Running head: WEEK 6 REFLECTION 1

Week 6 Reflection

Phanindra Bharadwaj Padakandla

University of the Cumberlands

Entrepreneurial Strategy (BADM-648-B01)

Dr. Wanda Corner

7-4-2021
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Week 6 Reflection

The week had many concepts from the three chapters, 10, 11, and 12. I was lucky to

understand the various entrepreneurs' ideas, including the 4Ps for a product, promotion, price,

and place, 4Cs for connection, creativity, collaboration, and contextual. The customers are the

primary directives to all practical marketing activities. Entrepreneurs must have the knowledge

in the market understanding the marketing research and development of a market plan.

Additionally, they should enjoy understanding and applying social media marketing and the

proper approach to a pricing strategy (Kuratko, 2020). It is worth understanding that a market is

a group of consumers who have the purchasing power and unsatisfied needs. A new venture

survives only if this market exists for its products and services.

There are various methods of enhancing effective marketing, with the current one being

social media, known as mobile marketing. This entails using social networks, online

communities, blogs, wikis, and other online collaborative media tools for marketing purposes.

Effective social media marketing creates value with events, videos to allow the attraction of

attention to customers. It also enables customers to promote a message themselves with multiple

online venues encouraging user participation and dialogue to engage customers with online

conservations. Many organizations prefer social media marketing due to the availability of two-

way communication, trust, and contributions made by the two parties (The buyer and the seller).

Entrepreneurs in the market require financial management, which is essential in planning

the ratio analysis. It is also another good way to bring out techniques and approaches for

evaluating the capital budget and designing a cash flow schedule. The financial statements are

put in a balance sheet to bring the businesses' financial reports at a specific time. There are

details of items owned by a firm in the sheet and the amount the firm owes to creditors.
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Preparing the financial budgets requires the entrepreneurs to fund those operating, cash flow,

capital, and others (Kuratko, 2020).

Additionally, entrepreneurs require a business plan that provides a more specific and

detailed exploration of the venture's goals and operations with a clear path on how the experience

will succeed. It describes the current status, expected needs, and projected results of the new

business, demonstrating a clear picture of the venture, where it is launched to go, and how the

entrepreneur proposes to take it. It includes the executive summary, business description,

marketing, operations, management, financial, critical risks, harvest strategy, milestone schedule,

and bibliography.

Graduate-level Responses

To understand customers, entrepreneurs must have various traits. Firstly, they are

committed to their work, such that every time they utilize serving their customers in their

businesses. Most of them do not take a no for an answer. Secondly, they should thrive on

uncertainty. They understand that even if challenges of fall in their organizations appear, they

remain calm and face the challenges. Thirdly, they have the heart to look for improvement in

various opportunities continuously. They must have outside-the-box thinking which they practice

daily when they see their clients. Lastly, they are always willing to listen and learn, a trait they

do in abundance. They talk to every opportunity and listen even to their customers' views in the

market to identify their needs all the time.

Customers purchasing behaviors are affected by the product life cycle, which must be

checked effectively from the introduction, growth, maturity to decline. Entrepreneurs depend on

their product stages to refine the marketing according, which will help them ensure optimal
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performance and results in each product. A product in the decline stage is rarely purchased than

in the maturity stage (Karakaya & Kerin, 2007).

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References

Karakaya, F. & Kerin, R. (2007). Impact of Product Life Cycle Stages on Barriers to Entry:

Journal of Strategic Marketing 15(4): 269-280.

Kuratko, D. (2020). Entrepreneurship: Theory, Process, Practice 11th Edition. Cengage Learning.