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Entrepreneurial Opportunity PDF

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Added on  2020-10-04

Entrepreneurial Opportunity PDF

   Added on 2020-10-04

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Entrepreneurial Opportunity
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
Entrepreneurial Opportunity PDF_2
INTRODUCTIONIn present business environment,there are ample of opportunities can be explored as wellas captured by entrepreneurs. For instance, Entrepreneurs can invest in multiple business. Inaddition to this, other opportunities available with business owners are buy a franchise, licensing,dealership etc. Network marketing is considered to be an opportunity which can be exploited byan entrepreneur for increasing the customer base. The present report have focus on identifying the target market segment for sellinghandmade winter socks. It also has emphasized on analysing the benefit of targeting specificmarket or customer segment.MAIN BODYManager in an organisation should first develop as well as implement marketsegmentation strategy. Ass this tactic will provide firm an ease in identifying target customergroup. Marketing segmentation can be defined as the procedure of diving a market of potentialcustomers into groups, based on different characteristics. There are different grounds on the basisof which market can be categorised into several segments these are demographic, geographical.Psycho graphic , behaviour and benefit market segmentation. In context of company sellinghand made winter sock can implement both benefit and demographic market segmentationstrategy. The major advantage of benefit market segmentation strategy is that it is easier to takeadvantage of existing segment, then to create new segments (Berglund and Korsgaard, 2017). Byimplementing the demographic segmentation strategy , firm can gain customer loyalty and canretain client for long time. Targeting can be referred to as the procedure of selecting the specific customer or marketsegment for selling specific products or services. It helps marketing manager in identifying theplans or strategies which are required for influencing the selected target group to buy specificproducts or services (Foss and Klein, 2017. ). An entrepreneur can target all customers groupssuch as children , young and old age people for selling socks. But business owner shouldconcentrate on targeting children and old age people, as it will be easy to target them. In additionto this, an entrepreneur can target people belonging to middle income group, as these people geteasily influenced by discounts and offers. An organisation can also target in niche market, asthis will help business entity in escaping from intense competition. Targeting customers in Nichemarket will help an enterprise in increasing sales and profitability. This targeting strategy has
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