A corporation has to do the following actions in order to establish a customer-driven market strategy:

Question 1

A corporation has to do the following actions in order to establish a customer-driven market strategy:

Answer 1

1. Segmenting the market
2. Market Focusing
3. Differentiation
4. Positioning

Question 2

Identifying a target market begins with market segmentation. When a larger group is divided into two or more groups, each of which shares some traits, this is referred to as market segmentation.

Answer 2

Segmenting the market

Question 3

Following market segmentation, marketers will want to select their target audiences. Since no one strategy would be effective for all consumer segments, it is crucial to create strategies for the target markets of the business.

Answer 3

Market Focusing

Question 4

There are three methods for figuring out a company’s target market.

Answer 4

1. Undifferentiated Targeting - This approach uses a single marketing strategy since it considers that the market is made up of one big group with no distinct subgroups. This may be the approach.
2. Concentrated Targeting: With this strategy, a marketing department may focus on a certain market segment. The business may learn about the requirements and preferences of that particular market by concentrating on a certain sector.
3. Multi-Segment Targeting: This strategy is employed when a business has to concentrate on more than one segment. Typically, each sector would require a separate plan from the marketing department. The company’s most expensive strategy is this one.

Question 5

The capacity to create a good or service that stands out from everything else on the market is ______________. If a strategy is successful, a business may be able to charge more for its goods.

Answer 5

Differentiation

Question 6

The technique of _____________helps marketers understand what their business should do to advertise its goods or services to its target market. With ___________, the marketer chooses the image for the product in accordance with the target market. The goods, price, location of sale, and promotions play a role in this. The marketing team may turn a customer’s interest in a product into a sale with the help of a good placement.

Answer 6

Positioning

Question 7

is an essential road map for a successful organization. It outlines the course the business is pursuing, its objectives, the place it wants to be, and how it plans to get there.

Answer 7

business plan

Question 8

What makes a business plan crucial?

Answer 8

A very well business plan is a crucial tool since it enables entrepreneurs, small business owners, and their staff to outline their goals and monitor their success as their company expands.

Question 9

Detailed information that can increase your company’s chances of success is generally included in business plans. Examples include:

Answer 9

• Market analysis: learning about the elements and circumstances affecting your sector
• Competitive analysis: assessing the advantages and disadvantages of your rivals
• Customer segmentation: To better your marketing, separate your customers into several categories depending on particular traits.
• Marketing: promoting your company by employing research

Planning and carrying out the most effective manufacturing process is done through logistics and operations strategies.

• Cash flow projection: knowing the amount of money coming into and leaving your firm.
• A general course for long-term growth

Question 10

• that serves as the forerunner of the business plan.
• is a prerequisite for the business strategy. A __________ study also identifies options and fixes that would not have been discovered otherwise.

Answer 10

feasibility study

Question 11

The value of a feasibility study

Answer 11

• It is a great tool for determining if a new company initiative is likely to succeed or fail.
• It may also be used if new items or concepts are added to the company’s portfolio.
• All the steps required to ascertain if a company concept is likely to succeed are included in a feasibility study.
• It is a step-by-step method that aids in weighing the advantages and disadvantages of each stage before beginning the real process.
• It offers outcomes for important choices, such as pursuing the concept further, honing it, or abandoning it completely.

Question 12

is defined as a detailed and integrated written document that describes the various activities involved in opening and operating a new entrepreneurial venture.

Answer 12

Business Plan

Question 13

Major Parts of the Business Plan

Answer 13

1. Introduction
2. Executive summary
3. Environmental analysis
4. Business description
5. Organizational plan
6. Production plan
7. Operation plan
8. Marketing plan
9. Financial plan
10. Appendix``

Question 14

The introduction presents the general perspective of the business. It may consist of one to two pages. It includes, among others, the following sections:

Answer 14

Proposed name of the business
Address of the business
Name of the owner or owners
Description of the business
Location of the business
Funding requirement and source

Question 15

For business ventures that will operate as a corporate entity, the names, nationalities, and addresses of the incorporators must be given. Incorporators are persons who originally formed the corporation.

Answer 15

Address of the Business

Question 16

Description of the Business

Answer 16

A brief description of the business must include information about the type of product or service that the business intends to produce or provide. It may include a brief information about the ultimate mission, vision and objectives of the business. The other products or services that the business plans to produce or provide must also be mentioned in the description of the business.

Question 17

Location of the Business

Answer 17

There are no rigid rules in the selection of the business location since several variables · affect the selection of the business location. The basic entrepreneurial consideration is to place the proposed business in a strategic location that will assure competitive advantage.

Question 18

The following factors should be considered when deciding on the location of the proposed business:

Answer 18

Proximity to the target consumers
Distance from the sources of raw materials, labor, and utilities *
Availability and cost of transportation
Peace and order situation
Presence of direct competitors
The geographic and climatic conditions
The proposed business name must

Question 19

Funding Requirement and Source

Answer 19

The estimated total initial cost of the business venture must be clearly indicated. It should include the projected breakdown or allocation of the total cost, e.g., how much will be for building, fixtures, equipment, supplies, and working capital. This section also presents the source or sources of funds. The initial cost of the investment may be provided solely by the owner or owners or partly by the owner and creditors. The estimated period to settle the funding source provided by creditors must also be mentioned.

Question 20

the executive summary must include the following sections:

Answer 20

1. Vision, mission, goals, and objectives of the business
2. Business model
3. Business and product position
4. Wealth improvement approaches
5. Parties supporting the business

Question 21

At the very outset, the business plan must depict the fundamental characteristics, nature, philosophical values, identity, and image of the business.

Answer 21

VISION, MISSION, GOALS, AND OBJECTIVES

Question 22

defines the perspective of the business in terms of its structure, production, operation, and financial activities that will lead to the achievement of the VMGO. There is no standard model that will exactly fit all types of businesses because they have different strengths and weaknesses, infrastructures, networks, and value propositions.

Answer 22

business model

Question 23

will help determine how the business defines its course and the process of accumulating wealth. It tells the size of the market and the target market share of the business and product

Answer 23

BUSINESS AND PRODUCT POSITION

Question 24

This section also includes a brief discussion of the marketing policies and financial operations of the business, and the profitability level of the industry and of the business. Standard benchmarks are good indicators in assessing the economic performance of the business.

Answer 24

WEALTH IMPROVEMENT APPROACHES

Question 25

WEALTH IMPROVEMENT APPROACHES

This section of the executive summary describes the methodologies or approaches that will be taken by the business in order to

Answer 25

1. Maintain a competitive advantage,
2. Position the business in the market,
3. Improve the market share, and
4. Maximize the utilization of resources

Question 26

The last section of the executive summary is a description of the parties that strongly support the business. The parties that have a direct relationship with the business are as follows:

1. Consumers
2. Creditors
3. Suppliers
4. Employees and staff

Answer 26

Parties supporting the business

Question 27

presents the nature and form of the business to be undertaken, and may cover two to three pages. As to nature, the business may be a merchandising, service, manufacturing, or a hybrid. T

Answer 27

BUSINESS DESCRIPTION

Question 28

In addition, the business description also includes the following:

Answer 28

1. Product or service that it plans to produce or serve
2. Various plant and office equipment
3. Size of the proposed business
4. Future parties with whom contracts may be necessary
5. Personal requirement
6. Administrative operation