ENTREPRENEURSHIP Lecture No: 42 BY CH. SHAHZAD ANSAR

PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS Contd…

CREATING AWARENESS OF THE NEW VENTURE Publicity It is free advertising provided by a media outlet. Many local media encourage entrepreneurs to par­ticipate in their programs. The entrepreneur can increase the opportunity for getting exposure by preparing a news release and sending it to as many media sources as possible. For radio or TV, the entrepreneur should identify programs that may encourage local entrepreneurs to participate. Free publicity can only introduce the company. Advertising can be focused on specific customers.

CREATING AWARENESS OF THE NEW VENTURE Internet Advertising The Internet is an excellent medium to create awareness and to effectively support early launch strategies. Creating a website is the most important first stage. The website should indicate: Background of the company. Its products, officers, address, telephone and fax numbers. Contact names for potential sales. Direct sales from the website may also be available. Significant advertising is needed to create interest and awareness of the existence of the website. It is important to change the content of the website as necessary. The entrepreneur may also consider using a banner ad, small rectangular ads similar to billboard ads that appear on browser websites. 4

CREATING AWARENESS OF THE NEW VENTURE Trade Shows Every industry has a trade or professional association that sponsors annual trade shows. Trade shows are where hundreds of thousands of people observe or identify trends in their industry. There is strong evidence to indicate that the cost per sale from a trade show is significantly less than the cost per sale from a personal sales call.

CREATING AWARENESS OF THE NEW VENTURE Selecting an Advertising Agency Advertising agencies can provide many promotional services. It is an independent business organization composed of creative and business people The agency can provide assistance in marketing research. It is important to determine whether the agency can fulfill all of the needs of the new venture. A checklist of items that the entrepreneur may consider in evaluating an agency is useful. The agency should support the marketing program and assist the entrepreneur in getting the product effectively launched.

CREATING AWARENESS OF THE NEW VENTURE HIRING EXPERTS If the entrepreneur has no expertise in financial analysis, marketing research, or promotion, he or she should hire outside experts. There are accountants, financial experts, and advertising agencies that cater to new ventures.