Bus 521 Entrepreneurship Innovation Marketing Strategies

Bus 521 Entrepreneurship Innovation Marketing Plans Strategies A

State the key attributes of a product or service that you would use to develop a marketing message. Next, identify two (2) or three (3) unique selling propositions you believe a company would focus on to develop a competitive advantage in their industry.

As the marketing manager, describe how you would spend your marketing budget to get the most value for your organization. As part of your budget, you must select one (1) traditional marketing venue (newspaper, TV, mailers, coupons, etc.) and one (1) online marketing strategy (website, social sites, mobile, search ads, etc.). Discuss why you believe these two (2) tactics are the best options to consider for your business model. Justify your response.

Paper For Above instruction

Effective marketing hinges on understanding the fundamental attributes of a product or service that resonate with target consumers. Key attributes often include quality, price, functionality, and emotional appeal. For instance, a high-quality product promises durability and reliability, while a unique service offering may emphasize convenience or innovative features. These attributes shape the messaging strategy by highlighting what makes the product or service distinctive and compelling to potential buyers. For example, Apple emphasizes sleek design and user experience, aligning product attributes with consumer desires for innovation and style (Kotler & Keller, 2016).

In developing a competitive advantage, companies typically focus on unique selling propositions (USPs) that differentiate them from competitors. Three USPs that can foster a strong market position include exceptional customer service, innovation, and cost leadership. Exceptional customer service builds loyalty and positive word-of-mouth, providing a competitive edge through superior customer experience (Zeithaml et al., 2018). Innovation as a USP allows companies to introduce cutting-edge products or services, capturing market share and positioning themselves as industry leaders (Chesbrough & Rosenbloom, 2002). Cost leadership offers price advantages, appealing to price-sensitive consumers while maintaining profitability (Porter, 1985). Prioritizing these USPs enables firms to carve out niches and sustain competitiveness in dynamic markets.

As a marketing manager aiming for maximum value, strategic allocation of the marketing budget is crucial. Traditionally, investing in outdoor advertising, such as billboards or local newspapers, can effectively increase brand awareness among local consumers (Mason & Bearden, 2002). However, in a digital-driven market, online marketing strategies often deliver better ROI. For the online component, utilizing targeted search engine advertising (e.g., Google Ads) is particularly effective, as it captures consumers actively searching for related products or services, ensuring high intent engagement (Jansen, 2011). Complementing this with social media marketing, especially on platforms like Instagram or Facebook, provides opportunities for brand storytelling, customer engagement, and community building. These strategies are justified because they are measurable, scalable, and aligned with current consumer behavior trends, maximizing outreach within a specified budget (Lipsman et al., 2012).

References

  • Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: Evidence from Xerox Corporation’s technology spin‐off companies. Industrial and Corporate Change, 11(3), 529–555.
  • Jansen, B. J. (2011). Search engine marketing: The art of the bid. Journal of Digital & Social Media Marketing, 1(2), 104–113.
  • Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.
  • Lipsman, A., Mudd, G., Rich, M., & Bruich, S. (2012). The power of “like”: How brands reach and influence fans through social media marketing. Journal of Advertising Research, 52(1), 40–52.
  • Mason, C. H., & Bearden, W. O. (2002). Dynamic advertising effects: A framework for analyzing TV ad time and commercials. Journal of Advertising, 31(2), 27–41.
  • Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. Free Press.
  • Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2018). Services marketing: Integrating customer focus across the firm (7th ed.). McGraw-Hill Education.

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