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Attempt All Questions.

1. Suppose you are an entrepreneur and you want to start a new business by offering a new

product to already established market. What will be your strategy as a new entry into the

market and what you will do to gain competitive advantage? [8]

 By leverage on technology and innovation that the competition is not yet using

and tap more clients than competitors.

 By creating a unique value proposition like pricing to establish what makes the

new product more valuable and better than what the competition is offering.

 Illuminate the strengths that the business offers that bring value to the clients and

are what the clients what to buy.

 Establish a niche that is being under-serviced and may have less competition and

a potential market to tap.

 By being keen to customer satisfaction and oriented to their needs, this will

delight and keep current customer coming for more business.

 Employee statistics and data points in order to build more credibility in the

industry.

 Building and enforcing a corporate culture that supports its own people, it delights

customers and boosts productivity.

 Understand the target market behavior and delivering what is needed at a time can

help the business retain current clients.

2. Discuss the factors that influence the decision to enter the market now or delay entry with

reference to first mover advantage and disadvantage. [8]

 To establish technology leadership, because first movers can make it harder for

competitors to replicate what they do or offer to the market. For example this can

be because of initial application of protective advantages such as patents.

 Initial investment costs can sometimes be significant, there it influences the

decision to enter the market or delay.

 Buyer-switching costs can be high for clients to make a shift from current player

who have shaped preferences to the second, therefore it becomes more

advantageous to stick to first movers, this will influence a decision to enter first.

 Market uncertainty is a great risk for first movers, because the late players have

the advantage of not having to deal with developing new business processes.

 First movers also have the added capacity and advantage to regulate resources

needed for the business to function, that may discourage new players.

 Technology is ever shifting, so first movers have the disadvantage of creating a

market without availability of an existing industry standard.

 Another factor is the advantage offered by first movers as they enter in to the

market to late entrants. Other players can replicate and over lap the first players.

 Also being a first mover risks players of incumbent inertia by becoming complex

or inflexible, unable to fully realize their potential.

3. What are the techniques used for initial screening of ideas and concepts? what are the

sources of new ideas for business? [8]

Techniques include;
 A SWOT analysis is used identify the strengths and weaknesses of each

alternative or idea.

 A PESTLE analysis, a study that inspects factors; political, economical,

social, technological, legal, and environmental.

 Developing a given set of criteria to assess your ideas against.

 By consider the competition and market needs for new ideas and concepts.

Sources are;

 The stakeholders such as government, customers and suppliers are

external sources of ideas.

 The business workforce including decision makers and the research

department are used as internal sources of ideas.

 Brainstorming with informed group of people can be used to generate new

concepts.

4. Make a good marketing plans for the following. [6]

a. Solar Energy Production Company

b. Unique Footwear Client Development Business

c. Small-Scale Water Treatment System Installation Company

 Conducting self-assessment in order to assess where you are as a business within

the market. For example goals of the solar energy production company or a unique

footwear client development business.

 By developing a buyer persona to establish who ideal consumers such as client

demographic by analyzing current and prospective clients.

 Establish metric-driven marketing goals in respect to the executive summary

using data and analysis.

 Conducting a thorough competitor research to identify competitors, and identify

their strengths and weaknesses using analysis like swot.

 Developing and breaking down the marketing strategy into actionable steps, and

defining how key mechanisms interact.

 Explanation on how progress of the plan will be tracked and results measured.