Reading Assignment You will read the following section of the Wikibook on Entrepreneurship: http://en.wikibooks.org/wiki/Getting_Started_as_an_Entrepreneur On this site, you will read all of the follo

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Marketing Plan

Part One

Market research is as important as the product because what is a product without

people buying it? An entrepreneur has their ideal market but is it real or was the entrepreneur

overambitious. Another reason is if investors are involved, letting them know your business

is worth funding is an important aspect. This comes to play when what is in the market does

not suit the market, or the product is too extravagant or dull for the market. This brings into

focus the market and in conducting market research. If I like making beaded art and attires or

accessories, I could decide to sell these products in schools and in shopping malls where I can

be sure that the market is diverse and many different people would be interested. But I could

also decide to sell my products at the beach or a tourist attraction site because I will be sure

tourists, local and international would like these things. I could also decide to set up my shop

at an airport where I can be sure to get through to different ages, cultures, and personalities

(Kotler, 705).

While thinking about Grenada West Indies as a potential market, I will have to

consider my customers. I will think about reducing the product’s cost while improving

efficiency. As much as I would want to beat my competitors, I will want to add value to what

is already out there, and I would want the product to eliminate a problem or bring a solution. I

would consider things as the geographic location, the people’s income groups, their ages and

interest, culture, what gender and their nationality. I would also consider the type of industry

I want to tap into as well as its size and what function they play. In the end, it is how to get to

those people who could be potential clients.

Part Two

Based on the customer and market information gathered, I would have a shop set at

the beach or near a nice restaurant where I am assured of tourists every often and where I can

appeal to different needs. I will consider that the place is relatively cheap so I will have them

at a fair price as well as make the products colourful. After considering my markets need and

what gender it appeals to, I will have more products based on my findings (John, 19).

For this, as a small business, I will come up with a marketing plan. The market

situation has the product in place but yet to get customers. I have however predicted the

customer’s needs and their estimated size. The competitors are those from the textile industry

who ‘jazz’ up an outfit with colour, laces, beads and neon colours. I believe I rank third after

them. I chose the middle-income category in this area as it fits the people of Grenada West

Indies.

To beat competition I have established ways to stand out which include customizing

my items for those who will be staying around for more extended periods. By having

incentives and making my packaging better, I believe I will attract attention to my business.

To appeal to the market, I have decided to be up to date with the latest trends in customized

or beaded attire or art. As for the pricing, I have chosen a price that is considerable and

reasonable though not as expensive as my competitors. I have offers and discounts put in

place for my clients too (McDonald, 13).

There are threats as well as opportunities, and these can work against or with me. It

was not until recently that my competitors came up with beaded items in their lines when

they have been in the clothing industry for close to 6 years. An opportunity, however,

presents itself when the company is too dull or too backward with their accessories. They are

also predictable, as they do not associate with their brands or their branding. I believe my

accessories will succeed in the market because I have done research on the market as well as

trends in the country as well as other parts of the world. I also have improved on ways to use

beaded accessories. The demographics are also working to my advantage as most people are

between the ages of 20 – 33 years, and women or some men getting gifts for their women or

girls.

Since the market is only served a good meal or taken someplace beautiful and exotic,

I thought it would be good if they could wear or even carry around a gift they got instead of

having memories that will fade. My primary objective was to have some souvenirs that

people can carry with them to their homes and make somebody happy with these

personalized items. The budget and controls section will allocate money for activities as

marketing strategies, results, tactics and expenses during an amount of time. It will make the

team members focused on a certain goal, which is a crucial resource for the company.

Works Cited

John, B. ‘Strategies for Change: Logical Incrementalism’. 33, 2: (1980), p. 17-20

The Ingredients of a Marketing Plan”: http://www.entrepreneur.com/article/43026-1.

Retrieved 2019-04-01

McDonald, L. Ten barriers to marketing planning: Journal of Marketing Management. 5:1,

(1989), p. 1 – 18

Kotler, H. Marketing Management. 18, 3: (1991), p. 705