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Entrepreneurship Essay

1437 words - 6 pages

New Product Idea for Triangle Solutions

Amanda Simpson

American Intercontinental University Online

New Product Idea for Triangle Solutions

With this particular location of Triangle Solutions in Texas it would make sense that the product created would be marketable in this area. It is well known that hunting is one of the favorite pass times in this state. The invention in this case would be a camera that could be attached to a bow for hunting and the target market is men and women that enjoy to hunt in their spare time. This camera would not only take a series of photos and videos during a hunt but it would also have the ability to calculate the range between the hunter ...view middle of the document...

When broken down it is calculated to show that hunters spend roughly $2000 each year in order to be prepared. This just goes to show just how popular this sport is and when it comes to purchasing the most innovative and useful gear to hunt with they know what they want in their products (Hunting Business Marketing, 2012). With all of the fathers that hunt that have young children, they have a desire to teach them how to do the same. There are many sons that enjoy going out into the wilderness with their dads and learning how to hunt. This means that the more children that are introduced into this world the more hunters there are later. It has been something for fathers and sons do to together for many years. The total of male hunters in the United States is 91% and 25% of all hunters range of the age of 35 to 44 (Business Marketing, 2012).

Before deciding upon a specific marketing strategy there are many things that need to be done ahead of time. First the target buyer needs to be determined and described. The competitors in the same market will need to be analyzed so that Triangle Solutions can understand what they are up against. Thorough research and development need to be done in order to ensure that the product is going to be successful. When trying to create the best marketing strategy the company should define what they are and what their intentions are. The products need to be defined and explained in full detail so that the customers understand what they are looking at. Clear distinguishing between the product that is being offered by Triangle Solutions and other competitors should be outlined (Furshpan, n.d.).

There are many options a company has to choose from when it comes to getting their name and product out there. A benefit to the many options is that a lot of great marketing strategies are low in cost which helps for starting companies and companies offering new products. One of those marketing options is networking. This is where business owners and management attend networking functions in order to meet people. The point behind this method is to build relationships with people. The number of people that are met is not what matters; it is the impression that is left that will help determine the path of the company and their product. Another way to market is by using referrals. When there are satisfied customers that are happy with a service or product they will tell people about it. Now the catch is, it must be a point to ask the customers to refer friends and family to the company. It would also be a good idea to add some sort of incentive when people do get referred to the business. Some companies offer some sort of compensation or even discounts on purchases. This is a good way to get the word out amongst the consumers. Another form of marketing is articles in magazines and on websites. These links online and the magazines can be sent to potential customers to get the word out. Every large company has some sort of...

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