Real world examples of entrepreneurial marketing

As real world comes into play, it becomes a whole new ball game. Being business book smart helps, but to a certain extent. There are things constantly changing in the business world on a day by day basis so being able to adapt to those changes can be what keeps your head above water at times. Peoples wants and needs also change daily, including the way things are made and being used so therefore it changes the market constantly. With business, experience is everything and will teach you the most about how to adapt to these changes and how to be successful. Study what works and doesn't work, this paragraph is from entrepreneur.com: We learn from experience. We also learn from the experience of others. That’s how all successful executives and business leaders got that way. If you have to read anything, read about real successes and failures in the real business world. Try Organizing Genius by Warren Bennis or Business Adventuresby John Brooks. It’s Warren Buffett’s and Bill Gates’s favorite business book for a reason. Also plan for success and develop competitive barriers, this is also another paragraph from that same source: Come up with a plan, put all you’ve got behind it, then figure out what can go wrong, including coming up with a strategy to keep bigger and better funded competitors from beating you at your own game. If you’re successful, that’s exactly what will happen. If you’re not, it doesn’t really matter, now does it? That’s why you always plan for success.  

Networking, Guerrilla marketing and other non-monetary marketing techniques

Much of the time in big markets with small or large businesses, business owners will stay so focused on targeting large priced products along with expensive services which can cause limited potential for business success. A lot of business success can come from focusing on targeting smaller and lower cost products which can bring in good amounts of profit while your main focus can be on main products. Engaging in Guerrilla marketing helps keep existing customers engaged in products and gives them new looks in products and services.

Public Relations

Once a business is built up and is heading in the right direction, you must not slack off of your work because there will always be somebody that owns another business who is outworking you. A business can fail in the blink of an eye if proper precautions are not taken, this can mean many things but one very particular can be a good backbone for a business and that is maintaining very good public relations. Now this can mean having good relations with customers whom can spread a good word out about your business or having good relations with the public as a whole. This also includes getting good with other big businesses and even there public who can help you out when needed. Good public relations can help a business adapt mutually to each other which just get things started off on the right foot. Part of success from public relations refers to public opinion or other evidence of public support. Needless to say, public relations play a big role in a businesses success.

E-marketing

In order for a business to become successful it must market its products to the customers in the way that catches the most attention. When it comes to marketing, there are many ways to do so, the most popular way is by the internet. E-marketing is the most effective way for a business to grow, whether locally or worldwide. Millions of people use the internet everyday, searching the web for numerous things and also millions prefer shopping online versus getting out. When it comes to E-marketing there is so much competition that you really have to find customer wants and needs and target those. If a business can successfully advertise and sell products over the internet it can become very successful. E-marketing includes many tactics such as, newsletters, social media, e-mail, search engine optimizer, mobile as well as many more.

Market Penetration and Competitive Advantage

Whether beginning a business or continuing a business that has already been established, market penetration can really determine how well that business will hold up in certain areas of competition. Once a business accomplishes a certain part of marketing or selling a product better than their competitors, they have that competitive advantage over the field which draws more and more customers in. When a product is successful on the market, word spreads and sells go up which gives that market advantage. Outdoing the competition is what business is all about and that requires dedication and hard work to stay ahead and gain that advantage.

Distribution and Location

When designing and opening a successful business, many things lead up to the success of that business. One of the major things leading up to that is the location and distribution ability of your business. If you put your business in a place where the product you are selling is not demanded then you will see a much more shortage of revenue than you may if you position your business in the right area. Depending on whether your business is mostly online or not can have another effect on that because of distribution availability. Online sells happen all over the country, or even the world so having the available warehouse for your products can play a big factor on customer satisfaction when it comes to the delivery rate and times. The worst case can be out of stock of a product that is in need of a consumer so having plenty of supply in the warehouse can help you big

Pricing in an entrepreneurial venture

Knowing prices are what can cause gains or losses in companies through any industry of any kind. Competitively pricing items are what attracts customers, and customers talk to other customers who can spread the word for your price. Yet seeming so simple, pricing items can be very difficult considering prices fluctuate on the market, weekly, even daily. Having too high of a price will run customers to other stores but pricing products too low may attract nearly all customers but can also create a loss in the companies profit so knowing the competitive price and adjusting according to that will create success in your line of products. There is a difference in price and pricing, the price is what you want someone to pay for the product while pricing is the process you go through to get that price. While in the pricing process, there are two methods you can choose which are competition-based pricing and cost-based pricing. Cost-based pricing takes in all that it has cost you to make that product or all that you have in that product to get it for sale so you know the minimum you may be able to charge while competition-based pricing looks at other producers that have similar products so you know what the market may be able to bear.