THE ENTREPRENEURIAL PROCESS

THE ENTREPRENEURIAL PROCESS

Name

Institution

The Entrepreneurial Process

Target market refers to the people that are most likely to become one’s clients. Indeed, upon commencing trade, either offering services or selling products, it is necessary for one to identify the most probable group of people in need of the offered items. Some people assume that they can target everyone; however, narrowing the market size to the preferred and interested parties gives focus to the venture (Evans and Hastings, 2008).

A home health care agency provides medical services to people in the comfort of their residences. As such, their main targets are people that lack the luxury of visiting hospitals. Examples of such individuals include the elderly, sick people who are unable to move and those who prefer receiving medical attention while at home. As indicated earlier, it is crucial to determine the target market with an aim of focusing all available resources towards them. Additionally, identifying the target market paves a clear path of luring potential consumers to use the available services or products (Evans and Hastings, 2008). For example, one gets to identify the most appropriate channels of advertising. It is also vital to recognize the target market to determine whether they require the products one is offering or not.

The leading points that one needs to consider when selecting the target market include identifying its size, the profit potential it has and its requirements in regard to the services and products one is offering. Consequently, considering all these issues offers the service providers ideas of the resources they need to use to maximize their profits and still deliver quality products to the target market.

A brand refers to a product or service that can be identified with only a single or group of companies. Branding is essential to a business since it is specific and relates to a company that manufactures or offers it. Therefore, the company linked with a brand has the liberty to operate in the most probable way it prefers. Additionally, branding offers companies the recognition they deserve and help them gain a market target by expressing what they can offer through the brands (Evans and Hastings, 2008).

Acadia Healthcare Company, Inc. is an example of an institution that has created a service as a brand that serves many people in the United States. The leading thoughts that one relates with Acadia are the inpatient psychiatric facilities. Their branding point relates to services offered in the treatment of people with behavioral disorders in an outpatient environment. Therefore, this form of branding impacts a part of the population that prefers receiving treatment for behavioral disorder while outside the hospitals. Over the years and since its inception, Acadia Healthcare Company, Inc. has had overwhelming success in the medical industry. Studies show that the company’s reputation has grown exponentially over the past few years (Reuters, 2013). Their unique brand, which is offering psychiatric services outside hospitals, has fueled the high growth rate of popularity among the target markets. In turn, increasing the company’s profitability by vast margins over the years it has been operational (Reuters, 2013). If it were my product, I would target more consumers by opening additional branches in the home country as well as beyond the borders.

References

Evans, W. D. & Hastings, G. (Eds.). (2008). Public Health Branding: Applying Marketing for Social Change, Volume 1. New York, NY: Oxford University Press.

Reuters, (2013). Acadia Healthcare Company Inc. (ACHC.OQ). Retrieved on 6 Oct. 2013 from http://www.reuters.com/finance/stocks/overview?symbol=ACHC.OQ