Entrepreneurial Marketing Sample Assignment

ENTREPRENEURIAL
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
EXECUTIVE SUMMARY.............................................................................................................1
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Social media has become a popular platform for marketing and advertising the business
and business products. It refers to the tool which target social networks and applications to
spread brand awareness. Due to the high use of social media tools it has become useful platform
for organisation to promote or to start a new business. To better understand this concept, a social
media marketing plan is being developed for Bloom Perfumery. Bloom Perfumery is an UK
based small and medium size enterprise which deals in unisex cosmetic items. The social media
marketing plan has been developed for company which includes marketing audit, objectives,
target audience, social media zone, experience strategy and expected budget for the plan is
discussed under this report. Apart from this, operational issues for new venture and marketing
tool is explained in this present report.
MAIN BODY
EXECUTIVE SUMMARY
This business plan summarises as social media marketing plan for the Bloom Perfumery.
The different marketing operational issues are faced by the venture while coming up with plan.
There are various marketing tools which are discussed along with the social media marketing
plan. To execute marketing plan in effective it requires some skill set which is also discussed
along with plan.
Marketing audit
The marketing audit is a important aspect of planning process. This audit is conducted
through out complete marketing process of the product. This refers to the systematic evaluation
and interpretation of business environment and current market situation (Teece, 2012). The audit
for Bloom Perfumery includes internal, external and SWOT analysis for company. These
analysis for company are discussed as below:
Current market situation:
The currently there is a good competition in the market but it is expected that health and
beauty market of UK is reached by GBP 26.7 billion by year 2022 (Health and Beauty Market,
2019). The Bloom Perfumery have an opportunity to grow their market by using the social media
marketing tools. As the spending in this sectors is increased from GBP 73 to GBP 487(Health
and Beauty Market, 2019). Product innovation and new ingredients will also support Bloom
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Perfumery to expand their market share. Consumers are now days becoming more conscious
about their health and beauty which is an opportunity for company to maximise their sales and
expand their market share by promotion and advertisement.
Internal analysis:
Internal analysis shows the internal capabilities and resource availability with the
company. The Bloom Perfumery internal analysis for social media marketing plan is discussed as
below:
Human resource:
To perform the social media marketing plan, it is important to have the adequate human
resource and employability and change maker skills. As currently company is employing around
50 employees in their stores for who assist them to perform the business operations.
Money:
The finance is very important for every business in order to perform business operation
effectively and efficiently. The Bloom Perfumery has adequate turnover which is around GBP
6.5 million. So it can be said that enterprise has enough fund for its social media marketing plan.
Equipment:
The enterprise has its scale of production in niche world which enables consumers to use
scarce exquisite natural materials. It has adequate machineries and other equipments like testing
lab for testing manufactured product (Spilleckea nd Brettel, 2014).
Material:
The material is comprise of factor of production which is land, labour and capital. The
Bloom Perfumery fulfil all these requirements in order to perform business operations.
External:
External analysis is the evaluation of external factors which can make impact on the
operations of business. These are as follows:
Political:
Political factors are those which are related with political stability of nation, trade and
tariff rates and taxation policy which is governed by the government. The UK has stable political
condition which provides an opportunity to Bloom Perfumery to promote and expand their
business in market.
Economical:
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Economical factors make direct impact on business operation. These factors includes
economical growth of country, interest rates, inflation and exchange rates etc. The UK has
controlled economy policy and good growth rate which can be utilised by Bloom Perfumery for
their market expansion.
Social:
Social factors are also known as socio cultural factors which include shared beliefs and
attitude of population. The factors involve population growth, age and career attitude etc. By
analysis this factor Bloom Perfumery can understand customers needs and what drives them.
Technological:
The technology is changing day by day and which impacts the way organisation market
their products. The Bloom Perfumery can use new way for promoting their brands such as social
media marketing in order to communicate with target markets (Kraus, 2013).
Environmental:
Environmental factors have become very important due to the increasing scarcity of
material, pollutions and raising global warming it becoming threat for organisations.
Legal:
The legal factor includes health and safety, equal opportunity and labelling and product
safety. The Bloom Perfumery needs to follow these laws in order to do their business operation
smoothly. It is important to follow these law as non following of these laws can impose heavy
penalties on organisation.
SWOT analysis
Strength Weakness Opportunity Threat
 Diversified
natural and
organic
products for
customers.
 They have their
own perfume
formula.
 Higher cost of
production
because they
manufacture
products at
small level and
in less number
of quantity.
 Difficult to
 Expand their
market share
by online
marketing.
 Use the policy
initiatives
formulated by
government.
 Slow
payments.
 New cost, taxes
and
compliance.
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 Good brand
image as a
small
enterprise.
raise finance as
small
enterprise.
 Inadequate
marketing is on
e of major
weakness.
Objectives:
 Maximising the sales and profits by using social media marketing within 6 months.
 Expansion of market share by capturing more number of customers.
Target audience
The target audience is group of consumers within predetermined target market and
recognise as target for particular advertisement. Bloom Perfumery is planning to use the social
media marketing in order to advertise their products to its target audience. The company is
planning to use some basis in order to target their audience which are as follows:
Demographics:
Demographics are the criteria which is used to describe for a specific part of population.
There are some basis which is used for demographics these are as follows:
Age:
The company is planning to target their customers who are between age of 18 to 60 as
Bloom Perfumery is into health and beauty products which can be used by the large number of
age group of people (Gruber-Mueck and Hofer, 2015).
Gender:
Bloom Perfumery provides unisex products so it will target both male and female
customers.
Marital status:
The product of company can be used by every person whether the one is single or
married or in relationship. This will help company to expand their market share.
Income:
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The company is planning to target those people who has year income between GBP 4000
to GBP 50000 due to the large number of middle class people across the world.
Location:
The location is an another base for promoting company's product to capture larger
customer group. As currently company is operating its business in some parts of UK only but
with the help of social media marketing Bloom Perfumery wants to expand its business base in
whole UK. This will be done by setting up target customer radius on the different social platform
such as Facebook and Instagram.
Psychographics:
The psychographics is a base for targetting customers in order to promote business and its
products, this includes more personal characteristics of a person. This includes the followings
elements which are as follows:
Personality:
The product of company can be used to cater various different personalities and
according to that new features also can be added to the products. These personalities are creative,
friendly, introvert and extrovert etc. Bloom Perfumery provides health and beauty products
which can be used by all of these personalities (Green, 2015).
Lifestyle:
The Bloom Perfumery is planning to target the various section of market such as
students, office goers, fashion's people and business class people.
Social status:
The social status of people decides product used by them and their preferences. So Bloom
Perfumery will basically targetting consumers who has income group between GBP 4000 to
GBP 50000.
Social media zones and vehicles:
There are various social media zones and vehicles which is used by organisations for
social media marketing. These are discussed as below:
Relationship:
The social media focuses on relationships and common exercise in which people
participates with other people who shares same interest. This includes social networking sites
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such as Facebook, LinkedIn, Twitter and Instagram etc. Bloom Perfumery is planning to use
Facebook as social media vehicle due to large number of users.
Publishing:
The social media sites help in spreading of content to target audience. Bloom Perfumery
will use the YouTube and Blogspot as a social media vehicle to publish its content.
Entertainment:
The zone of social entertainment comprises channels and vehicles which offers the
opportunities for play and enjoyment. The driver which will be used by Bloom Perfumery are
Come2play and Myspace.
Social commerce:
It assist in the online buying and selling of company products and services. These
commerce channels includes review and ratings and deal sites etc. The social vehicles which is
used by Bloom Perfumery is Facebook and Groupon where people can see review of products.
(Source : Social Media Zones, 2019)
Development of experience strategy
The strategy enables organisations to promote their business in effective way and expand
the customer base. Bloom Perfumery experience strategy is discussed as below:
Message strategy:
The message strategy states that there should be clear message what company wanted to
do and how company wanted do the marketing. The Bloom Perfumery will give the coupons and
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discounts to its customers throughout campaign. As relationship zone of social media will help
the company to drive their message across social media users.
Positioning statement:
The company wants to position itself online as a that is “ A natural and organic health
product helps to live and look young”. The publishing social media zone will helps the company
to publish their positioning statement online.
Social spaces:
The company try to use sustainable resources which does not harm society and
environment. This will help organisation to create an emotional attachment with customers.
Social entertainment zone such as come2pay and my space will help organisation to connect with
their clients while playing.
Share experience:
It is very important to ask customer about their experience after using company's
products. The Bloom Perfumery will ask take feedbacks from customers regarding products and
also ask for the suggestion for making improvement in products. This will help company to
attach with customers for longer period of time. Social commerce zone will be helpful for
creating an emotional attachments by answering the review of customers on group on and
Facebook. (BurnsFillis, Lehman and Miles, 2017).
Activation Plan:
The activation plan includes the what will be done, when will be done and timescale of
advertisement. An activation plan for Bloom Perfumery is discussed as below:
What will be done:
This is primary task for the activating pre set plan. The Bloom Perfumery will use the
Facebook, Instagram, LinkedIn and Twitter for first four months due to the large number of users
at these social media sites. These social media sites will help company to promote their brand to
large audience in short span of time that is four months.
When:
In the planning phase, organisation will plan for resources for marketing their products
and services. After that at the implementation phase company will execute their marketing on all
four social media platform. At the final step the monitoring of plan will be done for taking
corrective actions.
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Timescale:
The timescale states the period of time in which all activities will be performed which is
March, April, May and June. During this four months of time organisation is planning to use
Facebook, Instagram, LinkedIn and Twitter as a social media marketing.
Manage and measures:
After the execution it is important to manage and measure the implemented plan. It
includes followings:
Expected Budgets:
The budget describes the expenses for social media marketing. Budget for Bloom
Perfumery is shown below:
Budget Category Amount
Writing 3000
Graphics 5000
Video 4000
Social advertising
(Facebook and Instagram)
8000
Cost for contractor for social engagement 9000
Software for monitoring and analytics 10000
Promotions and discounts 7000
Total 46000
Controls:
The measurement of actual performance of Bloom Perfumery will be done by various
KPI's such as clicks, shares, comments, brand mentions, profile visits and active followers on
page. This will help company to determine whether company should continue the social media
marketing after four months duration of time.
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CONCLUSION
In the conclusion it can be said that social media marketing is becoming very popular
now days due to its vital use. There are various social media sites which are very popular and
used by companies to promote their business and its products. The marketing audit which
includes internal, external and SWOT analysis for the company. A clear objective and insight
target audience can be very helpful for effective marketing plan. The different social media
zones and vehicles can be used for promoting the business. It is very important to develop an
experience strategy for establishing proper activation plan.
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REFERENCES
Books and journal
Burns, P., 2017. New venture creation: A framework for entrepreneurial start-ups. Palgrave.
Fillis, I., Lehman, K. and Miles, M. P., 2017. The museum of old and new art: Leveraging
entrepreneurial marketing to create a unique arts and vacation venture. Journal of
Vacation Marketing. 23(1). pp.85-96.
Green, T., 2015. Flipped classrooms: An agenda for innovative marketing education in the
digital era. Marketing Education Review. 25(3). pp.179-191.
Gruber-Muecke, T. and Hofer, K. M., 2015. Market orientation, entrepreneurial orientation and
performance in emerging markets. International Journal of Emerging Markets. 10(3).
pp.560-571.
Kraus, S., 2013. The role of entrepreneurial orientation in service firms: empirical evidence from
Austria. The Service Industries Journal. 33(5). pp.427-444.
Spillecke, S. B. and Brettel, M., 2014. Antecedents and performance implications of a sales
department's learning and entrepreneurial orientation in SMEs. Journal of Small
Business Management. 52(3). pp.407-426.
Teece, D. J., 2012. Dynamic capabilities: Routines versus entrepreneurial action. Journal of
management studies. 49(8). pp.1395-1401.
Online
Health and Beauty Market. 2019. [Online]. Available through <https://www.globaldata.com/uk-
health-beauty-market-set-reach-27bn-outperforms-sectors/>
Social Media Zones. 2019. [Online]. Available through:
<https://zonesofsmm.wordpress.com/about-2/>
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