Marketing And Entrepreneurship: Funding And Ethics Essay

Question:

Discuss about the Marketing and Entrepreneurship for Funding and Ethics.

Answer:

A non-profit organization that implements the marketing concept.

Nonprofit organizations are slowly adopting business-like techniques in their operations, and are becoming involved and more confronted with market pressures which are only typical to the profit-making entities. These include elements such as competition, funding, and ethics in marketing, as well as the need to earn money to fulfill their missions. The Red Cross organization is a globally known nonprofit organization (Bell et al. 2015). This organization deal in ensuring that the lives of individuals remain one particular concept utilized by most nonprofit entities is the need to understand the consumer. There is still a lot of orientation needed for the nonprofit sector.

What is the exchange taking place? What is the profit they seek?

Over the past decade, most nonprofits have been introducing marketing concepts into their activities. The Red Cross to be precise has realized that adequate marketing could help them achieve their mission and are, therefore, challenged be more complicated decisions. Marketing in this organization begins and ends with the consumer. The consumer satisfaction is the priority of the organization, where all policies are formulated to favor service delivery and its quality to the consumers. The form of profit this organization seeks has a lot to do with consumer satisfaction, personnel satisfaction and increased funding, which has been achieved over the decade (Hill et al. 2015).

Do they apply the marketing concept? How can you tell?

Instead of embracing marketing concepts which are relevant to the profit entities, and beginning the marketing process with the consumer, followed by the investigation of what the market needs, nonprofit organizations have embraced organization centered marketing. This mindset makes most entities to believe that their services are needed by the markets falsely. Red Cross completely applies the marketing concept, through service branding and the provision of quality, which has everything to do with the satisfaction of the consumer. Prioritizing the consumer is the ultimate goal and path to profitability.

The Billabong website

Target customers need to be constantly informed and reminded about the organization, its products, and benefits of being associated with the entity (Cohen & Winn, 2017). There is a need to ensure that despite the physical distance between the organization stakeholders and consumers, websites which have been created, need to be at the forefront of trying to help in establishing a relationship between the two. In the case of Billabong, a lot of information has been provided in the Billabong site on the surfing, skiing and skating industry. It is very important for organizations to find a way to communicate to consumers about their commodities, despite the fact that this is to happen on virtual sites. Therefore, this information does not ultimately help Billabong as an organization, to build a relationship with the target consumers.

Most consumers are bound to be left asking questions regarding the specifics of the products which are offered by Billabong. While most are aware that it belongs to a particular industry, the specific commodities will not have been marketed most effectively. Consumers, therefore, need to be given detailed information regarding specific products to fill the numerous communication gaps. Consumer doubts should be eliminated for billabong organization to remain competitive in the industry (Miles & Coven, 2016). The ultimate aim, which is profit-making, should be realized in the most efficient manner, which is through professional marketing and product advertising. Communication in marketing is the most important to enhance overall organization success and overall growth.

How worldwide demographic trends are affecting opportunities for international marketing and which industries are set to benefit from the aging baby boomers

In marketing, demographics have proven to be of influence to the marketing industry. The demographics of the world can either have positive or negative effects on marketing (Morris et al. 2012). There is a need to identify the worldwide demographic trends for one to have a better understanding about the effects of the demographics on the global marketing sector. In the modern world, there are five major trends and each of them has an impact on the marketing sector. The first trend is the ration of children to older persons. Currently, the ratio of children to older persons stands at 3:1. However, it is expected to decline and in 2015, the older persons in the society are expected to be more than the young persons. Therefore, marketing is faced with a challenge of changing the marketing strategies as well as products. The reason behind it is because older people have different tastes and preferences compared to young people.

The second trend is the emergence of illnesses which have not been there before. The world health organization states that invisible non-communicable diseases kill more than 60% of the population (Zimmerer et al. 2015). When there is prevalence of such diseases, marketing is affected in different ways. First, the marketing of health products is affected in a positive way because the health products meet the needs of the consumers. Second, more customers become more cautious about the products they buy. Therefore, the marketing teams are forced to ensure that the right strategies are implemented to win the hearts of the consumers. At the same time, the number of potential customers is affected negatively thus leaving a small number of the customers for the marketers to meet their needs.

The third trend is the speed of aging. The population is aging at a higher rate. Therefore, the young market is affected and that in turn also affects the marketers because they are forced to go back to the drawing board to know the best way to market to the aging population. The fourth trend is dependency of the old age. Most of the old persons depend on others and that means that they do not have enough monetary power (Morris & Paul, 2017). Therefore, marketing to them is of no significance. The last trend is reduced child dependency and increased working age. In the modern day, young people are starting to work at a very small age and that means that child dependency is decreasing. Therefore, the marketers are left with a challenge of knowing the specific demographics to target.

The industries which are likely to benefit from baby boomers are the insurance industry and the healthcare industry. Most of the old persons are insured for retirement benefits and also healthcare (Knight, 2010). Therefore, the insurance companies are making profits through them. Older age comes with medical challenges. Therefore, the baby boomers must seek the attention of healthcare practitioners time after time. As a result, the healthcare industry stands to gain and earn more from the baby boomers.

Bibliography

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Carson, D., Cromie, S., McGowan, P., & Hill, J. (2015). Marketing and entrepreneurship in SMEs: an innovative approach. Hemel Hempstead.

Cohen, B., & Winn, M. I. (2017). Market imperfections, opportunity, and sustainable entrepreneurship. Journal of Business Venturing, 22(1), 29-49.

Covin, J. G., & Miles, M. P. (2016). Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship: Theory and practice, 23(3), 47-47.

Knight, G. (2010). Entrepreneurship and marketing strategy: The SME under globalization. Journal of international marketing, 8(2), 12-32.

Morris, M. H., Schindehutte, M., & LaForge, R. W. (2012). Entrepreneurial marketing: a construct for integrating emerging entrepreneurship and marketing perspectives. Journal of marketing theory and practice, 10(4), 1-19.

Morris, M. H., & Paul, G. W. (2017). The relationship between entrepreneurship and marketing in established firms. Journal of Business Venturing, 2(3), 247-259.

Zimmerer, T. W., Scarborough, N. M., & Wilson, D. (2015). Essentials of entrepreneurship and small business management. Pearson/Prentice Hall.

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