INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Targeting
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Market Segment Selection
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Market Positioning
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Market Identification
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Detailed explanation-1: -Market TargetingIs a stage in market identificationprocess that aims to determine theset of buyers with common needsand characteristics. They are the market segment thatthe entrepreneurial venture intendsto serve.
Detailed explanation-2: -Market segmentation refers to aggregating prospective buyers into groups with common needs and who respond similarly to a marketing action.
Detailed explanation-3: -Instructions:-Identify your competitors and their respective products.-Differentiate their products in terms of price, quality & benefits (Identify the attributes or the benefits they’ve attached to their respective products).-Plot your competitors’ products on the perceptual map in terms of price and quality.
Detailed explanation-4: -Market segmentation is the process of aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.