Entrepreneurship: Starting and operating a small business

Module Readings

Complete the following readings early in the module:

Conclusion

In this Module, you’ll discuss the marketing mix. Having the right products and services, with the right price strategy, offered at the right place, with a consistent and well-planned promotion, can definitely help entrepreneurs.

In this module’s assignments, you will develop the second part of the business plan and submit it. For the second part of the business plan, you need to perform market research, defining how the marketing plan targets the market segment businesses, and provide a positioning statement for your venture. You will also submit a strategy and an implementation summary encompassing products or services, competitive edge, marketing strategy, and sales strategy.

Module Overview:

This Module focuses on the marketing issues that entrepreneurs face and the development of a marketing plan.

In this module, you will study how entrepreneurs can understand their potential customers. With the information collected on customer profiles and needs, firms can define and select their target markets and how they establish a position in the chosen market. You will also discuss the marketing mix, which comprises the 4 Ps (product, price, place, and promotion) of marketing, as it relates to young entrepreneurial firms, the sales process, and customer satisfaction.

Assignment: Discussion—Feasibility Analysis—Marketing

Tracy, one of your friends, is in the early stages of conducting a feasibility analysis for a small business consulting company. Understanding the target audience and the marketing mix is a mandatory step for achieving success in her new venture. Branding is equally important. In this assignment, you will act as a consultant to Tracy to find the best answers to her problems related to understanding the market and planning and executing the correct marketing strategies. 

Tasks: 

Respond to the following questions:

  • How would you advise Tracy to approach the following topics?
    • Market segmentation
    • Selection of a target market
    • Development of a positioning strategy
  • You are familiar with the concept of branding and know that because her company is new, she will have to build a brand from scratch. What needs to be done in this case?

 Submission Details:

  • By Friday January 4, 2019 ,post your responses to this Discussion Area. While responding, address issues brought up in your posts and compare them.

Write your initial response in 300–500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation.

Do the following when responding:

  • Read your  answers. Provide substantive comments by contributing new, relevant information from course readings, Web sites, or other sources; building on the remarks or questions; or sharing practical examples of key concepts from your professional or personal experiences Respond to feedback on your posting and provide feedback on their ideas. Make sure your writing is clear, concise, and organized; demonstrates ethical scholarship in accurate representation and attribution of sources; and displays accurate spelling, grammar, and punctuation. 

Grading Criteria:

Quality of initial posting, including fulfillment of assignment instructions

Reference to supporting readings and other materials

Language and grammar 

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