INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Before segmenting customers
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After identifying standards
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Before analyzing markets
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After determining objectives
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Detailed explanation-1: -Market Introduction Stage. Think of the market introduction stage as the product launch. This phase of the PLC requires a significant marketing budget.
Detailed explanation-2: -Also known as the “objective and task” method, the objective task method is a system in which a company allocates a certain amount of money to its marketing budget based on specific objectives, rather than choosing an arbitrary amount or basing its marketing budget on sales revenues or projections alone.
Detailed explanation-3: -A marketing budget outlines all the money a business intends to spend on marketing-related projects over the quarter or year. Marketing budgets can include expenses such as paid advertising, sponsored web content, new marketing staff, a registered blog domain, and marketing automation software.
Detailed explanation-4: -Identify your marketing goals. Marketing aims to build a sales funnel or generate direct sales to boost gross revenue. Understand your target audience (buyer personas). Understand your market and competition. Choose your marketing channels.