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Factors to consider in a start-up business

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Factors to consider in a start-up business

The variables of interest in the preferred business of a start-up for skincare oil business are sales revenue and marketing strategies. The sales revenue will be the dependent variable, while marketing strategies will be the independent variable.

The marketing strategy is selected because a start-up business has difficulties in penetrating the market. The choice of the marketing strategy will determine the success or failure of the start-up business (Trasorras, Weinstein, & Abratt, 2009). Sales revenue represents the business's success when it is high and failure when it's low, resulting in the business's collapse.

The regression analysis results are expected to show a positive relationship between marketing strategies and sales revenue. When the marketing strategy selected by the business manager is effective, it will enable the business organization to penetrate the new market and increase its market share (Rust, Lemon, & Zeithaml, 2004). The effectiveness of the marketing strategy will be based on how much it meets the needs and preferences of the customers when the needs and preferences of the customers are addressed. Consumer satisfaction is a better way of making the company's product competitive, which will be a driving force to penetrate the new market for the start-up business hence leading to the success of the business. When the marketing strategies do not address the needs and preferences of the targeted customers, then the demand for the products and services of the company is low, which makes it hard for the business to expand its market share. Therefore, for the start-up business to succeed by increasing its sales revenue, it must implement better marketing strategies that address the customers' needs.

References

Rust, R. T., Lemon, K. N., & Zeithaml, V. A. (2004). Return on marketing: Using customer equity to focus marketing strategy. Journal of Marketing, 68(1), 109-127.

Trasorras, R., Weinstein, A., & Abratt, R. (2009). Value, satisfaction, loyalty, and retention in professional services. Marketing Intelligence & Planning.