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Lecture 10

ENT 3003 Lecture Notes - Lecture 10: Amazon Kindle, Fixed Cost


Department
Entrepreneurship
Course Code
ENT 3003
Professor
Christopher Garrett Pryor
Lecture
10

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Module 10 (Mar. 25)
Marketing:
Making the sale Marketing!
MANAGE AND GROW in the Entrepreneurship Process
Marketing
o Breaking even
o Growing the business
Challenges
o Growing in existing markets
o Growing in new markets
Making the sale happen
o It’s a value-creating activity
o Tremendous tool for creativity and differentiation
o An important management function
Big Data has become a thing
Customer Lifetime Value (grow it)
Still boils down to the 4 Ps
o Price (FOCUS ON THIS- “Pricing”)
o Product
o Promotion (FOCUS ON THIS- “Selling”)
o Place
Distribution
Pricing:
Price
o An amazingly flexible tool available to entrepreneurs
o Much more than about costs
o Price communicates… value
o Can be a source of differentiation
Price Setting Considerations…
o Cost
o Value produced for consumer
o Competition
o Legal Issues
o Setting Price
Price Objectives
o Generate a certain volume
o Achieve a certain margin
o Create visibility
o Cover costs
o Convey a certain image
o Be regarded as ‘fair’
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