Question

What is meant by consumer expectations? What are the factors that lead to consumer’s expectations? Are these expectations controllable or manageable by entrepreneurs? Explain this issue by taking 2 examples from your personal experiences as a customer

Is it difficult for entrepreneurs to use “standard” marketing techniques? Why so? What do you recommend ? Why? What is the difference between “sales promotion” and advertising, which one creates the greater benefit for an entrepreneur? How can an entrepreneurial firm benefit from the services of a public relations firm? Explain with examples.

What does a company have to consider in establishing a “credit policy” for its distributors/customers? Is establishing credit policy important in building the venture? Why?: Briefly explain “guerrilla” marketing and “influencer” marketing. Give some examples of your own of both these marketing techniques

These are not long essay type please answer all

Answer 1

Consumer expectation is something what the end user of the product is looking for in a product. It may be a specific quality, feature, color, length, width, performance, consistency and many other things. Any product a consumer buys, him \ she will be looking for all of the above. Basically it is the needs and wants of an individual in a product. There are many factors leads to consumer expectation

1. Personal needs

2. Good service expectation

3. Past experience

4. Derived service expectation

5. Too many options available in the market

Yes the expectation can be managed by the entrepreneur but cannot be controlled. One of my personal experience is I h=bought a new car Ford which was a brand new car and it had all the options which I was looking for in this advanced technological generation. My old car did not have technically strong electronic music system and the new brand I bought had all the options to listen to music like Bluetooth technology, USB drive, CD drive, and safe assembly of pen drive and it was not having the big display of the music system. SO, the moment I bought my expectation increased. Since the human wants are unlimited it cannot be satisfied, only it can be managed.

It is not very difficult for the entrepreneurs to adopt marketing techniques since it is a part of the marketing team. Without applying the marketing technique none of the products cannot be sold in the market and it is not difficult as well. All the company needs to do is making the consumer of their products and their services. The recommendation is to have a better marketing techniques to ensure proper sales of the product.

Sales promotion is used to push the sales for short term purpose. Advertising is also a part of sales but it is majorly involved in building the brand image of the products. In fact both sales promotion and Advertising creates greater benefit to the entrepreneur. A good service from public relation can get benefitted to the larger extent. If the PR is good, information about the products and services will reach the consumers easily and they will get attracted towards the product. The best example is offers of the branded clothes which is displayed on the social media and may people go for it looking at the promotions.

In establishing the credit policy one should review below points,

1. Need to see if the person has the capability to give the money back.

2. IF there has been a past experience transacting, need to see the history of how it has been before

3. Need to see if the distributor on how well he is settled in the market and what kind of Goodwill he is carrying

4. Refer on the payment terms

Guerrilla marketing just focusses on low cost and it is the unconventional marketing tactics that yields maximum result. It is the use of publicity stunts like telecommunication companies Vodafonce. Influencer marketing just focus on influential people rather than target market. Daniel wellington watch use influential marketing for selling the products