Entrepreneurship Marketing - 1735 Words

Entrepreneurship Marketing Odette McBride HCS/567 July 05, 2010 Sherry McGee Entrepreneurship Marketing Marketing is a fundamental step when launching a new venture to determine if it will be successful. Is very important to complete a study of the market gaps in a particular industry to know whether or not a product or service is needed and how and how a product or service will be purchased. Understand customers and the market for a product or service is very important to achieve the success of a firm. One of the most competitive markets in the health care industry is the home health care. Because of the new laws and regulations created to fight against fraud and abuse, and to attempt to decrease the cost of health care, many†¦show more content†¦Market segmentation is important to determine the size of the potential market for a new product or service permitting to target the segment uniquely capable of serving (Barringer Ireland, 2008). For home health care agencies is very important to select a specific segment to target because they can focus on it and establish th eir position in the market. Some home health care agencies target patients and physicians as their source of referral and other target patients and facilities, such as hospitals and long term care facilities as their sources of referral. This differentiates them according to the type of patients to serve and services to provide. Selecting and managing a target market is very important to achieve a success of a new venture. Entrepreneurs should consider several aspects during the process. Segmenting the market, selecting a target market, and crafting a unique positioning strategy constitute some elements of the process of selecting a target market and positioning strategy (Barringer Ireland, 2008). During this process entrepreneurs should indentify the potential customers for their products or services, segment the market because will be more beneficiary to a new firm to be specialist on a specific market rather than to try to embrace different markets, and differentiate their produ ct or service from competitors. Barringer Ireland (2008) stated, â€Å"the biggest challenge aShow MoreRelatedMarketing Analysis : Booth 16, By The Entrepreneurship Bug During His Undergrad Days757 Words   |  4 PagesFrancisco Cantor, Booth ’16, was bitten by the entrepreneurship bug during his undergrad days. He built a company for importing and distributing mobile phone accessory in Venezuela. The company was a huge success. He sold it off after some time, and tried to venture into another vertical- Retail. This venture turned out to be a total failure. Upon reflection he realized that the offerings were too high end compared to what people were looking for. 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(2001), â€Å"Entrepreneurship, globalisation, and public policy†, Journal of International Management, 7, pp. 235-51. 2. Alvarez, S.A. Busenitz L.W., (2001) The entrepreneurship of resource-based theory. Journal of Management, 27(6), p. 755-775 3. Anderson, J., Hakansson, H. and Johanson, J. (1994). Dyadic Business Relationships within a Business Network Context. Journal of Marketing, 58(4), p.1. 4. Andersson, S. Ingemar W. (2003) Innovative Internationalisation