CBSE Class 12 Entrepreneurship Entrepreneurial Marketing Worksheet Solved

Entrepreneurship
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Entrepreneurial Marketing Entrepreneurship Worksheet for Class 12

Class 12 Entrepreneurship students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Entrepreneurship will be very useful for tests and exams and help you to score better marks

Class 12 Entrepreneurship Entrepreneurial Marketing Worksheet Pdf

ENTERPRISE MARKETING
 
QUESTION BANK
 
What is the goal of business?
Fundamental goal of business is to make profit; this always need not be in terms of money but improved customer relations, goodwill etc.,
 
What is goal setting? Why is goal setting important?
"Establishing short or long term objectives, usually incorporating deadlines and quantifiable measures."
 
1. Goal Setting is an important exercise for ensuring the appropriate performance.
 
2. Goal setting ensures clarity of vision, alignment to the organisational goals, clarity of purpose and higher probability of achieving the goals.
 
3. Goal setting allows us to be proactive, instead of just being reactive. Without a goal setting strategy, to run a successful business, would be blind chance. To be successful,you need to make things happen, not just let things happen. Like setting personal goals, setting business goals provides us with direction and motivation. But only if we set the right goals, goals that will keep our business on track rather than derail it.
 
What are the rules for setting the right business goals?
1) Business goals need to be relevant. To be relevant, a business goal has to be profitable in some fashion. That's not to say that every business goal has to be measurable in rupees, but it does have to possess a clear advantage or benefit to the specific business.
 
2) Business goals need to be actionable. An even more common mistake when setting business goals is to choose business goals that are too vague or abstract. When you're setting business goals, be sure that you have developed them from general statements, such as in the example above, to specific actions that can be performed and evaluated. Goals without action plans are just pretty words.
 
3) Business goals need to be achievable stretches. The purpose of business goals is to move the businesses forward. So we have to position the bar very carefully when we're setting business goals. If the bar is set too high, we set ourselves up for failure and disappointment and many of us, recognising this in advance, will just stop trying. On the other hand, if the bar is set too low, and all we have to do is step over it, we might not bother to do it as we won't get enough satisfaction or recognition from the accomplishment.
 
What are SMART goals?
 
S.M.A.R.T. is an acronym for the 5 steps of specific, measurable, achievable, relevant, and time-based goals. It’s a simple tool used by businesses to set goals into an actionable plan for results.
 
•Specific: Great goals are well-defined and focused.
Example: Obtain 2 crore worth corporate clients in the Delhi property insurance market‖ is more meaningful to mobilize your team than ―Get more business. The moment you focus on a goal, your goal becomes a magnet, pulling you and your resources towards it. The more focused your energies, the more power you generate."
 
• Measurable: A goal without a measurable outcome is like a sports competition without a
scoreboard or scorekeeper. Numbers are an essential part of business. Put concrete numbers in
your goals to know if you’re on track.
 
• Attainable: Far too often, small businesses can set goals beyond reach. No one has ever built a multi–crore businesses overnight. Venture capitalists and angel investors discard countless business plans of companies with outlandish goals. Dream big and aim for the stars but keep one foot firmly based in reality. Check with your industry association to get a handle on realistic growth in your industry to set smart goals.
 
• Relevant: Achievable business goals are based on the current conditions and realities of the business climate. You may desire to have your best year in business or increase revenue by 50%, but if a recession is looming and three new competitors opened in your market, then your goals aren’t relevant to the realities of the market.
 
• Time-Based: Business goals and objectives just don’t get done when there's no time frame tied to the goal-setting process. Whether your business goal is to increase revenue by 20% or find 5 new clients, choose a time-frame to accomplish your goal.
 
What does the Marketing strategy of a company include?
 
Marketing Strategy Marketing strategy is defined by David Aaker as "a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage."
 
Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company. It also includes the formulation, evaluation and selection of market-oriented strategies and therefore contributes to the goals of the company and its marketing objectives.
A marketing strategy is composed of several strategies for growth as well as interrelated components called the marketing mix.
 
Define Marketing mix.
 
According to W. J. Stanton, "Marketing mix is the term used to describe the combination of the four inputs which constitute the core of a company's marketing system: the product, the price structure, the promotional activities, and the distribution system." According to Philip Kotler, "A Marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market."
 
According to Philip Kotler, "A Marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market."
 
What are the components of marketing mix?
 
The 4Ps that make up a typical marketing mix are – Price, Product, Promotion and Place. However,nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

CBSE Class 12 Entrepreneurship Entrepreneurial Marketing Worksheet Solved 1

 
Discuss the relevance of Product/service in the marketing mix.
This refers to the item actually being sold. The product must deliver a minimum level of performances.
 
• What does the customer want from the product/service? What needs does it satisfy?
 
• What features does it have to meet these needs?
 
• Are there any features you've missed out? Are you including costly features that the customer won't actually use?
 
• How and where will the customer use it?
 
• What does it look like? How will customers experience it?
 
• What size(s), colour(s), and so on, should it be?
 
• What is it to be called?
 
• How is it branded?
 
• How is it differentiated from the competitors?
 
 

Please click on below link to download CBSE Class 12 Entrepreneurship Entrepreneurial Marketing Worksheet Solved

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