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STRATEGIES FOR NEW VENTURES

STRATEGIES FOR NEW VENTURES

Discuss STRATEGIES FOR NEW VENTURES within the Entrepreneurship / Intrapreneurship forums, part of the Resolve Your Query - Get Help and discuss Projects category; MARKETING STRATEGIES FOR NEW VENTURES Target Market Selection [a] Whether to sell to the entire product market en masse or ...

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Sunanda K. Chavan
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sunandaC
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STRATEGIES FOR NEW VENTURES - September 9th, 2010

MARKETING STRATEGIES FOR NEW VENTURES

Target Market Selection
[a] Whether to sell to the entire product market en masse or concentrate on portion of the market.
[b] Determining when an existing target market strategy needs to be modified.
[c] Deciding to stop savoring a particular target market.

STRATEGIC APPROACHES TO SEGMENTATION

Single Market/ Segment Concentration
Product Specialization
Market Specialization
Selective Specialization
Full Coverage
Differentiated Marketing
Undifferentiated Marketing

Advantages of proper plant layout
Increase in productivity
Maximum utilization of space
Effective supervision and control
Economy in material
Improved safety and handling
Improved working environment and morale
Better quality control

Arrangement of proper storage and stacking space
Promote effective supervision
Proper lighting and ventilation
Provision of maximum flexibility
Safety of operators and other staff
Minimum handling of materials
Provision of future expansion
Security against fire, theft, deterioration etc.
Maximum flexibility to accommodate changes in production volume and product mix.
Should meet the specific requirement of the production process viz. air conditioning, air cooling, dust control, humidity control as may be required.

Factors promoting Entrepreneurship
Internal
Desire to work independently
Occupational Experience
Technical/Trade Skills & Knowledge
External
Supportive government
Availability of finance
Ancillary support facilities
Infrastructure availability

Motivational reasons to become Entrepreneurs
Ambition
-To make money
-Gain social prestige
-Self employment /independence
Compelling reasons
-Unemployment /dissatisfaction with present job
-Use technical knowledge and skills
-Put idle funds to use

Important factors for a proper location and layout
Regional regulation
Room for Expansion
Safety requirements
Site Cost
Political, cultural and economic situation
Special grants, regional taxes and import/ export barriers
Maximum use of available space
Compatibility with the production technology and the product mix.
Minimum movement of materials as well as men.
Provision of proper space for maintenance

Facilitating factor
-Use previous knowledge/experience in similar area
-Influence & encouragement of family and friends
-Imitation of other successful entrepreneurs
Technology acquisition & up-gradation problems
-Lack of information on relevant technologies
-Need for better investment climate in India
-Venture finance for new technology not available
-Indigenous technology/R&D need strengthening

Franchiser information required by Entrepreneur

-Financial statements of last three years
-Franchise fees/payments and security deposit payable
-Estimate of initial investment like inventory, working capital, fixed assets, real estate etc.
-Royalties & profit sharing arrangements
-Audited data of sales volume, costs & profits
-List of names & addresses of other franchisees
-Support services –training , advertisements, equipment purchase/ leasing , merchandising etc.
-Copies of legal documents to be signed.

Causes for enterpreneurs
Business Ideas
Recognize trends
Brainstorming
Implications of environment
Identify opportunities
Screening and elimination
Evaluation & SWOT analysis
Business opportunity
Simulation of Business Ideas
Cost reduction- Process, RM, Tax, Distribution
Productivity Improvement
Increase in capacity utilization
Improving contribution and margin- new segment/value addition/ new usage
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