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- Explain with examples the need and significance of marketing activities for any new business.Examine TWO (2) separate ways that entrepreneur identify new business, product, and service opportunitiesIn determining the purpose of existence of a business, explain 4 steps that a business goes through to achieve a competitive advantage.
- Describe the four business growth strategies: marketpenetration, product development, market development, and diversification.Use Mullin's seven Domains Model to examine the Market Feasibility and Industry Feasibility of your new refined businessDiscuss 3 characteristics of a successful business plan
- Discuss three marketing strategies that an entrepreneur can utilize to be competitiveCritically and creatively assess, and contrast, a wide-variety of business opportunities.Marketing Strategy and Plan choose a local small business industry that YOU are very familiar with, including the competitors. For example, a local independent hamburger restaurant like Proper Burger Co. or Millie's Burgers competing with national chains like McDonalds and Burger King and even local chains like Crown Burgers and Apollo Burgers. create a marketing strategy and plan for a specific small business in that industry. Prepare a document for your marketing strategy and plan by completing the sections below. Marketing Strategy and Plan Target market/customer (Students are free to decide this) Market segmentation and penetration (categories to be researched include) Demographics Geographics Psychographics Identify and analyze competitors (for impact to marketing strategy and plan) Product (Stage of product life cycle, packaging, support, customization) Price (Effect of product life cycle, meeting competition, cost-oriented, discounts and allowances) Promotion…
- what is the importance of identifying opportunities in the market before starting up a business? Why is there a need for the entrepreneur to clearly identify and define the customers of their proposed business venture?1. Identify the different sources of business opportunities. Cite an example for each sources of business opportunities that will meet the needs of the market.Define/describe an entrepreneur and enumerate the characteristics of a successful entrepreneur and discuss how knowing them will be helpful.