Question

Think of an unmet need in today’s marketplace and pitch that idea to your classmates as an entrepreneurial venture. (Maybe they will invest!)

Answer the following:

1. What need does it fill?

2. What entry strategy will you use (pioneering, imitative, or adaptive)?

3. Will you pursue a low-cost, differentiation, or focus strategy?

Answer 1

Nowadays, the pandemic named COVID-19 has impacted the whole world. At this times, proper hygiene and preventive measure should be adopted by all the government and all the citizens of the nation.

So, as a producer I think people should buy more sanitizers and face masks in order to decrease the transmission of Corona virus.

I, as a marketer will aware the people for the use of sanitizers and face masks. I will tell the consumer's that the use of such items is basic need of this times.

I will advertise my product in the market to change the consumer's mind.

And the new tagline will be like:-

# STAY HOME, STAY SAFE AND KEEP HYGIENE.

# SO YES TO HYGIENE AND SAY NO TO CORONA.

2) we will need adaptive strategy. Because, we have to produce these product keeping in mind the past havoc created by this pandemic.

3) we will have to pursue focus strategy for such type of market.