CIU Best Practice to Bootstrap a Market Plan

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ZWbarf024

Business Finance

California Intercontinental University

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Background. This week you will be learning about the Directory of Open Access Journals (DOAJ) enabling you to access, at no cost, an assortment of research articles. The front page and search engine are at https://doaj.org/. Most of DOAJ’s articles are suitable for research and dissertations.

Goal. Your goal is to create an argumentative essay involving at least two publications from DOAJ. Visit DOAJ and begin your search using a keyword search; afterward, expand your research using related keywords. Your argument should present, describe, and support a best practice enabling entrepreneurs to bootstrap a market plan or better understand and implement advertising/promotion.

You should select at least two DOAJ publications you find interesting; however, they should be no older than six years old. Moreover, you may wish to supplement your research using a journal article from LIRN and OALib.

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Week 3's Assignment Write a 5-7 page paper in APA format (not including the cover page and reference page) arguing for a best practice enabling entrepreneurs to bootstrap a market plan or better understand and implement advertising/promotion. Background. This week you will be learning about the Directory of Open Access Journals (DOAJ) enabling you to access, at no cost, an assortment of research articles. The front page and search engine are at https://doaj.org/. Most of DOAJ’s articles are suitable for research and dissertations. Goal. Your goal is to create an argumentative essay involving at least two publications from DOAJ. Visit DOAJ and begin your search using a keyword search; afterward, expand your research using related keywords. Your argument should present, describe, and support a best practice enabling entrepreneurs to bootstrap a market plan or better understand and implement advertising/promotion. You should select at least two DOAJ publications you find interesting; however, they should be no older than six years old. Moreover, you may wish to supplement your research using a journal article from LIRN and OALib. Remember to read the publications and extract essential information helping you build an argument. If you need techniques for reading articles, then check out https://helpfulprofessor.com/?p=1258 and https://www.sciencemag.org/node/2373599 because they offer sound advice for reading articles. If you need a way to organize your notes, consider using the Cornell method at https://is.gd/rI5hub or using an Excel spreadsheet to organize your notes. Important Note. You may wish to use Modules 1, 2, 5, and 8, at http://tinyurl.com/yyzjvj9k, to help with planning and drafting your essay. (Course Book for class) Scarborough, N. M., & Cornwall, J. R. (2014). Entrepreneurship and effective small business management (11th Edition). Pearson Education (US). APA 7 format
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Explanation & Answer

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1

Best Practice to Bootstrap a Market Plan

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Best Practice to Bootstrap a Market Plan
Marketing is the process of creating and delivering quality goods and services to
customers. Additionally, marketing is also the process that a business goes through to attain
and keep its customers. A marketing plan is essential to every business enterprise, large
corporations, and small upcoming business as marketing expands and maintains a business.
However, a bootstrap market plan is a low-cost, budget-friendly marketing strategy that
entrepreneurs can implement in their companies to help reduce the costs of marketing. The
paper argues the best practice that an entrepreneur can use to bootstrap a market plan is the
Seven-Sentence Strategy.
The Seven Sentence Strategy
To begin with, the best practice that can help entrepreneurs understand and implement
advertising/promotion is by using the seven-sentence strategy to implement the marketing
plan. Moreover, the seven sentence strategy has seven sentences that cover what a marketing
plan should involve to ensure that every area essential in the business is protected. The sevensentence strategy questions: What is the marketing plan's purpose, or what is the end goal of
the marketing plan? The entrepreneur's target audience using the marketing plan.
Additionally, what is the entrepreneur's niche?
Furthermore, which benefits and competing advantages will the marketing strategy
give the entrepreneur? What is the identity of the company? Which tactics, techniques, and
weapons do the company want to use in marketing its products or services? Lastly, is what
the marketing budget by the entrepreneur is? Using these seven questions, an entrepreneur
will understand what they need to implement advertising/promotion in their company.

3

Purpose of the Marketing Plan
An entrepreneur needs to identify what their marketing strategy aims to achieve. The
entrepreneur should define the purpose of the marketing plan in terms of SMART strategy.
The SMART design explains that a goal should be specific, measurable, attainable, relevant
to the business objectives, and timely. Therefore, the entrepreneur should define what they
expect customers to do after undergoing or experiencing the marketing process. For example,
an entrepreneur may want to market their new products. Therefore, the marketing strategy
should focus on how to make the customers buy this new product. Additionally, the
marketing strategy should define the number of products the entrepreneur wants to sell by the
end of a specific period. Using this strategy, an entrepreneur will know which marketing
technique to use to achieve the desired purpose of marketing.
Pinpoint the Target Audience
Furthermore, the entrepreneur should pinpoint the target audience of the marketing
strategy, which they plan to target to become a consumer in his business. Most marketing
experts argue that small businesses fail because they assume that a marketing strategy fits all
consumers. The speculation is wildly inaccurate due to the different tastes and preferences
that consumers in the market have. Furthermore, most small businesses focus on sales rather
than the customers' satisfaction, and the trend is likely to br...


Anonymous
Excellent resource! Really helped me get the gist of things.

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