Page 151 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Entrepreneurship and Small Business Management Hitesh Jhanji, Lovely Professional University

Notes Unit 10: Marketing Considerations

CONTENTS
Objectives

Introduction
10.1 Selecting the Target Market
10.2 Market Strategy

10.3 Pricing Strategies and Marketing of Services
10.3.1 Pricing Method
10.3.2 Various Strategies for Pricing

10.3.3 Services Marketing
10.4 Export Marketing
10.5 Summary

10.6 Keywords
10.7 Review Questions
10.8 Further Readings

Objectives

After studying this unit, you will be able to:

Discuss the selection of target market
Explain the market strategy

Discuss the pricing strategies and marketing of services
Define the export marketing
Introduction

Marketing plays a major role in our daily lives. Each day is filled with consuming products
made available by marketers. We pay for marketing each time we buy a product. In fact, half of
every rupee spent at the retail level goes to cover the marketing costs. Marketing is responsible
for satisfying customers, which, in turn, increases our standard of living and quality of life.
The strategy for marketing goods produced by entrepreneur must, therefore, be ultimately
beneficial to the consumer. No consumer is going to purchase goods unless he is satisfied with
their quality and wherever necessary by an efficient after-sales service. This unit will help to
understand the various aspects of marketing management.

10.1 Selecting the Target Market

Target market represents a group of individuals who have similar needs, perceptions and interests.
They show inclination towards similar brands and respond equally to market fluctuations.
Individuals who think on the same lines and have similar preferences form the target audience.

146 LOVELY PROFESSIONAL UNIVERSITY