In Week #3 you'll complete your first Entrepreneurial Marketing Report. For this assignment I'd like you to identify a small or medium sized business that is competing effectively by applying the concepts explored in your book (Marketing That Works).
For example, one company that I think is interesting is Flatworld Knowledge. They offer low-cost text-books to professors and students. What I like about the venture is:
- The entrepreneurs have industry experience, having worked for big academic publishing companies
- They have an expert team of advisers
- They are seeking a small piece of a huge market
- They provide value to both students and professors. In fact, professors can publish their own digital text-books for their classes.
If I were writing about this company for this assignment I'd go through the text and identify areas where they are excelling. For example:
Chapter 1 - Market Driven Strategy
I don't need to tell you: The prices for textbooks are outrageous. I like the fact that these entrepreneurs are taking on the challenge and trying to provide a market-driven solution.
Chapter 3 - Entrepreneurial Pricing
They are using a penetration strategy. A lot of students (especially those from lower-income segments of society) cannot afford books and this may force them out of school. In this model, students only pay for what they need, which is innovative.
Chapter 4 - Distribution Channels
The internet allows for 24/7 access to digital texts. Since many students have lap-tops in class, the company can bypass the regular distribution channel. Of course, this may place students without a lap-top at a disadvantage.
Some areas of concern, based on what I've seen so far, is:
Chapter 7-0: Public Relations & Marketing Issues.
It doesn't seem as if a value proposition has been articulated well enough. It also isn't clear that the company has really done a good job segmenting the market. They could do a better job with their target marketing. Also, the quality of the texts does not seem to be as good as that which you'd get from a $100+ text book.
Will this company be successful in the long-run? It is probably too soon to tell. However, what they are doing is very interesting and the entrepreneurs deserve a lot of credit for their efforts.
How do I find sales on account from a income statement or balance sheetSep 03 2020
1. How many years will it take $2 million to grow to $5.60 million with an annual interest rate of 7 percent? (Do not round intermediate calculations and round your final...May 22 2018
Would each of the following transactions be included in net exports or net capital outflow? Be sure to say whether it would represent an increase or a decrease in that va...Jul 19 2021
The isotope used to track the movement of absorption of fertilizer by plants is: 0 N-15 O 1-131 OP-32 O Co-60May 15 2021
"Monopolistic competition is competition with differentiated products " Explain.Jul 10 2021
Bob Banker is the manager of one location of the Fastwhere Inc. chain, which is a delivery service. Banker’s location is currently earning an ROI of 14 percent on existin...Apr 02 2020
The correct symbol for the ion formed by nitrogen is:A) N2 B) N3 C) N3+ D) N2+ E) N92. The correct symbol for the ion formed by sodium is:A)...Feb 15 2020
The purpose of this deliverable is to help you integrate your course learning through critical thinking and reflection. If used effectively, it is likely to help you eval...Feb 14 2020
The most general form of standing plans that specifies the broad parameters within which organization members are expected to operate in pursuit of organizational goals a...Apr 03 2018
If a firm is unable to keep its national markets separate, individuals or businesses may undercut its attempt at price discrimination by engaging in _____. A. speculatio...Jan 11 2020