Entrepreneurship. Rhonda Abrams

Чтение книги онлайн.

СКАЧАТЬ crucial? Do you think it’s necessary only when starting a business?

      3. What sections of a business plan do you think are the most important? Why?

      4. What risks or rewards (if any) did Honest Tea face by including social responsibility in its business plan?

EXERCISE: critical thinking

HOW TO SPEND $25,000

       Goal:

       Learn to plan where you’ll spend your resources.

       What to do:

       You run a small café next to your community’s performing arts center. You sell coffee and make your own delicious baked goods: cookies, cupcakes, cake, and pastries. You’re very busy in evenings before and after performances. But business is pretty slow during the day and on nonperformance evenings.

       To make more money, you want to attract more of the residents and tourists who frequent in the area during the day. You decide to invest $25,000 to increase sales.

       You’ve identified a number of ways you could spend that money and increase revenues:

       ■ Launch a marketing campaign.

       ■ Add catering services.

       ■ Get a food truck.

       ■ Partner with another local business to supply it (such as a local bookstore).

       ■ Hire a part-time marketing or sales person.

       ■ Advertise on social media.

       1. How would you divide up the $25,000 and spend it? Go through your list and allot dollar amounts from $0 to $25,000 for each idea. Don’t go over your total $25,000 budget!

       2. Explain why you think your decisions are the best choice for your company.

      CHAPTER

       5

       Your Customers and Target Market

      

Your Customers: Who Are They?

       Are customers really out there?

       A target is something you aim at

       End user vs. actual customer

      

Know Your Customers: Understanding Market Characteristics

       Defining your target market

       Demographic description

       Geographic description

       Lifestyle/business-style description

       Psychographic description

       Purchasing patterns description

       Buying sensitivities description

      

Target Market Size and Trends

       Market size

       Market trends

      

Identifying Market Segments and Niches

      

Real-World Case

       Know Thy Customer: The Secret of Trader Joe’s Success

      

Critical Thinking Exercise

       Differentiate with a Demographic

       learning objectives

       In this chapter, you’ll learn how to:

      ■ Recognize who the customers are

      ■ Determine whether a market exists

      ■ Distinguish between customer categories such as purchasers, end users, and distributors

      ■ Define customer needs and wants

      ■ Identify and describe the target market

      ■ Evaluate the size of the target market

      ■ Analyze the trends affecting the market

      ■ Recognize viable market niches

Your Customers: Who Are They?

      Before you can begin marketing to your prospective customers, you first have to know who they are. Are they old or are they young? Do they live in the city or in the suburbs? Do they care more about price or about quality? If you sell to businesses, are they big companies or small? What industries are they in? How quickly do they make their buying decisions?

      This information may not immediately seem important, especially when you first launch an entrepreneurial venture. After СКАЧАТЬ