Marketing your Business (ANSWERED)

QUESTION

Required Resources

Read/review the following resources for this activity:

Textbook: Chapters 11 and 12
Lesson
Week Three discussion response
Minimum of 1 scholarly source

Initial Post Instructions

Think back to the business you proposed in week three’s discussion about entrepreneurship. Briefly propose a marketing strategy for your business. Consider the following questions.

Who is your target market?
What is your competitive advantage?
How will you use the five elements of the marketing mix: product, price, place, promotion and people?

ANSWER

Marketing your Business: Marketing Mix

My proposed small business was a small delivery company operating in California, Nevada, and Oregon states. My target market is small businesses with products to be delivered to their customers and direct orders from customers. Food businesses and small retailers with products to be delivered to homesteads will be my priority.

My competitive advantage is efficiency through safe and on-time delivery of products to their customers. At the same time, my pricing will be favorable to my customers, with regular discounts. Since it is a start-up, I would devise marketing strategies to form a customer base and build loyalty for business growth.

Using a marketing mix will include its elements- the 5 Ps; I will ensure my product (in this case, a service) will fulfill its purpose as my customers would expect. Therefore, I will have transport means ready and all requirements. The price aspect of my business will match my customers, who are also small businesses looking to grow gradually.

Since I have determined my strategic market, which will be food and small retail businesses needing to deliver directly to their customers, I will need a marketing strategy that will represent the promotion aspect of the market mix (Constantinides, 2006). Therefore, I will approach promotion means like creating online ordering to let businesses and customers know of my services. I will include social media and e-mail marketing and also collaborate with the restaurants to announce their delivery options through posters, indicating my delivery company as the partner (Lorette).

In the place aspect, I will be operating between three states, California, Nevada, and Oregon, since they are adjacent states. Personnel involved will include less than ten in-house employees, who will help in logistics, marketing, and communication.

References

Constantinides, E. (2006). The Marketing Mix Revisited: Towards The 21st Century Marketing. Journal Of Marketing Management, 22(3-4), 407-438. https://doi.org/10.1362/026725706776861190

Lorette, K. (n.a.). Marketing Plan for a Delivery Service. Small Business.Chron. https://smallbusiness.chron.com/marketing-plan-delivery-service-3235.html