Marketing For Entrepreneurs
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Marketing is vital for either the success or failure of any enterprise. The success of a business is often determined by the market during its competition for the potential target customers as explained by Kraus et al (2009). The degree, at which the market is oriented, is useful in facilitating the performance of businesses. This has been observed in the context of small and large businesses as well as during the launch of new products. Entrepreneurs mainly look at the ways and plan of entry to enterprise in to the market, the potential target groups, and the ways of communicating and distributing products and services to customers. Small entrepreneurs always have their marketing activities, characterized by simplicity and creativity due to the limited access to resources as shown by Roy (2010). Calculation of entrepreneurial marketing is difficult, because it is often based on the creative and visionary marketing ideas of entrepreneurs. Marketing for entrepreneurs is driven by the opportunities, presented to the businesses.Volkmann and Berg (2011, p. 05) assert that a successful marketer has to consider all the aspects, concepts and strategies available in the marketing process. It is significant to relate the strategies, and choose the best during the implementation of the marketing plan. Combining the strategies may also be useful in some circumstances, making the marketing process more dependable than when using a single strategy.
Successful Marketing Criteria
Entrepreneurial marketing has several characteristics, which as an entrepreneur I should practice for realization of car business success. Proactiveness accompanied with innovativeness enables the enterprise to stay on the top of business operations in the market. Being ahead of technological innovativeness, it makes marketing of enterprises quite easy and successful. This means that all the imported cars, I may deal with, should be of high caliber in terms of technology and quality as evident in Miles and Darroch (2005, p. 35). Customers prefer the latest products, hence the imported cars need to be comprised of the latest models and to be the most preferred and dependable cars. Risks, faced during marketing, should always be calculated in advance to be aware of any future barriers. Car business is associated with numerous risks, for example, delays, crises, and even losses. Therefore, it is only logical for the car enterprise to set calculated risk situations to help in dealing with any form of crisis during marketing or business transaction.
Marketing for entrepreneurs also requires focusing on opportunities available in the market. Opportunities are essential in the buildup and maintenance of enterprises in the most business markets. Cars are mainly considered luxury commodities and getting a market for them might to be difficult. Finding a dependable business opportunity in potential loyal, market is, therefore, essential. Such an opportunity will provide the imported car enterprise with the required foundation of its market as shown in Kraus et al (2009, p. 51). A successful business requires a stable market, which is attainable after realization of the business opportunity and potential markets. Resource leveraging is significant for entrepreneurial marketing, where every entrepreneur is aware of the available resources to produce services and goods. Having knowledge of the resources, useful in one’s enterprise, saves a lot of time during marketing. The intensity of customers in a given market characterizes the entrepreneurial marketing since customers are form the most significant marketing. Products and services are sold to the customers who, in turn, contribute in the profit making process. Kim (2002) argues that a credible entrepreneur is supposed to create a value on the products and goods during the marketing processing. Valuable goods have the tendency of attracting customers and maintaining them, making an enterprise successful.
Marketing has several functions in entrepreneurship in order to ensure the survival of the business. For instance, through marketing, an enterprise should be able to build up the trust of its customers, create the preferences of the customers and create competitive advantages that are sustainable as argued by Hill and Hultman (2006). The entrepreneurial marketing ensures that in China the potential car buyers are aware of the products they will be receiving during trade. Marketing convinces the customers to rely on the cars, imported in China, and gives them the guarantee that the vehicles are of expected quality and validity. Credible cars will enable my enterprise to enjoy the tremendous competitive advantage against other dealers in motors in China.
According to Crane (2010, p. 27) successful marketing for entrepreneurs is also associated with several challenges. New businesses like my new imported cars enterprise are the mostly affected by challenges. Being new in the market is a challenge on itself, which requires serious attention. A new company or business offers new services and products, which are not necessarily familiar to the potential market. The challenge, therefore, comes when the customers need to be convinced that the imported cars are highly dependable and satisfactory. The customers have zero awareness of the car models and type my imported car enterprise deals in, and it is the business’s responsibility to convince them and make them to be loyal customers. Resources may also be scarce in the area of operation because the company is new to the location, market, suppliers and customers. Trust is needed in most business dealings, and a new enterprise is bound to experience issue of trust form both suppliers, customers and distributors; thereby experiencing scarcity of resources as explained by Volkmann and Berg (2011, p. 09).
At the end of the day, the imported cars enterprise has to flourish and attract as many customers in China as possible. Therefore, substantial steps and decisions have to be made, for example, application of innovative methods for marketing of the imported cars. This will consist of techniques unique and unfamiliar to the car dealers in China. During promotion of products, activities involved must be directed to the customers in ways that authenticate the advertisements and entertain the potential market. Because resources, at the time of initiation, are always scarce and less, promoters and marketers have to use the available ones creatively and affordably without wastage as evident in Kraus et al (2009). The use of social networks is also vital in such initiation situations. The creative utilization of networks enables the marketing of the imported car enterprise to a wide audience of people and potential markets. All these steps and actions, taken in dealing with challenges, are aimed at drawing the customers’ attentions.
Evaluation of Alternative Market Strategies
Other business companies use alternative marketing strategies in product and services marketing. Marketing has four major policies through which it conducts its interactions with customers. There are also important aspects of marketing known as 5 forces of analysis and 7 Ps. The product policy deals with service and product quality, where marketing favors only the genuine products and services. This means that, during marketing, the imported cars must be of high quality in terms of usage, durability and dependability. Branding of the products as well as packaging should also be attractive during marketing as shown by Chaston (2000, p. 15). Customers seem to be drawn to products of attractive and well-known brands, accompanied with quality packaging. The communication policy in marketing entails how the car company will relate to the potential markets in convincing them to use their imported cars. Communication can be done through advertisements using posters, televisions and online advertisements as asserted by Hill and Hultman (2005, p. 43). Personal selling of products from one market to another is also essential, since the seller gets to meet the customers, and know them in person. Promoting the sale is part of communicating with potential customers as it aims at creating awareness of the cars to be offered by the enterprise. This is possible through trade fairs, where the imported car enterprise holds a promotion event of informing the China people of the cars, provided by the business, their quality and advantages over others. The price policy is the third policy that ensures that marketing makes customers aware of the prices on every car product to be offered. This information can also be accompanied by the available discounts if the enterprise is offering any. Most customers often want to know the amount at which they will buy the products as explained by Volkmann and Berg (2011, p. 11). The price should be affordable and reasonable to both the business and the customers, otherwise, the business may run at a loss or customers may refuse to purchase. If discounts are offered, they should be at reasonable percentages that maintains and stabilizes the business. In some instances, price policy may come with consumer loans and rebates, which are significant in attracting and maintaining customers to the business. Distribution policy is the last essential marketing policy, used in strategic marketing for entrepreneurs. Through this policy, entrepreneurs get to understand the logistics, involved in marketing with regards to storage, transport and delivery. Storing cars should be done in certain conditions conducive for the maintenance of products in the best forms ever.Transport relates to both during supplying and during delivery as argued by Roy (2010). The conditions and ways of transporting cars to the storage and buyers should also be conducive to maintain their forms. Professional transporters should be involved in this process. Distribution is also determined by the available channels used to pass the products to the final users.
Crane (2010, p. 45) suggests that during strategic marketing, it is also vital for the entrepreneurs to understand certain aspects of the process. For instance, understanding the product being offered is very crucial. At this stage, the car enterprise should decide on what product to offer and not offer. In this case, the enterprise deals and offers imported cars in China, and does not offer any other car, like those made in China. The company’s real product is imported cars in China, and concentration is only on them. People, using the product, should also be considered. This is determined by researching on the likes and dislikes of the potential market. Knowing the tastes and desires of people enables the business to import the right cars, which will be accepted by the people. Pricing put on cars need to conform to the situation and place Chinese people are, at the time of starting business. Connecting the price of cars and the value the Chinese put on the cars should be highly considered. The dealer’s place should be properly illustrated to customers in order to enable them get to the product whenever they need. The forms and channels of distribution as well as the types of delivery services are included in marketing strategies for entrepreneurs. After promising customers to offer the available services and products, the car enterprise has to stay committed to the promises. The imported car business, therefore, needs to meet the demands of every customer it met with and act according to the changing needs of customers.
After considering the useful policies and aspects of strategic marketing, it is crucial to assess the available marketing concepts that can be applied for new businesses. Several concepts have been used among them, being the guerilla marketing concept as shown by Miles and Darroch (2005, p. 41). This is a low budget marketing, whose aim is to direct attention to the target market. The concept incorporates inventive and fancy ideologies that help in attaining high marketing level. Secondly, it utilizes low budget, but still manages to capture the attention of potential customers. Guerilla marketing can be executed through surprise missions, which are often efficient or in rebellious ways, which have evidently come out to be spectacular. Roy (2010) suggests that Guerilla marketing is attainable through a wide range of strategies, for instance, advertising through the word of mouth, addressing consumers in their daily work stations through emails, the use of forehead campaigns and the use of sticker and poster campaigns. Advertisements can also be done on certain items like T-shirts, sales receipts and cars; sending of messages to customers through Bluetooth otherwise known as blue jacking is a frequently used strategy.Street branding is also a strategy used in guerilla marketing, where applications are done on walls and dirty streets. Projecting images, videos and texts in public places through laser or beamer also strategically helps in marketing, and this strategy has received lots of consideration from many businesses. The guerilla marketing concept, however, has several boundaries like strategic actions being limited to time and in some circumstances they are blurred as explained by Kim (2002). In cases of shocking and aggressive guerilla marketing, moral sentiments of the target group can be compromised, thus the necessity of being careful during the guerilla strategic marketing. The concept can also infringe conventional standards that may produce counterproductive results. Therefore, this marketing concept should be handled with great caution in order to prevent adverse effects on the target market or group.
The successful guerilla marketing requires a marketer to be committed to the program set and think of it as an investment. Making the program consistent will always increase the confidentiality of the prospects in the firm or business. Since marketing is related to assortment of weapons, as an entrepreneur patience is critical, particularly is commitment is involved.Business knowledge is required for successful guerilla marketing, where profits and sales come hand in hand, hence the need for patience as argued by Hills and Hultman (2006). The running of the imported car enterprise must be convenient to the customers, through involving them in most aspects of marketing
The ambush marketing concept is considered entrepreneurial and seen as free ride marketing by many business people. This concept uses the events or situations sponsored by other companies; where a business or company uses the event of another company to bring about positive effects on their branding without asking the sponsoring business as evident in Chaston (2000, p. 52). Companies or businesses are considered as competitors since they deal in similar products and target the same market. The concept is mostly observable in big events involving many business people and companies. This concept is associated with challenges just like any other marketing concept. However, businesses can protect themselves from this marketing technique through the use of competition laws and copyright rights. The domiciliary rights enjoyed by the sponsor can also be used to prevent ambush marketing.
Viral marketing is a third concept of entrepreneurial marketing, where businesses utilize social networks to gain awareness of brands and products. The idea in viral marketing is that, the information is passed virally from one person to the next, thus spreading to a larger extent. The concept is also low cost and very efficient as suggested by Weaver (2009). For a business dealing in imported cars, effective marketing methods and strategies could be those of guerilla and viral concepts. Combining two methods enables the business to market cars to a large portion of potential markets, and also at a low cost. The aim of the car business is to get as many customers as possible in China, and convince them of how the imported cars are dependable and of high quality. The ambush concept, on the other hand, may cause serious issues during marketing. Getting into problems with competitors is one thing, a new business like the imported cars enterprise should be avoided; otherwise survival in the market will not be easy.
Strategies To be Used
The imported car business in China will rely on the guerilla and viral strategies of marketing. These two strategies will enable the potential customers to be aware of cars, offered by the enterprise, models, types, prices and possible ways of delivering them. Guerilla strategies incorporate almost all aspects of traditional marketing, where the process is done physically as explained by Roy (2010). The China markets are entered by surprise and marketing begins. This concept is also directed to the competitors, who just like the customers get surprised by the new business in the market. This gives the competitors no time to assess the ideas of the imported car business. The strategy becomes effective when innovative and unique methods are used during marketing, leaving the competitors speechless and the customers satisfied. This implementation plan is effective and friendly to the new imported car business since it has a low budget, but still reaches a wide range of potential customers. Using guerilla marketing strategies is essential since there are numerous possible methods of marketing hence making the product more known when using other strategies. The company will have a variety of strategies to choose from, for instance, blue jacking, street branding, word of mouth, use of posters and stickers, cover advertisements, forehead campaigns and use of laser or beamer projections of images and texts as explained by Volkmann and Berg (2011, p. 13). Although the strategies are limited to time, they enable the message to reach quite a large platform of potential markets. Caution, must however, be taken when entering the markets to prevent any form of aggression and shock, which may act against the moral sentiments of the target markets. The viral marketing strategy of using social media is the latest so far marketing method. Therefore, combining with guerilla strategies, it makes marketing faster and easier than the single strategy is used. Just like guerilla marketing, it is also low cost and reaches a wide array of potential customers. Viral marketing is very fast hence the imported cars will receive a huge audience after implementation of the marketing strategies.
Entrepreneural 5 Forces of Analysis and 7 Ps
To make the business fluorish, implementing the 7 Ps and 5 forces of business in the imported cars entrepreneurship will be significant. The five forces of entrepreneural analysis include the competitive rivalry expected in the market. For instance, the threat of new businesses entering the market and that of substitute products; as well as the bargaining power portrayed by both suppliers and buyers all act as forces in the product market. By considering these forces of analysis, the imported car business will be in a better position to handle any rival in the market, thus survive. The seven Ps in entrepreneurship include products, which in this case are represented by cars, the pricing put on the imported cars to be presented to the buyers. The place where the cars will be sold, otherwise known as the physiscal location or market. Promotion is crucial in entrepreneural marketing to prevent manipullation of products by competitors. The people represent the providers of the product or servicea as well as the customers, who are very essential for a business to take place. The process of delivery will enable the customers to receive their goods in time, and the physical evident is relevannt in case of service provision because services are intangible.
Entrepreneurial Marketing is essential for the success of most businesses. Therefore, knowing the market deals with and the available competitors makes a business more prepared for any future risks. The degree, at which a business or enterprise is oriented in the market, determines its ultimate performance. When entering a market, enterprises need to consider the target group, the products and services they are willing to offer the target group and the manner of entry in to the market. It is important to note, that new enterprises find it hard to penetrate new markets, hence appropriate strategies need to be put in place. Successful entry depends on the enterprise’s calculated creativity and visionary marketing skills and idea. Entrepreneurial marketing is often driven by the available opportunities in the market; hence proper methods should be used to attain successful marketing. Several factors need to be considered during marketing, for instance, marketing policies relating to products, communication, pricing and distribution. After understanding the needs of the potential customers with regards to four marketing policies, a strategy needs to be implemented. There are numerous marketing strategies used in business promotions. For example, ambush, guerilla and viral marketing strategies are mostly utilized. The strategies have their pros and cons and depending on the business enterprise to be started, one has to choose the best method. Some circumstances may require combination of the marketing strategies so as to realize the maximum success. In the imported car enterprise in China, a combination of both guerilla and viral marketing strategies is crucial, since a marketing method is fast, low cost and easy is obtained.
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