An entrepreneur is someone who decides to either create a new product or an improved product with the purpose of filling a need in the market that is not being met. The entrepreneur assumes the risk of marketing this new product or service but also benefits from revenues earned. There are other benefits as well. The entrepreneur is their own boss and can embrace creative freedom. Entrepreneurs take pride in what they are doing and are passionate about their venture. They are also responsible for getting the word out about their new product to build brand awareness. One of the most powerful tools to accomplish this in the digital world is through social media platforms.
Watch the following video that introduces the role of social media marketing: What is Social Media Marketing?
As an entrepreneur launching a new brand of snack mix, you have determined that social media is going to be an inexpensive, expansive method to promote your new products and services.
Using what you have learned, use the following questions to guide your response:
- Which 2 social media platforms are going to provide the most exposure for your brand and why?
- Which social media platform will not be appropriate for your brand and why?
- What is 1 way you can optimize your product description?
Marketing research is conducted to collect, record, analyze, and interpret data relative to your business market and product category. Global market research is done with the same purpose; however, the scope of the research is for organizations conducting business on a worldwide scale.
Read this article comparing domestic market research and international market research: The 8 Major Differences Between Domestic and International Market Research
There are many tools available for market researchers online. One of these tools is Google Trends. Please access Google Trends to learn more about how this site works.
Enter the search term “baby formula”. On the results page, make note of the trends in the United States. Select Worldwide. Make note of the trends worldwide.
Another tool is Statista. Access this site and enter the search term “baby formula”. On the results page, make note of the search results categories.
Finally, another free tool is the Google Dataset Search. Access this site and enter the search term “baby formula”. Make note of the type of data available within this tool.
Using what you have learned from these sites, use the following questions to guide your writing:
- Explain the types of information you can find using each marketing research tool.
- Analyze and explain the purpose of using each of the marketing research tools.
- Explain which of these tools you would use to determine where the greatest need for baby formula is. Provide evidence from the tools to defend your position.
- Explain why it is important to utilize more than one tool to determine marketing opportunity for brands?
One of the first marketing plans you will develop will be to market your personal brand. A personal brand is how you want to be seen. It will reflect your personality, your skills, and your experiences to tell the story of YOU. As with branding in business, your personal brand will differentiate you from others. Developing your own personal brand strategy will allow you to control how others see you.
Read this article to better understand how to begin building your own personal brand: The Ultimate Guide to Creating a Personal Brand in 2022
Using what you have learned, use the following questions to guide your writing:
- Explain the goals of your personal brand.
- What is your mission or vision?
- Who is your target audience and why?
- How will you implement your marketing plan for your personal brand?