MGT 662 Week 6 Assignment: Discussion-Bootstrapping a Marketing Plan-Nursing Paper Examples

Bootstrapping a Marketing Plan-Nursing Paper Examples

The most interesting point throughout the course was bootstrapping a marketing plan. In bootstrapping, entrepreneurs utilize available resources, such as personal savings and equipment, to start and grow a business without involving investors or loans (Gregory, 2022). It requires time and creativity to realize to maximize the available capital. In this case, Gregory (2022) illustrates that entrepreneurs should implement content marketing to enhance brand awareness and attract customers. The current market environment is dominated by technology, which has significantly defined the scope of business and customer preferences. For example, many entrepreneurs integrate digital platforms like social media into their businesses to enhance brand awareness and customer engagement (Bootstrapping a Marketing Plan-Nursing Paper Examples). 

Barney et al. (2021) also suggest that entrepreneurs should maintain the value and consistency of their product and service. offerings to ensure positive investment returns. Customers prefer engaging with businesses offering valuable products consistently. Moreover, especially in cases where the cost of shifting to other products is lower. Additionally, their advertisements should maintain honesty and integrity to enhance customer satisfaction and return purchases (Bootstrapping a Marketing Plan-Nursing Paper Examples)

Advertisements for startups should accurately depict the type and quality of products offered. More so, to reduce customer disappointments, especially when they discover that the quality of products offered is different from the advertised context (Rendtorff, 2019). Therefore, adopting content marketing, maintaining value and consistency. Furthermore, honesty could strengthen the position of a bootstrap business, enabling it to attract and retain customers (Bootstrapping a Marketing Plan-Nursing Paper Examples).

Using personal savings and property to start businesses offers various benefits to entrepreneurs. Moreover, like granting them total control over their business and guaranteeing independent use of the profits generated from the business. According to Gregory (2022), an entrepreneur’s complete control of a business makes it easy to make necessary adjustments without involving the input of others who may hold varying opinions or take longer to agree on a specific idea to implement. Besides, bootstrapping also enhances resource usage accountability, maximizing the value of the invested capital (Bootstrapping a Marketing Plan-Nursing Paper Examples).

Gregory (2022) observes that entrepreneurs often start bootstrap businesses with limited capital, which must be invested efficiently to reduce wastage while enhancing business profitability. Additionally, bootstrap businesses allow entrepreneurs to establish a strong customer base ideal for business growth and profitability. Entrepreneurs offering high-quality products and good customer service can effectively establish a pool of loyal customers who will drive the business to a competitive position (Jayawarna et al., 2020). Therefore, entrepreneurs should consider bootstraps to enjoy control, enhance accountability, and establish a strong customer base for profitability and growth (Bootstrapping a Marketing Plan-Nursing Paper Examples).

However, entrepreneurs should be aware of the risks associated with bootstrapping approaches, such as the increased risk of business collapse due to a lack of profitability or inadequate finances to safeguard against market uncertainties (Jayawarna et al., 2020). It also limits the growth of the business, where demand for the products is higher than the company’s supply capacity, forcing unsatisfied customers to pull away (Bootstrapping a Marketing Plan-Nursing Paper Examples).

For instance, the entrepreneur may not have adequate capital or property to expand the business, forcing it to rely on a small product portfolio, which may not appeal to customers, leading to a loss of market share and overall business profitability (Jayawarna et al., 2020). Therefore, entrepreneurs should consider shortcomings like the risk of business collapse and limited growth when venturing into bootstrap businesses and marketing (Bootstrapping a Marketing Plan-Nursing Paper Examples). 

Lesson

One lesson about bootstrap business is the need to implement an effective marketing plan. The success of bootstrap businesses depends on the type of marketing plan implemented to promote the business’s products. Gregory (2022) explains that a good marketing plan should incorporate organic marketing strategies like social media and blog posts. This is due to the increasingly changing consumer preferences, where they increasingly utilize the internet to review products and make purchase decisions. Hence, entrepreneurs should tailor marketing strategies to align with customer preferences, leading to the success of bootstrap businesses (Bootstrapping a Marketing Plan-Nursing Paper Examples).

References

Barney, J. B., Ketchen Jr, D. J., & Wright, M. (2021). Resource-based theory and the value creation framework. Journal of Management, 47(7), 1936-1955. https://doi.org/10.1177/01492063211021655

Gregory, A. (2022). Bootstrap Marketing Techniques for Small Business Owners. The Balance. https://www.thebalancemoney.com/promoting-business-small-budget-2951734

Jayawarna, D., Jones, O., & Macpherson, A. (2020). Resourcing social enterprises: The role of socially oriented bootstrapping. British Journal of Management, 31(1), 56–79. https://doi.org/10.1111/1467-8551.12334 Rendtorff, J. D. (2019). The honest businessperson: Cosmopolitan Theory and cultural praxis (The example of Denmark and Scandinavia). The honorable merchant–Between modesty and risk-taking: Intercultural and literary aspects, 41-53. https://doi.org/10.1007/978-3-030-04351-3_