• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21

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.

Extracts from this document...

Introduction

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.

Middle

(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.

Conclusion

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Peer reviewed

    Produce a Marketing Plan for a small Retail Business.

    5 star(s)

    Also there are technical problems likely to arise such as the servers being down and site maintenance. Some good points are that it is easy and relatively cheap to set up. The number of people viewing the site can be monitored, so you know how effective it is.

  2. Introduction to the fashion Industry report

    Development agencies tend to be broader in their areas of subjects. A good business plan is needed if funding is going to be soured. The creative industries help people with the construction of their business plan by running short courses and by continual assessment.

  1. Marketing mix

    It can be said that, the marketing mix of the 1960s is no longer applicable in the new era of the 21st century. 3.7. MODEL OF SERVICES MARKETING - THE 7 Ps Products and services are different in many ways.

  2. Sullivan Ford Auto World Report - Discussing Marketing in the Service Industry

    In addition to the cars themselves for example, Sullivan's have a "handsome, high-ceilinged showroom" and "geraniums graced the flowerbeds outside the showroom entrance". This approach draws connotations to a positive service nature. The cars can be marketed more easily for their physical evidence with "each polished to a high sheen" and being put on show.

  1. In short tem Quality Craft Carpet Ltd should focus on direct marketing strategy to ...

    It is relatively low cost, interactive capabilities and famous in USA. Through internet Quality Craft Carpet Ltd can advertise there product in USA in low cost. Newspapers and Magazines It's another cheaper way for advertising with flexibility, good local market coverage, broad acceptability and high believability.

  2. Strategic Marketing Report - Virgin Trains

    "The mind is like an iceberg, it floats with one-seventh of its bulk above water" (S. Freud) Sigmund Freud [froid], was an Austrian psychiatrist; founder of psychoanalysis. Born in Moravia, he lived most of his life in Vienna, receiving his medical degree from the Univ.

  1. Business GCSE Unit 1, A1

    afford, and therefore customers don't visit because of the lack of technology. Weather Conditions - If hurricanes, snow, or terrible rain was to occur, the park would be unable to open and customers wouldn't turn up. It could also cause damage to the park.

  2. Marketing Plan for the Targe' Full Service Spa Salon

    Research would be done to assess what types of modern technology is available with regards to the latest in salon equipment and how this equipment would give the salon what it needs to attract new clientele. Target stores accept both debit and credit cards; this can be an advantage for

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work