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ENTREPRENEURSHIP MARKETING Entrepreneurship Marketing LaQuenta
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)
- 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
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.
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
Competitors in segment
Brand loyalty of existing customers in the segment
Required market share to breakeven
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
NetMBA.com (2010). Target Market Selection. Retrieved from
This question was answered on: Feb 21, 2020
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