Entrepreneurship 1 Marks Question

Marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market.

Skimming Price Method.

In indirect selling mode intermediaries are – manufacturers, wholesalers retailers and consumers.

Product mix is defined as the set of all product lines and items which a particular entrepreneur, seller or a manufacture offers for sale to the buyers or customers.

Functions of Physical Supply-Transportation/Distribution mix.

A process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.

'Penetrating Pricing method 'covers a large area of the market, and the price is kept low so that the product can penetrate into the mass market, thus facilitating in expanding the market.

Two most crucial behavioral characteristics:

1. Talent to perceive and opportunity.
2. Creativity to innovate and build something of value.

The consumer is the fulcrum and the pivotal (central) point and all marketing activities operate around this central point.

When the product is very costly it is best to use a small distribution channel. Form example, industrial machinery or gold ornaments are very costly products that is why for their distribution small distribution channel is used. On the other hand, for less costly products long distribution channel is used.

Marketing mix is a combination of the four elements, i.e. product, price, promotion and place, in order to achieve the desired goals in marketing.

Integrative negotiations are commonly referred to as- 'win-win'. In this type of negotiation, each side is working towards a solution where everyone wins something.

4. Which reflects the projected cash available with the Enterprise.

Explanation:

Regarding the marketing objectives, strategies and activities to be followed by the new enterprise.

Marketing plan explains the market plans and strategies related to how will the product be distributed, priced and promoted.

Environmental added Value.

Significance of after sale service in a Product Mix is as follows:

1. Goodwill: A better after sale service enhances the goodwill of the company.
2. Faith: Faith of the customers is increased with an effectivtere af sale service.

Advertising is a paid form of communication designed to attract or persuade potential customers to choose the product or service over that of a competitor.

The four components of marketing mix are:

1. Product
2. Price
3. Place
4. Promotion

It can be concluded that a business has failed when it ceases its operations due to its inability to make a profit or to be being in enough revenues to meet its expenses.

Shopping products include trousers, shirts, pants, frocks, furniture; small electronic items,

Use of good quality stationery portrays a positive image of the business.

Cost of production, goals of firm, prevalent competition etc. affect the price of the commodity.

Following factors would be kept in mind:

1. Proper planning for the distribution is made in advance.
2. Financially strong channel like dmembers ealers dare appointe.

McDonald's golden arch (M) is a famous logo. By seeing this logo consumers expect fast service, inexpensive prices, and a specific type of food around the corner. This gives a competitive advantage over less recognizable restaurants.

The basic points to be kept in mind are as follows:

1. Multiple issues: A multitude of issues are to be negotiated upon.
2. Sharing: Cooperation is the essence of negotiation
3. Problem solving: In this method, parties integrate their problems towards a positive solution.
4. Bridge building: This negotiation should be carried on with a view of developing long-term relationships.

Scooters, cars, motorcycles, televisions, music systems, sewing machine, etc. require after sales service.

“Establishing short or long term objectives, usually incorporating deadlines and quantifiable measures.”

1. Patentable inventions include Art, Process, Method or Manner of manufacture;
2. Machine, Apparatus or other Articles
3. Substances produced by Manufacturing
4. Computer Software which has Technical application to Industry or is used with Hardware Product Patent for Food/Chemical/Medicines or Drugs.

Location is considered to be an important factor for the success of a business because good To location increases customers accessibility and also has a favourable impact on its goodwill.

It is skimming price method.

BTL- Below-the-line methods are very specific, memorable activities focused on targeted groups of consumers. They are under the control of the organisation. Below-the-line methods include. Sponsorship, sales promotions, public relations, personal selling, direct marketing.

Marketing strategy is defined by David Aaker as “A process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.”

Balsara Hygiene products, launched their 'Promise' toothpaste in 1978 and took an aggressive stand against its competitors. It then secured the second highest market share. It was due to the tagline—“The unique toothpaste with time-tested cloe-ovil."

Industrial design protects the visual design of objects that are not purely utilitarian.

In an entrepreneurial activity pricing is crucial because of following reasons:

1. Profit: When the pre-determined price is fixed an entrepreneur can obtain predetermined profit.
2. Source of revenue: Selling of the product is the only source of revenue for the producer. A regular sale makes the revenue regular.
3. Determines demand: Demand is dependent on the price of the e product. Carefully fixed price by an entrepreneur does not lose its customers; on the contrary there is continuous increase in its customers.

Products can be classified as:

1. Consumer products: It includes fans, vegetables, toothpaste, fruits, soaps, shampoos etc. these include final goods.
2. Capital goods: It includes all those goods needed by the producers for producing goods e.g. tools, equipment, nut-bolts, machines, etc.
3. Services: These are invisible and intangible goods provided by various entrepreneurs to the customers. For example, banking, transportation, tourism, movies, etc.

Lifebuoy - It stands for 'Good health' Lifebuoy liquid, Lifebuoy Personal, Lifebuoy Plus and Lifebuoy Gold to cover various price sub-segments in the health segment.Liril- brand name with the “freshness” concept.
Lux - brand name for "beauty soap for film stars”.

1. When the quantity of the product sold is very small, then direct channel of distribution should be used.
2. When the product has a seasonal value, then long channels should be used.

Penetrating pricing is the method of pricing in which the entrepreneur introduces its product in the market with low price compared to competitors. The low price increases the sale of the product tremendously. Normally for keeping low price, the profit margin is normally kept very low. The product thus captures the major part of the market e.g. Hero Honda, CD Dawn motorbike was introduced with the same pricing method. The CD Dawn penetrated into the market and captured major part of the market. Recently Bajaj CT-100 also followed the tactics. Wheel active detergent powder kept the price of Rs. 20 per half kilogram. This also captured the market quickly.

S.No.	Generic Brand	Brands Names
i.	Detergents	Nirma, Surf, Ariel, Rin, etc
ii.	Pen	Parker, Rotomac, Cello, Reynolds, etc.
iii.	Car	BMW, Honda, Maruti, etc.
iv.	Refrigerator	LG, Whirlpool, Godrej, etc.
v.	Television	Sony, LG, Videocon, Samsung, etc.
vi.	Milk products	Amul, Paras, Mother Dairy, etc.
vii.	Cosmetics	Ponds, Lakme, Revlon, etc.

So, the minute a brand name is used, identification of the product becomeys eas.

Mixed negotiation is a mixture of inductive and deductive negotiations.

The entrepreneur should legally protect brand name or mark of the product through trade mark. Trade mark guard the product against ditto imitations.

'Branding' is a process, a tool, a strategy, an orientation whereby a name, a sign, or a symbol etc. is given to a product by the entrepreneur so as to differentiate his/her product from the rival products.

Employee Relationship Management (ERM) refers to managing the relationship between employers as well as between employers at the same level or at different hierarchical levels.

Lux, Vim, Rin, VIP, Amul, Titan, Konica, Liv52, Quickfix, Band-aid, Sunflame, Surf, Dalda and many more have earned a reputation for good quality.

BTL stands for Below The Line. These promotional methods are very specific, memorable activities focused on targeted groups of consumers. These include sponsorships, sales promotion, public relations, etc.

Fans, coolers, air conditioners, fridges, furniture etc. are durable products.

A product has several dimensions such as size and weight of the product, its quality, brand name, package, warranties, etc. These dimensions are collectively called product mix,

The biggest benefit of CRM system is that all business data from all departments is stored and accessed from a single or a centralised location by the management and the employees.

Unit cost can be defined as the cost incurred by a company to produce, store and sell one unit of sale of a particular product or service. It refers to the variable cost of production.

Capital goods include tools, machines, equipment, etc.