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Executive Summary

This paper was set to reflect on a total of ten questions. For each question, there was reflection about the reason why the question is vital for me to ask myself. Further, it encompassed my feedback to myself for each question. Besides, it entailed the actions which might be taken by me in future to improve my marketing competencies as an entrepreneur.

Reflection

QUESTION

WHY IS THIS QUESTION IMPORTANT FOR ME TO ASK

MYSELF?

WHAT IS MY FEEDBACK TO MYSELF?

WHAT ACTIONS WILL I TAKE IN FUTURE?

1

How did my research help me refine my brand?

My research helped me refine my brand by keeping me updated with trends, making superior business choices, and preserving my brand’s competitive edge.

Rather than spending time on researching the ongoing trends, I should initially explore the target markets.

In future, my actions will entail understanding my clients better; and getting perceptions into product offerings attributes (Plotkina et al., 2022).

2

How confident am I in building a brand using digital methods?

I am extremely confident in building a brand using digital techniques. However, I am lagging behind in the area of SEO marketing.

I should emphasise more on SEO strategy to build my brand in order to be a superior, robust, and competitive brand.

My actions include employing a mixture of winning SEO (search engine optimization) and SEM (search engine marketing) approach to build my brand (Panchal et al., 2021).

3

What do I need to know about competitor analysis?

I need to know that competitor analysis implies a strategy which entails researching vital rivals to attain insights into their offerings and marketing strategies.

Before knowing competitor analysis, I should have to know about reasons for conducting such an analysis in building a brand. The reasons can entail strategic corporate decisions; unearth crucial prospects.

My future actions entail analysing rival’s websites and digital marketing channels. Moreover, I will apply the SWOT framework also to analyse opportunities and threats in the market (Rizki et al., 2021).

4

Are there other social media channels I could explore?

Yes, I should explore more social media channels apart from Instagram.

I should have explored Facebook; YouTube, and Twitter. Facebook and YouTube must have to be in my priority list along with the Instagram channel.

My future actions include focusing on creating video content over Facebook platform of Lezprest brand; and partnering with influencers on Youtube channel. These will help me build reliability in the niche (Barry, 2015).

5

What else do I need to know about customer engagement?

I need to know that customer engagement is a technique a business develops a relationship with its client base to nurture brand trustworthiness and awareness.

I should enhance my knowledge in the customer engagement role in digital marketing. Customer engagement entails numerous tasks entailing social media collaborations, content consumption, buying choices, and more.

My future actions entail leveraging digitalized channels for customer engagement. Moreover, I will leverage data analytics and automations to develop customised campaigns for client engagement (Sood & Sharma, 2021).

6

What do others say about me as an entrepreneurial marketer

According to others, I, being an entrepreneurial marketer, am proficient in areas of customer focus; innovativeness; and value proposition.

According to me, I should inculcate in myself capabilities of risk management and proactive orientation to become an effective entrepreneurial marketer.

My future actions include focusing on risk management by identifying risk forces and attempting to reduce them. Further, my action includes learning about distinctive marketing plans so as to possess proactive orientation (Rouda, 2008).

7

Do I understand enough about mobile marketing strategies?

I understand about the mobile marketing strategies such as SMS marketing; App-based marketing; in-game mobile marketing; and more. 

I need to know about QR code marketing strategy also wherein clients can scan the QR code with their mobile and be taken directly to the site. This can encourage constant collaboration and lessening resistance.

My future actions entail experimenting with mobile innovations. I will also use VR (virtual reality); and AR (augmented reality) to develop interactive content like games, demos for products; and more (Dodson, 2016).

8

Are there other pricing strategies in the marketing mix which I could explore?

Yes, apart from penetration pricing strategy, there exist others as well such as skimming, competition pricing, and more.

I should have to explore the stated pricing strategies by looking into the definition of strategies along with some examples to properly understand them.

My future actions entail focusing on a price skimming approach after attaining market share and a robust client base. This will assist the brand to create a reputation of quality and prestige (Randazzo, 2014).

9

What type of promotional strategies should I focus on?

I should emphasise referral marketing for startup business.

I should focus on sponsoring events to offer client experiences. This might assist my brand to convert prospective clients into trustworthy clients.

My future actions entail partnering with influencers and set campaign goals. Moreover, action can include giving discounts to influencers, run contests , and send products for review (Nascimento et al., 2020).

10

What sorts of goals should I build my digital approach around?

The goals which I consider while making a marketing plan entail increasing brand awareness; increasing customer value; and acquiring novel clients.

I should have SMART goals for my digital approach. For example, the goal can be to increase website traffic by 10 percent within six months.

My future actions entail building entire goals around digital marketing like in areas of social media marketing; personalization; metaverse marketing; and more (Moriuchi, 2016).

Conclusion

The above discussion concludes that while researching I should have to explore the target markets for my brand since this will assist me in refining the brand. Also, it is concluded that I must know about the concept of competitive analysis along with reasons to conduct the same for the purpose of marketing plan. It is also concluded that there exist various marketing pricing approaches which can be implemented by me to attain competitive edge in the market.

References

Barry, J. M. (2015). Social content marketing for entrepreneurs. Business Expert Press. Retrieved from https://www.usetech.org/wp-content/uploads/ebooks/Social-Content-Marketing-for-Entrepreneurs.pdf

Dodson, I. (2016). The art of digital marketing: the definitive guide to creating strategic, targeted, and measurable online campaigns. John Wiley & Sons.

Moriuchi, E. (2016). Social media marketing: Strategies in utilising consumer-generated content. Business Expert Press. Retrieved fromhttps://www.researchgate.net/publication/301492333_Social_Media_Marketing_Strategies_in_Utilizing_Consumer-Generated_Content

Nascimento, T. C. D., Campos, R. D., & Suarez, M. (2020). Experimenting, partnering and bonding: a framework for the digital influencer-brand endorsement relationship. Journal of Marketing Management, 36(11-12), 1009-1030.

Panchal, A., Shah, A., & Kansara, K. (2021). Digital marketing-search engine optimization (SEO) and search engine marketing (SEM). International Research Journal of Innovations in Engineering and Technology, 5(12), 17..

Plotkina, D., Dinsmore, J., & Racat, M. (2022). Improving service brand personality with augmented reality marketing. Journal of Services Marketing, 36(6), 781-799

Randazzo, G. W. (2014). Developing successful marketing strategies. Business Expert Press.Retrieved from https://www.usetech.org/wp-content/uploads/ebooks/Developing-Successful-Marketing-Strategies.pdf

Rizki, M., Ghifari, A., Hui, W. L., Permata, E. G., Siregar, M. D., Umam, M. I. H., & Harpito, H. (2021). Determining Marketing Strategy At LPP TVRI Riau Using SWOT Analysis Method. Journal of Applied Engineering and Technological Science (JAETS), 3(1), 10-18.

Rouda, K. S. (2008). Real you incorporated: 8 essentials for women entrepreneurs. John Wiley & Sons.

Sood, H., & Sharma, R. P. (2021). Customer digital engagement and lifetime value: An empirical study of telecom services in India. FIIB Business Review, 23197145211065086.

 

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