Reflection on Marketing Plan: Entrepreneurial Venture

timer Asked: Mar 6th, 2019
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Question Description

I attached the reading

Please follow the example below:

Important Reading Concepts

  • In any entrepreneurial venture, entrepreneurs must first understand their prospective customers before selling their new products or services. The first step involves understanding customer's problems that need to be addressed by the product or service.
  • Entrepreneurs should then visit potential customers. Essentially, making a face-to-face visit with the customer is one of the most effective ways of unearthing vital information from them. Besides, such visits also help entrepreneurs to exhibit the prototype of their products and find out the unmet needs.
  • Using the information gathered during the visit, entrepreneurs can then identify the core customers. This will help the entrepreneur to determine the appropriate amount of goods to produce and how to design a customer profile.
  • Identification of core-customers enables the entrepreneurs to understand the customers' buying behavior and organize how they sell their products or services to them.
  • Entrepreneurs selling activities should be integrated with marketing activity because marketing activities such as advertisement help to attract more customers and in turn make more sales.

Personal reflection

I believe that customers are the main determinants of a ventures' success. As such, entrepreneurs should endeavor to understand their customers' needs and also strive to meet those needs. This will certainly help to improve customer satisfaction as well as the products sales. I also believe that understanding the customers' needs would help the entrepreneurs to determine the features that should be integrated into their products in order to address the customers' need more satisfactorily.

Entrepreneurs should also organize how they can sell their products more effectively. In other words, entrepreneurs should try to make their products and services more accessible to the customers. Besides, the selling activities should be linked with marketing activities such as advertisements in order to yield more sales.

I believe that marketing the products increases the business customer base because more customers would be attracted to products service offered by the business.

Tutor Answer

School: Duke University


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