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
WEEK 6 REFLECTION 2
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
WEEK 6 REFLECTION 4
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.
