Development of your marketing strategy

Assignment Help Marketing Research
Reference no: EM13711681

The name of your prospective hypothetical service business and its probable location.

A brief description of the nature of the business, ("body-guard service", "bar", "child-care", etc.). You will expand on this in MOD02. (Reminder: There are detailed notes on how to approach each section of the SLP in the Background Information page).

2. SELF-ANALYSIS. For this you should: . assess your skills, abilities and competencies, (strengths as well as weaknesses) and . compare these with the demands of potential markets, and . the offerings of competitors. Ensure that the self-analysis is relevant to the proposed service and that you make the comparisons.

3. CUSTOMER ANALYSIS. . Identify potential customers you could serve. . Identify the benefits they seek. . Describe and label your market and any segments there are. - Estimate the size and value of the potential market. - Estimate the size abnd value of the (to be) served market.

4. ANALYSIS OF PRIMARY COMPETITORS: In a table identify the main competitors and provide a brief summary of how each competes. For example, does the competitor use low-price, reliability, reputation, high quality or some other basis for positioning itself in the market?

5. To complete sections 3 and 4 you should do some MARKET RESEARCH, i.e. talk to people and gather some data to get some relevant information for your business idea. Briefly explain what you did and indicate the sources you have used.

6. Analyze the MARKETING ENVIRONMENT. The Marketing Environment is covered in a Powerpoint presentation provided for MOD01. Excluding any factors which are not important or which are analyzed in other sections (e.g. competition), analyze the other major Marketing

Environment factors which need to be taken into account in the development of your marketing strategy, e.g.: . Political factors . Economic factors

. Social and cultural factors

. Technological factors

. Legal or Governmental factors

. Non-marketing costs (supply purchases and manufacturing)

Note that though the sections above are to be presented individually the analysis which underlies them is inter-related and you will probably have to think about yourself, the possible market, and potential and actual competitors at the same time, and to revise your thinking about them as you progress.

Questions/Issues: COMPETITIVE ADVANTAGE ANALYSIS: How well does the proposed service meet the demands of the market compared with the competition? To help do this analysis:

- Create a Product/Market Matrix. This is a table listing the various segments you identified in the Customer Analysis section for MOD01 and the products which those segments buy. (This is NOT to be confused with a table of a similar name developed by Igor Ansoff.)

- To analyze the competitive situation show the competitors providing those products for each segment in each cell as appropriate.

- Don't just present the matrix; explain what it shows. Which are MY TARGET SEGMENTS your business will focus on and why?

Using the information from section 3, present a table that lists the primary potential target markets with information for each drawn from all prior sections to explain your decision as to which you will focus on.

Describe THE SERVICE that you will provide using your analysis of yourself, the market and the competition to explain how you reached this conclusion.

Describe the People who will deliver the service, the Physical Environment (if any) in which the service will be provided and the Process through which the service will be provided.

Statement of your business's MISSION (what business are you in or what are you supposed to do). The GENERAL OBJECTIVES or GOALS of your business (for example, achieving sales of X% by date A).

Each time you submit a new section of the Marketing Strategy, include the prior sections, revised in the light of feedback and any further research you have conducted, as necessary.

Make those revisions in color. Though these prior sections are not graded again, (they already have been graded when first submitted), including them helps the grader understand your analysis, and enables you to tell a coherent story. For example in SLP01 you described the market and market segments for your firm's products.

Verified Expert

Reference no: EM13711681

What is the apparent communication objective

MRKT 1001:  Research a brand that you know well - briefly describe the brand character or image.Target audience - visit InfoScout and create a 1-paragraph profile or the targe

Participate in supply chain decisions

Make a list of products you believe failed because of poor marketing channel choices and why - Why do marketing professionals care about and participate in supply chain decisi

What were green rivers concerns and questions

What were Green Rivers concerns and questions regarding -Trade Standing, Ordering and payment history, Willingness to cooperate in joint programmes and willingness to share in

What marketing options can you describe for facebook

What marketing strategy or strategies has Facebook adopted since it was created? Answer this question by applying one or more of the theoretical approaches discussed in the

Create a research proposal consisting of three sections

The purpose of the research proposal is to help you to understand your project, to gain direction and feedback on your project, and to establish a blueprint for your project.

Product and service innovation management

Product and Service Innovation Management - Describe your product concept, giving a clear functional definition. Ideally, you should be able to describe your concept in a few

Describe the company and its main products

Use the Internet to select a small company that sells products that would lend themselves to being demonstrated in "How To" videos. Next, imagine that the company has hired

Which survey method would you recommend and why

"Let me read the research problem statement all of us revised in the first hour of our meeting," Jones said. "Akron Children's Hospital board wants the hospital to become th


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd