Premium Essay

“Marketing Should Be the First Activity in Starting a New Business Venture”

In:

Submitted By hanshivam
Words 814
Pages 4
“Marketing is the first activity in starting a new business venture”

Introduction:

Marketing is the first and most important activity for a new business venture. Marketing introduces business in the market. Marketing plays a vital role in building new business venture's reputation. Company / Firm doesn't take back move to spend more money on marketing. Because initially, this is the only way where the company can pull the attention of many customers. Consumers get to know more and more about the products through marketing.

Let's have a brief discussion about the importance of “Marketing”, why it should be prioritized the most in starting a new business venture.

Brand/Name & Fame Recognition:

Consumers look for “Branded Materials” now a days. So “Brand Recognition” can only be possible with high marketing activities. Marketing is one of the most powerful activities which provides brand recognition to business venture. With Marketing, We get to decide how do we want to rank our company and what we want consumers to know about what we do. We can build a reputation for our brand around our venture's values, benefits and advantages, with consistent effort and great content.

Importance on Community:

The products of the business venture will be more publicized if “Marketing” gives importance on the mindset of the community. Company should understand in what way they can attract the community. The business acquisition in One community will definitely help the new business venture in cascading it's feedback to other communities and places. So importance on “Marketing” is highly required for a successful business operation.

Repeat Exposure:

The new business venture shouldn't get worried about their investment on marketing. The business venture should give repeated exposure to it's product. And the best way of giving repeated exposure to the

Similar Documents

Premium Essay

Student

...Chapter 2 Planning the New Venture Having great ideas and singling out the great opportunity is only the first step in a long journey to a viable venture. The next steps typically need some planning, mostly packaged into what will eventually become a “business plan.” The business plan is a document that evolves from the initial idea into a business concept proposal (BCP) and from there into an opportunity assessment. At each stage of this evolution, the entrepreneur can decide to proceed or move on to a more promising venture. The exercise of putting a business plan together is a helpful one, and by the end of the process you will have a document that helps you and potential investors think about how promising the venture truly is. This chapter covers the whys and how-tos of a business plan in depth, looking at the main parts and why they are important, as well as what to do with your business plan. In addition, we will look at other common themes characteristic of the early phase of technology startups such as product development and marketing and communications strategy, as well as issues of intellectual property. 2.1 What Is a Business Plan? A business plan is a document describing a venture’s opportunity, its product or service, context, strategy, team, required resources, and potential financial returns [1]. It is guided by three basic questions [2]: • Where are we now? • Where do we want to be? • How are we going to get there? There is ample material available...

Words: 9777 - Pages: 40

Premium Essay

Best Buy - the Importance of Organizational Culture and Change

...AMERICAN INTERCONTINENTAL UNIVERSITY PRESENTING BUSINESS PLANS MGMT422 – 1202A - 02 ADVANCED ENTREPRENEURSHIP 04/22/12 Table of Contents I. Table of Contents……………………………………………………………….2 II. Executive Summary……………………………………………………………..3 III. Introduction …………………………………………………………………….4 IV. Business Description…………………………………………………………….5 V. Description of Proposed Product………………………………………………..6 VI. Definition of the Market…………………………………………………………7 VII. Organization and management descriptions………………………………….8 VIII. Marketing Strategies………………………………………………………….11 IX. Financial Management……………………………………………………………12 X. Appendixes…………………………………………………………………….12 XI. Plan Updating Check List………………………………………………………15 Executive Summary Find Your Gadget, Inc. is the name of the new S corporation I started to introduce my invention product “Ring – in Finder” to market. The industry is huge and the market is big and after researching the market, I found that there is a big demand for this type of product. Being difficult to fund the start – up my business; my best choice is to look for venture capitalists to adopt the idea and support my business financially and help me with the best management strategies advice to reach my goals and succeed with my venture. Convincing venture capitalists requires a solid business plan to be presented with an educated request...

Words: 3510 - Pages: 15

Premium Essay

Business Essy

...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...

Words: 3442 - Pages: 14

Premium Essay

Eli Lilly in India: Rethinking the Joint Venture Strategy

...ADMN417 Assignment 2: Eli Lilly in India: Rethinking the Joint Venture Strategy Executive summary: Eli Lilly entered into a joint venture with Ranbaxy in India in 1992. A decade later both must decide whether this relationship remains mutual beneficial. Both companies have enjoyed a strong working relationship with identical value system as well as strong growth. Ranbaxy has become international and thus needs to concentrate more on generics and growth in US and UK; the joint venture with Eli Lilly no longer seems to be central to Ranbaxy’s current goals. With major changes in India’s regulation and patent protection, Eli Lilly can now enter the Indian market independently and soon would enjoy product patent protection. Dr. Lorenzo Tallarigo, president of Intercontinental Operations at Eli Lilly should end the joint venture with Ranbaxy in India. Eli Lilly will purchase all outstanding shares held by Ranbaxy at a fair market value, rebrand its name in India to simply Eli Lilly, and maintain current staff from the joint venture. The current operation from the previous joint venture should be maintained without any additional major changes since profits are already assured beyond 2005. Ranbaxy will be able to focus on the international markets with additional capital and Eli Lilly to continue growth in India. Problem statement: A decade after the formation of the joint venture, several changes have occurred in both the external environment as well as the expectation of...

Words: 1482 - Pages: 6

Premium Essay

Business Plan

...|Qatar University | |College of Business and Economics | |Course Syllabus - Undergraduate | |Course Name: Entrepreneurship & Small Business Management-14478 | |( Course No: MAGT 303 – L52) | |(FALL, 2012) | |(Web Site: qu.edu.qa ) | | | | |Department Information: |Instructor Information: | | |Instructor: Dr. Marios...

Words: 1971 - Pages: 8

Premium Essay

Business Plan for Tracking Device Shoes

...[pic] BUSINESS IDEA [Version 2.1/160708/TeDD/MDeC] Content | | | |Section 1.0 EXECUTIVE SUMMARY……………………………………………. |1 | |Section 2.0 PRODUCT AND SERVICE DESCRIPTION……………………….. | | | |1 | |Section 3.0 TECHNOLOGY DESCRIPTION………….………………………… | | | |1 | |Section 4.0 MARKET AND COMPETITION……………………………………. | | | |2 | |Section 5.0 BUSINESS MODEL………….………………………………………. | | | |2 – 3 | |Section 1.0 EXECUTIVE SUMMARY ...

Words: 1001 - Pages: 5

Premium Essay

Competitive Advantage

...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...

Words: 3442 - Pages: 14

Premium Essay

Compensation

...UNIVERSITY OF SCIENCE & TECHNOLOGY BMET5103 Entrepreneurship Assignment Submitted by: Abdulsalam Al-Souhigi Academic No.201110007 To: Dr. Murad Al-Nashami Contents Introduction ................................................................................................................................................... 2 1 General Characteristics of an Entrepreneur .......................................................................................... 3 1.1 1.2 1.3 1.4 1.5 1.6 2 Passion and Risk Taking ............................................................................................................... 4 Strong Leadership Qualities .......................................................................................................... 4 Strong sense of basic ethics and integrity ..................................................................................... 4 Self-motivated ............................................................................................................................... 5 Self-Confidence ............................................................................................................................ 5 Creativity, Self-Reliance, and Adaptability .................................................................................. 5 Entrepreneurial Skills............................................................................................................................. 5 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8...

Words: 4876 - Pages: 20

Premium Essay

Agribusiness

...either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices. For growers and producers involved in niche marketing, finding and nurturing a competitive advantage can mean increased profit and a venture that is sustainable and successful over the long term. This fact sheet looks at what defines competitive advantage and discusses strategies to consider when building a competitive advantage, as well as ways to assess the competitive advantage of a venture. The Essence of Competitive Advantage To begin, it may be helpful to take a more in-depth look at what it means to have a competitive advantage: an edge over the competition. Essentially a competitive advantage answers the question, “Why should the customer purchase from this operation rather than the competition?” For some ventures, particularly those in markets where the products or services are less differentiated, answering this question can be difficult. A key point to understand is that a venture that has customers has customers for a reason. Successfully growing a business is often dependent upon a strong competitive edge that gradually builds a core of loyal customers, which can be expanded over time. Producers and suppliers familiar with farming and ranching may know that successful ventures in the agriculture industry have typically operated in a commoditized, price-driven market, where all parties produce essentially the same product. Such conditions imply...

Words: 3465 - Pages: 14

Premium Essay

Academic Roots: the Past and Present of Entrepreneurial Marketing

...Entrepreneurial Marketing Dr. Gerald E. Hills Turner Chair and Professor of Entrepreneurship Bradley University 1501 West Bradley Avenue, Peoria, IL 61625 E-mail: hills.gerald@gmail.com Claes M. Hultman, PhD Professor of Business Administration Swedish Business School Orebro University SE-701 82 OREBRO, Sweden Phone: +46-19303522 Fax: +46-19332546 E-mail: claes.hultman@oru.se Dr. Hills holds the Turner Endowed Chair in Entrepreneurship at Bradley University and he chairs the annual Research Symposium on Marketing and Entrepreneurship. His current research interests include entrepreneurial marketing and opportunity recognition. Claes M. Hultman holds a chair in Marketing at Swedish Business School at Örebro University and he is the author of many books and articles in marketing & entrepreneurship. His current research interests include entrepreneurial marketing and commercialisation processes in innovation based firms. Abstract Research in Entrepreneurial marketing is about 30 years old. During this period research has followed many trajectories. Two important but divergent routes are small business marketing versus entrepreneurial marketing mirroring the discourse of small businesses versus entrepreneurial firms. Today small business marketing and entrepreneurial marketing are regarded as separate research fields, however related. EM-researches have been very openminded towards different approaches in methodology, especially compared to research within mainstream marketing in...

Words: 4924 - Pages: 20

Premium Essay

Case Study

...Chapter 6 Vocabulary * Entrepreneurship—the creation of an innovative organization for the purpose of economic gain or growth under conditions of risk or uncertainty * Business Incubation—a business support process that accelerates the successful development of start-up and fledging companies by providing entrepreneurs with an array of targeted resources and services * Small Business—as one that is independently owned and operated and which is not dominant in its field of operation * Family Business—is one owned and managed mostly by people who are related by blood and/or marriage * Business Plan—describes the basic idea that is the foundation for the start-up and outlines how that idea can be turned into reality * Franchise—is a business operated by someone (the franchise) to whom a franchiser grants the right to market a good or service * Principle of Affordable Loss—the conscious determination of the amount of resources(money, time, and effort) entrepreneurs are willing to commit to an idea, which, in turn, influences the choice of strategies and methods needed to generate early revenues * Venture Capitalist—typically provides equity (ownership) financing for start-up and young, rapidly growing enterprises * Business Angel—is a private individual who invests directly in firms and receives an equity stake in return * Corporate Entrepreneurship—refers to the development, promotion, and implementation of innovative initiatives in established...

Words: 1817 - Pages: 8

Premium Essay

Narrative

...DEDICATION “ To succeed you must first improve, to improve you must first practice, to practice you must first learn, and to learn you must first fail.” The writer would like to dedicate this piece of work to those people who inspired and encouraged him in many ways…. To all his mentors and faculty members of the Institute of Information and Communication Technology, To his beloved mother and father… To his friends, classmates and special friend.. Above all, to our Lord Jesus Christ who is the source of everything. John Mar ACKNOWLEDGMENT “ Commit to the Lord whatever you do and your plans will succeed.” ( Proverbs 16:3 ) After all the sacrifices, challenges and hardships encountered by the author of this narrative, at last fulfillment of this work came into reality through God’s help, guidance and blessings. To the unending help of many people concerned, who gave their time, continued support and guidance by contributing in the accomplishment of this narrative report, the author would like to extend his profound gratitude and sincere appreciation to the following: Instructor Joey C. Cereno, the subject teacher for helping and giving his precious time to give assistance and encouragement. For his untiring efforts in giving comments and suggestions, for his kindness, knowledge and understanding. To all his mentors and faculty members of the Institute of Information and Communication Technology, for being an inspiration and a hand who is always willing...

Words: 3374 - Pages: 14

Premium Essay

Busn 460

...smoothly and efficient as possible. Our goal for CanGo is to help them answer any questions that they might have or might arise in the near future. We have come across quite some problems with the company already, but are typical because of the short time that the company has been around. New businesses typically fall into this type of category, where they run into problems, which they don’t even know there is or exist. With CanGo taking on an AS/RS it can really help the company take off and be even more successful than it already is. But first CanGo needs to look with in its company and fix issues such as not having either of vision or mission statement that both employees and customers can look back on and see what this company is all about. With CanGo not handling personnel issues properly can cause ugly lawsuits in the future, and this is something we want to avoid. The top management team at CanGo has a lot of improvements to make from decision making to evaluating employees properly. Over the weeks we will work closely with everyone at CanGo and turn this company around and give it a fresh start. Interactive Alpha Consulting has been retained by CanGo to observe their business processes and provide any course of action needed to address various challenges facing the firm. During our observation, my associates and I noticed some current issues that need to be addressed by CanGo’s management. These issues if not resolved can lead to future problems that...

Words: 3744 - Pages: 15

Premium Essay

Philosophy Booklet. Short Essays.

...VIA survey of character strengths test. I have decided to take this test because it assists me to find out all the qualities that I do have that have a bearing, not only in my private life but also in my business one. The qualities that are surveyed by this test include: creativity, critical thinking, fairness, diligence, leadership, teamwork, enthusiasm, discretion, honesty, self-control, social intelligence, optimism, and humour, among others. I want to identify my strengths and weaknesses in terms of qualities that are essential for entrepreneurial success. I will cultivate the strong qualities I have and work hard to cultivate my weaker qualities. I wish to be a successful business person. What qualities to cultivate in order for me to be a successful entrepreneur I have taken the VIA survey of character and I have found out the qualities that I am good in. The following are my strongest qualities: creativity and ingenuity, critical thinking, open mindedness, judgement, fairness, diligence and perseverance. I am also strong in terms of leadership. I have come to such a conclusion because these qualities are in the top ten of my best ones, out of 24 characters that I have been assessed on. I won’t talk about these qualities, although they are very vital for business, because I am good...

Words: 9167 - Pages: 37

Premium Essay

Philosophy Booklet. Short Essays.

...the VIA survey of character strengths test. I have decided to take this test because it assists me to find out all the qualities that I do have that have a bearing, not only in my private life but also in my business one. The qualities that are surveyed by this test include: creativity, critical thinking, fairness, diligence, leadership, teamwork, enthusiasm, discretion, honesty, self-control, social intelligence, optimism, and humour, among others. I want to identify my strengths and weaknesses in terms of qualities that are essential for entrepreneurial success. I will cultivate the strong qualities I have and work hard to cultivate my weaker qualities. I wish to be a successful business person. What qualities to cultivate in order for me to be a successful entrepreneur I have taken the VIA survey of character and I have found out the qualities that I am good in. The following are my strongest qualities: creativity and ingenuity, critical thinking, open mindedness, judgement, fairness, diligence and perseverance. I am also strong in terms of leadership. I have come to such a conclusion because these qualities are in the top ten of my best ones, out of 24 characters that I have been assessed on. I won’t talk about these qualities, although they are very vital for business, because I am good in...

Words: 9167 - Pages: 37