units to export high quality products such as builders hardware, locks, light engineering products, giftware and novelties, readymade garments and textile products. Following activities are also undertaken by NSIC for Export Promotion through SSI * Study visit to various developed countries to identify the product range and their market demand. * Arrange visits of delegations consisting of representatives of small scale industries/Associations to different specialises exhibitions and buyers-sellers meets. * Collect samples during the above export promotion visits and to identify suitable small scale suppliers to develop counter samples. * NSIC has already opened two offices abroad at South Africa and Dubai, U.A.E. These offices will be utilized for generation of business for the small scale sector. * Publication of a directory of identified products and possible buyers for circulation to the small scale industries. (www.laghu-udyog.com) Success of policy: The policies implemented by government of India to support the entrepreneurs for marketing their products have been widely accepted by the industry. Considering the contribution small industries in exports, it shows that small industries contribute 54 % of the non-traditional and 10 % of traditional product of the total export from India(Charantimath:6). The policy benefits helped entrepreneurs to reducing the complexity in marketing the products and services. The support in technical up gradation helped the entrepreneurs to develop high quality products which enable them to compete in the international market. Globalisation and WTO agreements had some implications on small industries in India. Considering the Government policies and support, it is ideal for entrepreneurs to start new business ventures in India. ...read more.

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