An Assignment on Business Plan on Market Niche for Reyes Holdings
CHAPTER ONE
Purpose/vision
The purpose of this proposal are;
- Niche marketing will help us enhance Customer Relationships
- It will reduce Competition
- It will Increase Visibility
- It will Less Resources
- It will increase Referrals
CHAPTER TWO
Concept of entrepreneurship
Entrepreneurship can be studied from a variety of angles, resulting in a multifaceted notion (Bula, 2012). While the study of entrepreneurship began in the second half of the sixteenth century for Economics and Managerial Sciences, the first psychological studies on the subject were published in the 1960s with McClelland (1965), Rotter (1966), and Atkinson’s important publications (1966). These writers concentrated their efforts on attempting to explain how individual and social motivation is one of the most essential psychological aspects in entrepreneurship, and they discovered that inventiveness, power distance, and a willingness to take risks are important factors for success. Furthermore, the entrepreneurial propensity rate rises as the likelihood of success rises. (Kalkan & Kaygusuz, 2012).
To be successful, entrepreneurs must be able to recognize business opportunities (Stevenson & Jarillo, 1990; Barringer & Ireland, 2006; Timmons, 1999; Mariotti & Glackin, 2010), choose and manage entrepreneurial careers (Haynie & Shepherd, 2011), and act entrepreneurially (McMullen & Shepherd, 2006; Shepherd & Patzelt, 2011) by being adapted to business circumstances given their higher capacity of resilience to failure.
Entrepreneurial alertness (Kirzner, 1979) is defined as a special set of perceptual and cognitive processing skills geared to opportunity recognition processes, and it drives their mentality. Since a result of this entrepreneurial vigilance, only the most daring risk-takers succeed in running their enterprises, as «the entrepreneur continually hunts for change, responds to it, and utilizes it as an opportunity» (Drucker, 1985, p. 25).
As the nature of the decision-making environment with entrepreneurs’ actions shows, entrepreneurship is the act of innovation including endowing existing resources with new wealth-producing capability (Drucker, 1985). (Alvarez & Barney, 2005). As a result, “the entrepreneur is someone who specializes in accepting responsibility for and making judgmental decisions that impact the location, form, and use of things, resources, or institutions.” (Hébert & Link, 1989, p. 213).
Entrepreneurs are the lifeblood of a business, especially in start-ups. Given the foregoing definitions, entrepreneurship can be characterized as a form of business strategy aimed at creating jobs, societal wealth, and profit through the efficient use of productive and commercial resources.
Furthermore, Ahmad and Seymour (2008) define entrepreneurship as “enterprising human effort in pursuit of the formation of value, through the creation or extension of economic activity, through the identification and exploiting of new products, processes, or markets” (p. 9). In this view, Lumpkin and Dess (1996) assert that the primary act of entrepreneurship is to enter new or established markets with new or existing goods and services by initiating new ventures, either by start-up enterprises or through internal corporate venturing. Entrepreneurial activities are theoretically governed by some entrepreneurship theories, which will be discussed in the next section.
Process of Entrepreneurship
Entrepreneurship is defined as the pursuit of market opportunities to develop future innovative goods and services that are discovered, evaluated, and exploited to extract social and economic value from the environment, ultimately leading to the establishment of a new independent business or venture (Shane & Venkataraman, 2000:218). Entrepreneurship encapsulates the incredibly difficult process of starting a new business.
CHAPTER THREE
Evaluation of innovative and entrepreneurial management processes for a Reyes Holdings
Thus, “innovation management” refers to the coordination of all activities required to “introduce something new,” which in practice means things like coming up with ideas, developing, prioritizing, and implementing them, as well as putting them into action, such as launching new products or implementing new internal processes.
It’s simple to debunk the word by looking at the meaning. Simply expressed, innovation management is the act of creating and introducing new products and services while also growing the firm in some way.
As the term indicates, there are a plethora of different types of innovations. This is the basis of many of the debates surrounding innovation: people frequently use the generic term when they are really referring to a limited subset of innovation, and even then, only from the perspective of their own company and previous experience.
The key aspects of innovation and entrepreneurial process management
Because nearly any new development in the business might be considered innovative, understanding what innovation management entails in practice can be difficult.
We’ve discovered that the best way to comprehend the topic is to break it down and examine each of the important parts of innovation management independently, based on our experience assisting organizations with their innovation activities. The graphic below depicts the four features that we frequently use, each of which will be briefly explained below.
Capabilities
Capabilities is an umbrella phrase that refers to an organization’s many abilities and resources for producing and managing innovation.
The capability aspect is mostly concerned with people, as innovation is heavily reliant on the abilities of both individuals and teams working together. It relates first and primarily to the organization’s employees’ abilities, unique insights, know-how, and practical skills. It does, however, cover elements such as the organization’s information capital and tacit knowledge, as well as their other resources and accessible financial capital, all of which may be required to generate innovation.
CHAPTER FOUR
Strategy
Last but not least, there’s the issue of strategy. Simply said, strategy is an organization’s plan for achieving long-term success.
But it’s important to remember that strategy is ultimately about making a deliberate choice from a variety of viable possibilities in order to have the best chance of “winning,” and this decision shouldn’t be made independently of execution.
The relationship between innovation and strategy is a complex one, but in essence, innovation is only one of the tools you might use to achieve your strategic objectives.
There are situations where “accidental” innovation can offer unrivaled prospects large enough to justify a complete shift in strategy, but these are extremely unusual and nearly difficult to anticipate.
As a result, the objective is to match your innovation activities with your strategy, which is sometimes easier said than done.
In practice, you must give the business ample leeway to innovate, but you must also consider some practical limits, such as your strategic emphasis, available resources, and your own talents.
All four factors have an impact on an organization’s ability to innovate and manage it, which is why improving it is rarely a simple task with a simple solution.
It’s critical to be able to understand both the overall picture and the individual components that make it up if you want to be good at managing innovation.
Assess the proposals develop from new ideas
Every day, the level of competitiveness in the industry rises. Competition can be so fierce that it severely harms both the economy and the society in question. This carries the danger of causing harm to both the company providing the incentives and its competitors. Customers benefit from commercial competition because it forces companies to deliver high-quality products and services at reasonable prices. It also implies that firms must continue to innovate and introduce new products and services. All of this has been put in place. We have to outsmart our rivals. We have capable entrepreneurs and innovators on our hands. I had the idea of widening our marketing niche by reaching out to our clientele both far and near. This will help boost our clients base.
CHAPTER FIVE
COMPETITIVE ANALYSIS
We won’t be able to succeed unless we investigate our competitors. It could be beneficial to conduct a SWOT analysis to assess our market position. As we work to establish your own business, we need to figure out their strengths and shortcomings so that we may exploit them. We need to be brutally honest here, as well as look at any roadblocks—anything that could potentially get in the way of us meeting our objectives and growing our business.
TRADITIONAL MARKET RESEARCH
While we can acquire a lot of information from the internet, the finest information will come directly from potential clients. Conduct focus groups, send out surveys, and get input and comments. You can accomplish this on your own or engage a market research organization to help you.
We need to show off our product or service to its greatest advantage now that we’ve gathered the statistics and information and done the arithmetic to know there’s a need and a consumer base for it. We can begin the market study section with a brief overview that outlines our target clients and explains why this is the market we’ve chosen. We can also highlight one or two future estimates and outline how we see the market growing.
If our data is thick with figures and statistics, presenting it as a chart or graph will likely make it easier to understand for someone reading your business plan. We can make them quite quickly using Google Docs’ built-in capabilities as well as free infographic apps and software.
To put the above information in action to boost our company in market competition. We need to hire a digital marketer expert
The cost of hire digital marketer is as follow:
- Average SEO costs are $100-$250 an hour for US SEO agencies
- SEO costs often range from $2,500 – $10,000 per month agencies
- The average SEO plan costs $2819 per month (per Ahrefs)
- Overseas SEO companies may charge $10-$50 an hour
Reyes Holdings is the holding company 31,000 collective employees, over 220,000 customers and 30 billion in annual revenue. Carrying out digital marketing especially SEO. We can reach to over 500,000 customers and we can make 100billion in annual revenue
References
- Ahmad, N., & Seymour, R. G. (2008). Defining Entrepreneurial Activity: Definitions Supporting Frameworks for Data Collection. OECD Statistics Working Papers, 1. OECD Publishing.
- Alvarez, S. A. (2005). Two Theories of Entrepreneurship. Alternative Assumption and the Study of Entrepreneurial Action. Foundations and Trends in Entrepreneurship, 1(3), 105–148. doi:10.1561/0300000003
- Alvarez, S. A., & Barney, J. B. (2005). How Do Entrepreneurs Organize Under Conditions of Uncertainty? Journal of Management, 31(5), 776–793. doi:10.1177/0149206305279486
- Anna, A. L., Chandler, G. N., Jansen, E., & Mero, N. P. (2000). Women business owners in traditional and non-traditional industries. Journal of Business Venturing, 15(3), 279–303. doi:10.1016/S0883-9026(98)00012-3
- Atkinson, J. W. (1966). Motivational Determinants of Risk-taking Behavior. In Atkinson, J. W., & Feather, N. T. (Eds.), A Theory of Achievement Motivation (pp. 11–30). New York: John
- Wiley & Sons Bernstein, B., and Singh, P. J. (2006). An integrated innovation process model based on practices of Australian biotechnology firms. In: Technovation 26(2006). Elsevier, pp. 561-572.
- Dvořák, J. et al. (2006). Management inovací. Praha. Vysoká škola manažerské informatiky a ekonomiky, a.s. ISBN 80-86847-18-7.
- Hamel, G. (2002). Leading the revolution. 1. vyd. New York: PLUME. ISBN 0-452-28324-8.
