APPLICATION OF ENTREPRENEURSHIP BASE

APPLICATION OF ENTREPRENEURSHIP BASE

Entrepreneurship is the activity of setting up a business(s) of your own complete with its risks to gain profit. For those of you who would like to jump into it, you would soon realize that marketing plays an important role in the success of your business. Moreover, there are 4 main components of marketing that any entrepreneur has to go through to make sure that they are not making a wrong move in business.  

MARKETING MIX

THEORY

APPLICATION 

The application of the Marketing Mix on this business is that we have a breathable T-shirt as the product which will mostly be available online. The price tag will be around $20 - $25. Furthermore, a set of social media ads will be made to promote this line.

     

MARKET RESEARCH

THEORY

APPLICATION 

I have defined the main customer will be layback people which usually put comfort first when it comes to fashion. Moreover, I have defined a market entry: trending news, which requires me to be up to speed with whatever is happening in the world. I give you an example of this smart move. One example was the "resist" T-shirt when President Trump was elected as the President of the United States. Another one is the "Dragon Energy" T-shirt which was based on Kanye West's tweet.   

Furthermore, since the product will mostly be available online, I have defined the T-shirts sold in Threadless.com, Teefury.com, and Represent.com as my competitor. 

  

MARKETING RESEARCH

THEORY

APPLICATION 

The marketing research result shows that the company suffers a decline in sales, therefore it needs to be increased by setting brand recognition through promotions.  

MARKETING STRATEGY 

THEORY

APPLICATION 

The marketing strategy which can be implemented in the promotions is that the ads have to appeal to that segment and also appear different and fresh.

That is the breakdown of four main components in marketing. Surely this will come in handy when it comes to targeting and appealing to a market.