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MGT602 Entrepreneurship Assignment No.2 Fall Semester 2013
SEMESTER FALL 2012
ENTREPRENEURSHIP (MGT602)
ASSIGNMENT NO.02
DUE DATE: JANUARY 21, 2013
MARKS: 30
TOPIC: MARKETING PRACTICES OF SMES
LESSONS COVERED: 23-34
LEARNING OBJECTIVES
The objective of this activity is to familiarize the students with the importance of promotional activities in small businesses.
EXPECTED LEARNING OUTCOMES
To see how students apply their learned concepts in real time cases.
Students will learn about different hindrances in the way of promotional activities of the SMEs.
Also, they will know what promotional channels small businesses can employ.
CONTEXT
It is very important for entrepreneurs to carefully handle their marketing mix variables i.e. product, price, placement, and promotion. A smart entrepreneur carefully examines the product’s acceptability, price strategies, product placement at different locations and promotional activities. Promotional activities play an important role in the overall success of a business. Multinational companies and local manufacturers operating large firms allocate millions of rupees to promote their product and snatch a bigger pie of market share. Same promotional pattern is least observed among small business owners. They give least importance to promotional activities and consider promotional budget as unnecessary expense. But proactive entrepreneurs have clutched the importance of promotion in increasing sales and allocate some amount for their promotional activities.
In Pakistan, more than 3.2 million small and medium size businesses are operating. These businesses contribute around 30% of Pakistan’s GDP and employ a large number of people. Small businesses are comparatively easy to start and operate. They have great potential for growth but performing below the expected rate. One leading factor
responsible for this stagnancy among SMEs is lack of promotional activities. As mentioned above, they are not familiar with the fact that how a simple promotional activity can sustain the competitive edge over competitors. They prefer to follow the traditional methods of running the business. In fact, they are losing a big share of the market due to this lethargic attitude towards promotional methods.
REQUIREMENTS
Q1. In your opinion which factors hinder the small business owners to stay away from promotional activities in Pakistan? Give sufficient arguments in the favor of your answer.
(15 marks)
Q2. What methods a small business owner can use to promote his product/service within a small budget?
(15 marks)
IMPORTANT:
24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
IMPORTANT INSTRUCTIONS/ SOLUTION GUIDELINES/ SPECIAL INSTRUCTIONS
Students are advised to study the whole text carefully.
Try not to include any irrelevant material in the solution.
Try to come up with precise and original answers.
Any act of plagiarism like copy paste from net will result in ZERO marks.
Assignments reaching after the due date would not be considered.
OTHER IMPORTANT INSTRUCTIONS:
DEADLINE:
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
REFERENCING GUIDELINES:
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit APA REFERENCE STYLE: Table of Contents
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.
Note related to load shedding: Please be proactive
Dear students!
As you know that Post Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.
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