Entrepreneurship Marketing- Revision

Entrepreneurship Marketing- Revision

Entrepreneurship Marketing

Marketing and branding

Marketing is a critical element in making an organization grow. It involves activities that promote the selling of goods and services. Branding is the process involved in creating a unique image and name to the customer’s mind (Onkvisit & Shaw, 1989. Its main aim is to build a differentiated presence of a company’s product in the market. The primary goal is to retain loyal customers. In most cases, when potential patients want to visit a hospital, they will tend to consult their relatives or close friends on the best health facilities to seek healthcare services. If they fail to get an answer from there, they will rely on their research from online platforms or the political advertisements from the televisions. This is the sole reason why marketing and branding are quite important for health products and services. This paper will analyse Baxter International Inc. which provides a broad portfolio of the essential hospital and renal products. The paper will discuss significant aspects of the target market and branding.

Target Market

A target market can be defined as a group of people upon, which a company has decided to focus its marketing efforts towards. The group composed of individuals who are potential customers to the business. Baxter Inc. is an international healthcare target audience includes the clinicians and the nephrologists. The company, therefore, focuses the peritoneal dialysis market. The company aims at educating and spreading awareness to the professional audience about peritoneal dialysis market, which is a new innovative market. The new product is known as Extraneal, which is a group specific solution used in the treatment of dialysis therapy. The product has been much helpful in treating a large number of patients with specified conditions. The Federal Drug Association also approves the product, and all its marketing and promotional techniques are designed in line with the acceptable regulations and guidelines.

What Is The Importance Of Selecting a Target Market?

Identifying a target market is quite critical in developing effective communication strategies. It helps in analysing the needs and the characteristics of the target customers. This helps a company identify how it will serve its customers. Specifically, identifying the target market will have the following benefits.

First, it will be easier for the company to craft specific messages, which will be appealing to the identified customers (Eldering, 2003). Baxter, for instance, targets the professionals who provide dialysis solutions. By defining its target market, the company can be able to identify the common needs of the target group and design specific messages to see capture the attention of the targeted audience. Secondly, the company will also be able to focus on the potential customers. It is not possible for the company to have enough resources and time to get to the whole population. Identifying a target market will help a company in focusing on the potential customers rather than wasting resources on inappropriate clients.            Thirdly, it will also be easy to identify the right audience and hence design appropriate marketing messages. Fourthly, it will also be easier to adopt cost-effective strategies. For instance, if the company the company wants to advertise at the product, it can use the mass media advertisement channel where a large number of audience will be found. The company will also be able to reduce wasted audiences through adopting a target market plan. Lastly, the company will also be able to compete successfully.

What issues and questions must be considered when selecting and managing a target market?

Various issues ought to be considered in choosing a target market. It is important for a company to consider the probable customers who would buy their product or service. The second question to ask is who has bought the product so far? This will be a guide in determining the marketing and pricing strategies in place. Also, the company ought to consider whether it is overestimating its reach. This can well be done by conducting a market survey. More to that, it is important to evaluate what the company’s network says (Everything, 2006). The use of social networks helps get free feedback, as it would be much expensive to get feedback from group focus and surveys. The company should consider its revenue model as well. The company also ought to have answers to questions such as how the products and services will be sold, how the existing competitors got started, how the company will get new customers and if there exists room for expansion.

Branding

A brand is simply a unique mark or an identifying product with a particular name. Branding is quite important for business (Gardner & Levy, 1955). There are six primary reasons why branding is important to any business. The first one is the fact that branding improves recognition of a company’s product. This is done easily by use of the company’s logo, which is a significant element of a brand. Secondly, it builds trust. This is because of the professional confidence and appearance of a brand. It is much likely that the people will prefer products from a company, which is legitimate and polished. Branding supports advertising and builds on consumer value. It generates new customers and inspires employees.

The product identity for the company identified above is Extraneal. One of the images for the product is shown in the appendix. The image looks appealing to the potential customers. The images look appropriate for the audiences. The images seem to have a high potential of influencing the customers to purchase the product. By the look of it, it induces emotions to the viewer and this matters a lot when influencing customers to buy the product. The product has been tested and approved by the Federal Drug Association. It has been successful, as it has healed many patients. The company uses cost plus profit margin model to price the product. The profit margin for one unit of the product is 7.5%. The company’s brand is excellent, however, if the product belonged to my business, I would be sure to include a unique logo so that customers can always identify the product with the company. More to that I would also design a unique packaging way that would be entirely appropriate. The packaging would make sure that the quality of the health product is reflected and maintained. It would also be more attractive and contain more images that would induce appropriate emotions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Eldering, C. A. (2003). U.S. Patent No. 6,560,578. Washington, DC: U.S. Patent and Trademark Office.

EVERYTHING, C. C. (2006). Issues in marketing and branding. Handbook of media management and economics, 229.

Gardner, B. B., & Levy, S. J. (1955). The product and the brand. Harvard business review, 33(2), 33-39.

Onkvisit, S., & Shaw, J. J. (1989). Service Marketing: Image, branding, and competition. Business Horizons, 32(1), 13-18.

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