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Entrepreneurship

From Wikipedia, the free encyclopedia

Jump to: navigation, searchFor the person who starts a new organization, see Entrepreneur.

Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one

who undertakes innovations, finance and business acumen in an effort to transform innovations

into economic goods". This may result in new organizations or may be part of revitalizingmature organizations in response to a perceived opportunity. The most obvious form of

entrepreneurship is that of starting newbusinesses (referred as Startup Company); however, inrecent years, the term has been extended to include social and political forms of entrepreneurial

activity. When entrepreneurship is describing activities within a firm or large organization it isreferred to as intra-preneurship and may include corporate venturing, when large entities spin-off

organizations.[1]

According to Paul Reynolds, entrepreneurship scholar and creator of the Global

Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working menin the United States probably have a period of self-employment of one or more years; one in four

may have engaged in self-employment for six or more years. Participating in a new businesscreation is a common activity among U.S. workers over their course of their careers."

[2]And in

recent years has been documented by scholars such as David Audretsch to be a major driver ofeconomic growth in both the United States and Western Europe.

Entrepreneurial activities are substantially different depending on the type of organization that is

being started. Entrepreneurship ranges in scale from solo projects (even involving theentrepreneur only part-time) to major undertakings creating many job opportunities. Many "high

value" entrepreneurial ventures seekventure capital orangel funding (seed money) in order toraise capital to build the business. Angel investors generally seek returns of 20-30% and more

extensive involvement in the business.[3]

Many kinds of organizations now exist to supportwould-be entrepreneurs, including specialized government agencies,business incubators, science

parks, and someNGOs. In more recent times, the term entrepreneurship has been extended toinclude elements not related necessarily to business formation activity such as conceptualizations

of entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting inentrepreneurial initiatives e.g. in the form ofsocial entrepreneurship,political entrepreneurship,

orknowledge entrepreneurship have emerged.


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Marketing management

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Marketing Management is a business discipline which is focused on

the practical application ofmarketing techniques and the managementof a firm's marketing resources and activities. Rapidly emerging forces

ofglobalization have compelled firms to market beyond the borders oftheir home country making International marketing highly significant

and an integral part of a firm's marketing strategy.[1]

Marketingmanagers are often responsible for influencing the level, timing, and

composition of customer demand accepted definition of the term. Inpart, this is because the role of a marketing manager can vary

significantly based on a business' size, corporate culture, and industrycontext. For example, in a large consumer products company, the

marketing manager may act as the overall general managerof his orher assigned product

[2]To create an effective, cost-efficient

Marketing management strategy, firms must possess a detailed,objective understanding of their own business and the market in which

they operate.[3]

In analyzing these issues, the discipline of marketingmanagement often overlaps with the related discipline ofstrategic

planning.

Marketing strategy

Main article: Marketing strategy

If the company has obtained an adequate understanding of the

customer base and its own competitive position in the industry,marketing managers are able to make their own key strategic decisions

and develop a marketing strategy designed to maximize the revenuesandprofits of the firm. The selected strategy may aim for any of a

variety of specific objectives, including optimizing short-term unitmargins, revenue growth, market share, long-term profitability, or

other goals.

To achieve the desired objectives, marketers typically identify one ormore target customer segments which they intend to pursue. Customer

segments are often selected as targets because they score highly ontwo dimensions: 1) The segment is attractive to serve because it is

large, growing, makes frequent purchases, is not price sensitive (i.e. iswilling to pay high prices), or other factors; and 2) The company has the resources and

capabilities to compete for the segment's business, can meet their needs better than the

Marketing

Key concepts

Product Pricing

Distribution Service Retail

Brand management

Account-basedmarketing

Marketing ethicsMarketing effectiveness

Market research

Market segmentationMarketing strategy

Marketing

managementMarket dominance

Promotional content

Advertising Branding Underwriting

Direct marketing Personal Sales

Product placement

PublicitySales promotion Sex in

advertising

Promotional media

Printing Publication Broadcasting

Out-of-home Internetmarketing

Point of sale

Promotional itemsDigital marketing In-

gameIn-store demonstration

Brand Ambassador

Word of mouthThis box: viewtalkedit


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competition, and can do so profitably.[3]

In fact, a commonly cited definition of marketing issimply "meeting needs profitably."

[6]

The implication of selecting target segments is that the business will subsequently allocate more

resources to acquire and retain customers in the target segment(s) than it will for other, non-

targeted customers. In some cases, the firm may go so far as to turn away customers who are notin its target segment.The doorman at a swanky nightclub, for example, may deny entry tounfashionably dressed individuals because the business has made a strategic decision to target

the "high fashion" segment of nightclub patrons.

In conjunction with targeting decisions, marketing managers will identify the desiredpositioningthey want the company, product, or brand to occupy in the target customer's mind. This

positioning is often an encapsulation of a key benefit the company's product or service offers thatis differentiated and superior to the benefits offered by competitive products.

[7]For example,

Volvo has traditionally positioned its products in the automobile market in North America inorder to be perceived as the leader in "safety", whereas BMW has traditionally positioned its

brand to be perceived as the leader in "performance."

Ideally, a firm's positioning can be maintained over a long period of time because the company

possesses, or can develop, some form ofsustainable competitive advantage.[8]

The positioningshould also be sufficiently relevant to the target segment such that it will drive the purchasing

behavior of target customers.[7]

Project, process, and vendor management

Once the key implementation initiatives have been identified, marketing managers work tooversee the execution of the marketing plan. Marketing executives may therefore manage any

number of specific projects, such as sales force management initiatives, product developmentefforts, channel marketing programs and the execution ofpublic relations and advertising

campaigns. Marketers use a variety ofproject management techniques to ensure projects achievetheir objectives while keeping to established schedules and budgets.

More broadly, marketing managers work to design and improve the effectiveness of core

marketingprocesses, such as new product development,brand management, marketingcommunications, and pricing. Marketers may employ the tools ofbusiness process reengineering

to ensure these processes are properly designed, and use a variety ofprocess managementtechniques to keep them operating smoothly.

Effective execution may require management of both internal resources and a variety of externalvendors and service providers, such as the firm's advertising agency. Marketers may therefore

coordinate with the company's Purchasing department on the procurement of these services.

Organizational management and leadership

Marketing management may spend a fair amount of time building or maintaining a marketingorientation for the business. Achieving a market orientation, also known as "customer focus" or


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