MARKETING STRATEGIES FOR A SOLE PROPRIETORSHIP IN LABORATORY FIELD
The purpose of this thesis is to investigate the optimal marketing strategies for a sole proprietorship in the laboratory products industry.
Ngoc Bao Nguyen, 2023
Bachelor Thesis, Sysmatec
Betreuende Dozierende: Ganesh Nathan
Keywords: Sole proprietorship, outbound marketing, inbound marketing, social media marketing, email marketing strategy, LinkedIn marketing strategy
Despite being in business for more than 25 years, the company has a low profile in the market and does not have exclusive rights to its products. The products are expensive and typically bought by professional organizations, such as pharmaceutical companies and research labs. The owner has financial constraints that prevent him from expanding the team. The goal is to identify an effective marketing approach for a one-person, low-budget enterprise that sells specialized, high-cost items to a limited customer base.
This thesis aims to evaluate various marketing strategies, including outbound marketing, email marketing, inbound marketing, and social media marketing, for a sole proprietorship in the laboratory products industry that has struggled to promote its products through traditional methods such as telemarketing and email marketing. The research includes an analysis of primary data from interviews and surveys, as well as secondary data from credible sources such as books and journal articles, to examine the potential benefits and drawbacks of using social media marketing for this business.
Given that laboratory products are high-cost, specialized, and typically purchased by professional buyers who may not frequently use social media, this thesis recommends that the business should continue to rely on email marketing as a method of reaching out to its target customers in the laboratory industry. Moreover, the study indicates that creating engaging videos is crucial for a successful social media marketing, however, it is a time-consuming and demanding process which may not be feasible for a one-person business such as a sole proprietorship. Among the different social media platforms, LinkedIn, being the third most widely used, appears to be the most appropriate for small businesses looking to connect with other companies. It is not only a way to make B2B connections but also a way of promoting the business through outbound marketing. This research suggests that for a sole proprietorship that deals with specialized and high-cost products, such as laboratory equipment, a blend of outbound and inbound marketing is the best approach. Utilizing both email marketing and LinkedIn as a medium can be both financially efficient and practical for a one-person business.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: