Entrepreneurship Marketing

1735 Words Jul 26th, 2010 7 Pages
Entrepreneurship Marketing

Odette McBride

HCS/567

July 05, 2010
Sherry McGee

Entrepreneurship Marketing

Marketing is a fundamental step when launching a new venture to determine if it will be successful. Is very important to complete a study of the market gaps in a particular industry to know whether or not a product or service is needed and how and how a product or service will be purchased. Understand customers and the market for a product or service is very important to achieve the success of a firm. One of the most competitive markets in the health care industry is the home health care. Because of the new laws and regulations created to fight against fraud and abuse, and to attempt to decrease the cost of health care, many
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Market segmentation is important to determine the size of the potential market for a new product or service permitting to target the segment uniquely capable of serving (Barringer & Ireland, 2008). For home health care agencies is very important to select a specific segment to target because they can focus on it and establish their position in the market. Some home health care agencies target patients and physicians as their source of referral and other target patients and facilities, such as hospitals and long term care facilities as their sources of referral. This differentiates them according to the type of patients to serve and services to provide. Selecting and managing a target market is very important to achieve a success of a new venture. Entrepreneurs should consider several aspects during the process. Segmenting the market, selecting a target market, and crafting a unique positioning strategy constitute some elements of the process of selecting a target market and positioning strategy (Barringer & Ireland, 2008). During this process entrepreneurs should indentify the potential customers for their products or services, segment the market because will be more beneficiary to a new firm to be specialist on a specific market rather than to try to embrace different markets, and differentiate their product or service from competitors. Barringer & Ireland (2008) stated, “the biggest challenge a

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