Entrepreneurs Must Decide What To Sell, To Whom, And How ✓ Solved
Entrepreneurs Must Determine What To Sell To Whom And How Of
"Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company's target customers and describes how it will attract and keep them. The process does not have to be complex." (Scarborough & Cornwall, 2015, p. 274). Using the business from Assignment 2, write a three to four (3-4) page paper in which you: Identify its primary target market. Specify three (3) methods you will use to research customer needs and wants. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity. Include at least two (2) references outside the textbook.
Paper For Above Instructions
In today's competitive landscape, entrepreneurs must have a clear understanding of their marketing strategies to effectively reach their target audience. This paper aims to outline a marketing plan for a fictional business, GreenTech Solutions, which specializes in eco-friendly home products. This plan will identify the primary target market, research methods for understanding customer needs, the marketing mix components, and an advertising budget for the first year.
Identifying the Primary Target Market
GreenTech Solutions targets environmentally conscious consumers aged 25 to 45 years who are interested in sustainable living and home improvement. This demographic is typically well-educated and has a moderate to high income, enabling them to invest in eco-friendly products that contribute to their lifestyle choices. According to a report by Statista (2020), the demand for sustainable products is rising, especially among millennials and Gen Z consumers who prioritize sustainability in their purchasing decisions.
Research Methods for Customer Needs and Wants
To effectively understand the needs and wants of the target market, GreenTech Solutions will implement three key research methods:
- Surveys: Conducting online surveys targeting existing customers and potential clients will provide quantifiable data on preferences and trends in eco-friendly products. The surveys will incorporate questions about product types, price sensitivity, and preferred purchasing channels.
- Focus Groups: Organizing focus groups comprising members of the target demographic allows for deeper qualitative insights. These discussions can reveal emotional drivers behind product choices and usage, offering valuable context that surveys may miss.
- Social Media Analytics: Analyzing social media platforms such as Instagram and Facebook will help gauge customer reactions and interactions with eco-friendly content. Metrics such as engagement rates and sentiment analysis provide direct feedback on market trends and product relevance.
The Marketing Mix
Product
GreenTech Solutions offers a range of eco-friendly home products, including biodegradable cleaning supplies, solar-powered gadgets, and sustainable furniture made from recycled materials. Each product is designed to minimize environmental impact while maintaining high quality and functionality. The product line will evolve based on customer feedback and emerging eco-friendly technologies.
Pricing Strategy
The pricing strategy will adopt a value-based pricing approach, taking into consideration the uniqueness of eco-friendly products and the willingness of target customers to pay a premium for sustainability. A competitive analysis will inform pricing decisions, ensuring that prices are in line with both competitors and perceived customer value. Regular discounts and loyalty programs may be utilized to encourage repeat business.
Promotion
Promotion strategies will leverage online and offline channels to reach the target audience effectively. Key promotional activities include:
- Content Marketing: Creating engaging blog posts, videos, and infographics focused on sustainability tips and product features. This will establish GreenTech Solutions as a thought leader in the eco-friendly space.
- Social Media Campaigns: Utilizing Instagram and Facebook for targeted advertisements featuring user-generated content and customer testimonials to boost brand authenticity.
- Email Marketing: Developing a monthly newsletter to share product updates, offers, and informative content related to sustainable living.
Placement/Distribution
Distribution will primarily occur through an e-commerce website, which will serve as the main sales channel. Collaborations with eco-conscious retailers and local farmers' markets will also offer additional distribution points. Advanced logistics will be developed to ensure timely delivery while minimizing carbon footprints, further aligning the brand with its eco-friendly values.
One-Year Advertising Budget and Plan
The advertising budget for the first year will total $50,000 and will be allocated as follows:
- Digital Advertising (30% - $15,000): Includes pay-per-click campaigns on Google and social media advertising.
- Content Creation (20% - $10,000): Funding for hiring content creators and designers to produce engaging materials.
- Email Marketing (10% - $5,000): Costs associated with marketing automation tools and newsletter design.
- Public Relations (20% - $10,000): Investing in PR campaigns to build relationships with media and amplify brand presence.
- Events and Sponsorships (20% - $10,000): Participating in eco-friendly expos and sponsoring community events focused on sustainability.
The timeline for the advertising campaigns will be broken down into quarters, with an initial focus on brand awareness, followed by customer acquisition strategies, and ultimately developing customer retention practices through loyalty programs.
Conclusion
In conclusion, a well-structured marketing plan is essential for any entrepreneur looking to establish a successful business in today’s marketplace. By understanding the target market, leveraging comprehensive research methods, and formulating a clear marketing mix, GreenTech Solutions aligns itself with customer expectations and sustainability principles. The proposed advertising budget further ensures that the brand effectively reaches and retains its audience, paving the way for long-term growth and success.
References
- Scarborough, N. M., & Cornwall, J. R. (2015). Essentials of Entrepreneurship and Small Business Management. Pearson.
- Statista. (2020). Consumers' reasons for purchasing sustainable products in the United States as of 2020. Retrieved from [website URL]
- McKinsey & Company. (2021). How retail can reset for a sustainable future. Retrieved from [website URL]
- GreenBiz. (2019). The state of green business 2019. Retrieved from [website URL]
- Forbes. (2020). The consumer preference for sustainability. Retrieved from [website URL]
- Harvard Business Review. (2019). The new sustainability strategy. Retrieved from [website URL]
- HubSpot. (2021). The ultimate guide to startup marketing. Retrieved from [website URL]
- Nielsen. (2015). The sustainability imperative: New insights on consumer expectations. Retrieved from [website URL]
- Accenture. (2020). The sustainability imperative: New insights on consumer expectations. Retrieved from [website URL]
- Business Insider. (2021). Why eco-friendly products are now more popular than ever. Retrieved from [website URL]