Throughout the course, you have been deepening your understanding of public rela

Question

Throughout the course, you have been deepening your understanding of public relations through the lens of entrepreneurship and the importance of building and developing networks to sustain long-term relationships.

For this assignment, imagine you have established a small company and you are looking to expand your business in its current field or into related fields. Currently, your business primarily relies on word of mouth and has a small online presence, but has not branched out into social media and networking. Your small business has the potential of growing exponentially with the implementation of the right strategic communication plan.

In a 500-750 word report, discuss the value of networking in developing business opportunities and sustaining long-term relationships for your startup company.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

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Explanation / Answer

Here I want to relate with my own business of manufacturing men’s vest.

Company name- style creations

Product manufacture- men’s vest and t-shirts

I started this business 2 years before. For this i took a help from my relative who are in this business form last 10 years. In my region there is no single manufacturing unit of men’s vest so this is the only reason for starting this business. This business has strong market potential in future if I managed to secure loyal wholesalers. Right now I am doing this manufacturing in one single unit and have small shop in front for its retail selling. Currently I do not have enough funds to set another manufacturing unit. In my initial period of business the biggest problem is related to the brand awareness for my potential customers. Although i have appointed sales team but still I am not getting satisfactory sales response. Right now my business is purely running on word of mouth publicity as all nearby shop people are known to my family for many years. Wholesalers are buying only because of my father’s goodwill. I am struggling to create my own network to increase my business. Although the response of my product is excellent but another problem lies in my business is the limitation of cash flow. In order to increase my business I need more money and as in business most of the wholesalers work on credit basis so it become difficult for me procure my money from them on time.

Recently I decide to start online selling of my product through online retailing sites. This is also done to create brand awareness and to build the brand image. In specifically my business line, it is very important to have strong network so as to sustain your business. Like my other competitors they have their set of customers in their network they purely work with them and also customers are also loyal with them they do not want to switch with other manufacturer. Similarly I need to make such network so that I have definite group of customers who will order on regular basis with me.

In management term business networking is an effective low cost marketing method for developing sales opportunity and contacts. So having right connection is the key for any business.

The goal is not to get as many business cards as you can, but to make quality connections. It is important to be genuine and honest. The fallacy of much of social media these days is that it keeps us all connected. A connection is not bad but it is not a relationship. It is a relationship that sustains a business for the long term. To develop a personal relationship it takes face to face communication, nurturing, and time.

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