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I have an assignment I need help with. I've completed majority of the assignment. I just have a few sections I need help with. Please see assignment instructions below:

Marketing plays an essential role in managing and growing a firm. To gain an in-depth perspective on marketing as it relates to entrepreneurship. Write a 1,400- to 1,750-word paper addressing marketing and branding a heath care related product or service. Select an existing health care related product or service and include the following in your paper:

  • Target Market
    • What is a target market? (completed)
    • What is the target market of the product or service selected?
    • What is the importance of selecting a target market? (completed)
    • What issues and questions must be considered when selecting and managing a target market? (completed)
  • Branding
    • What is a brand? (completed)
    • Why is branding important? (completed)
    • After selecting a current, common health care brand, address the following:
      • What images or thoughts do you relate to that brand?

***Cite a minimum of four scholarly sources.

Word count is currently @ 805. I need 600 words to meet minimum word count.

Thank you so much!!! :-)


ENTREPRENEURSHIP MARKETING Entrepreneurship Marketing

 

LaQuenta Reynolds

 

HCS/567 Entrepreneurship in Health Care

 

October 10, 2016

 

Professor Jackie Lucas 1 LEARNING TEAM: WEEKLY REFLECTION 2 Entrepreneurship Marketing

 

Branding and Marketing plays an essential role in managing and growing a firm. To gain

 

an in-depth perspective on marketing as it relates to entrepreneurship, it is imperative to

 

effectively marketing and brand a product and or service (UOP, 2016). Entrepreneurial marketing

 

is best described and defined by the types of companies that use it. Entrepreneurial marketing is

 

not just a simple nor single marketing strategy, but more so a marketing morale that differentiates

 

itself from conventional marketing strategies. The most common factors of entrepreneurial

 

marketing include innovation, being proactive, and risk taking.

 

The intent of this paper is for the author to explain target marketing, the importance of

 

selecting a target market, and some issues and questions that must be considered when selecting

 

and managing a target market. Additionally, the author will explain branding and its significance

 

in marketing. Last, the author will share her images or thoughts related to that brand; whether or

 

not the branding appeals to the market, and if those images influence consumers? decisions to

 

buy or use that brand; whether or not the product is successful; the profitability of the product

 

and the effect on the bottom line; and whether or not, if this were her product or service, what

 

she might have done differently (UOP, 2016).

 

What is a Target Market?

 

The number of market segments is a myriad: divided and or separated by location,

 

demographic, region, education, age, gender, and so on. A business target market is the specific

 

group of people to whom they are trying to sell/solicit their services or products to. Both LEARNING TEAM: WEEKLY REFLECTION 3 businesses and a marketing specialist most understand their market to help determine their

 

potential consumer/customer base.

 

Product/Service

 

Target Market

 

Importance of Selecting a Target Market

 

When organizations define their potential consume/customer base it helps them identify

 

and or expose whether or not there will be enough to sustain business. Organizations can do this

 

by modifying their business plan and focus services and products on consumers/customers' needs

 

and wants. Additionally, businesses can target their marketing efforts to identify and or connect

 

with both their loyal and most promising prospects and craft their marketing messages

 

accordingly and or more appropriately.

 

The three most important factors to consider prior to selecting a target market include

 

examining and understanding your product, conducting a market evaluation, and company

 

evaluation and capabilities. Before a business select their target market, it is important to know

 

their service or product and what it offers. Market segments should also be evaluated according

 

to how they align with the company?s goals and objectives, capabilities, and resources. To

 

remain competitive and to be successful, companies need a distribution channel that connects

 

with their target audience and have enough funding to launch, distribute, and market their service

 

or product to target audience. Businesses should select a market segment that complements their

 

company image, so they can connect/identify with the buyer. LEARNING TEAM: WEEKLY REFLECTION 4 Issues and Questions to be Considered When Selecting and Managing a Target Market

 

Targeting a market is being able to identify a business? potential and or primary

 

customers. To effectively manage a target market there are several issues and questions a

 

company should consider and ask when selecting a target audience, such as: Who would pay for

 

their service or product? Who are their existing customers? Are they overestimating their reach?

 

What is their revenue model? How will they market, promote and sell the service or product?

 

How will they find customers? Is there room to expand their target market? According to

 

NetMBA.com, 2010, issues to consider in a target market selection include evaluating: Market size

 

Growth rate

 

Competitors in segment

 

Brand loyalty of existing customers in the segment

 

Required market share to breakeven

 

Revenue/Sales potential

 

Expected profit margins

 

When selecting and managing a target market, there are several different target market strategies that could be implemented, such as Single-segment, Selective Specialization, Product

 

Specialization, Market Specialization, Full Market Coverage, and Individual marketing strategies

 

(NetMBA.com, 2010). What is a Brand? LEARNING TEAM: WEEKLY REFLECTION 5 According to Business Dictionary, 2016, Brand is a unique sign, symbol, words, design,

 

or a combination of these, embedded in creating an appearance/image that identifies a service or

 

product and differentiates it from its competitors (Business Dictionary, 2016). Over a certain

 

duration, this image becomes associated with a level of quality, credibility, and rapport with

 

customer?s/consumers. Brand is how consumers perceive a company.

 

Importance of Branding

 

Branding provides a competitive advantage. Organization?s needs to compete for

 

audience attention, funding and talent, and resources. To be successful and remain competitive

 

and or set benchmarks, organizations need to implement strategies to acquire the aforementioned

 

with their brand. Brands also provide a stable asset. Brands are the most sustainable asset of any

 

organization, spite whether or not their companies merger, are sold and bought, technologies

 

change, and or their products fail. The most important reason for branding is it helps promote

 

recognition, differentiates businesses from competitors, generates referrals, helps businesses

 

connect with consumers, provides business value, and most importantly, branding represents the

 

company and their promise to their consumers and setting benchmarks.

 

What images or thoughts do you relate to that brand?

 

Does the branding appeal to the market? Do those images influence consumers? decisions to buy

 

or use that brand?

 

Is the product successful?

 

What is the profitability of the product and what is the effect on the bottom line?

 

If this were your product or service, what might you do differently? References LEARNING TEAM: WEEKLY REFLECTION

 

Business Dictionary. (2016). Brand Definition. Retrieved from

 

http://www.businessdictionary.com/definition/brand.html

 

NetMBA.com (2010). Target Market Selection. Retrieved from

 

http://www.netmba.com/marketing/market/target/ 6

 







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