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

Previous Q& A

  What is the horizontal distance traveled by the cart

A cart is moving horizontally with constant velocity Vx. The cart then shoots a ball with an initial velocity straight up relative to the cart. what is the horizontal distance traveled by the cart

  Find the average force exerted on the car during this time

A 907-kg car starts from rest on a horizontal roadway and accelerates eastward for 5.00 s when it reaches a speed of 20.0 m/s. find the average force exerted on the car during this time

  What is the potential difference across the resistor

The current through a 679 ohm resistor is 130 mA. To the nearest volt, What is the potential difference across the resistor

  Compute the magnitude of the net magnetic field

A long horizontal wire carries 24 A of current due north. What is the net magnetic field 22 cm due west of the wire if the Earth's field there points downward, 42° below the horizontal, What is the magnitude of the net magnetic field 22.0cm due wes..

  How many gas molecules are in the cylinder

A 6.0-cm-diameter cylinder of nitrogen gas has a 4.0-cm-thick movable copper piston. How many gas molecules are in the cylinder

  What is the velocity of the block at this instant?

Two blocks are hung by a string draped over a pulley, a 1.4-kg block on the left and a 3.0-kg block on the right. What is the velocity of the 1.4-kg block at this instant

  How much elastic potential energy was stored in spring

A 0.30-kg cart and a 0.16-kg cart are held together with a compressed spring between them. How much elastic potential energy was stored in the spring before the release

  What current flows in the resistor

A 300 ohm resistor is connected to a variable-voltage power supply. What current flows in the resistor

  Please draw the flow chart and calculate the cycle time

In the original setting of the Mama John's pizza, suppose you don't have any more money to invest after you setup your pizza shop. However, you do have a friend who can donate his old oven to you. It takes 60 minutes to bake a pizza in this ol..

  What is the mass and weight of the gasoline

The fuel tank of a truck has a capacity of 35 gallons. If the tank is full of gasoline with specific gravity of 0.751, What is the mass and weight of the gasoline

Reviews

Write a Review

 

Similar Q& A

  He would like to concentrate on wealthy individuals who

jack freeman is a young artist and his focus is sculpture. he has a small studio in seattle and has managed to sell

  Market research report

Market Research Report

  Market approach in valuing inventories

Market approach in valuing inventories

  Discuss the methods available to marketers for establishing

Pricing is one part of the value equation in developing a marketing program. Discuss the methods available to marketers for establishing a pricing strategy. Analyze why each would be selected.

  How quality management and control processes

Discuss two examples of how quality management and control processes were (or should have been) integrated into the infrastructure project supply chain network. Provide specific references

  Research and determine the importance of role regional

objective research and identify the importance of the role regional blocs play in global-international commerce.what is

  Determine the distribution strategy relative to market

Determine the distribution strategy relative to your target market, location, and selection of distribution channels. Indicate whether or not you will leverage

  System behavior beyond the notion of input

Discussion topic-1System Behavior Beyond the notion of input > transformation > output, the behavior of systems contains a number of other important concepts. These include such topics as interdependence, reciprocal causation, wholeness, nonsummativi..

  Hello hello i have heard about this from one of my friendas

hello i have heard about this from one of my friendas your very good of helping people doing their home work.my

  Legal strategies and planning of your comprehensive business

Legal strategies and planning of your Comprehensive Business Plan. Also, you will complete the Financial and Accounting Analysis (Pro forma - future 3 years).

  Understand the conceptual frameworks

Understand the conceptual frameworks and complexity of high-performance working (HPW) and its contribution to sustainable organisation performance.

  Research methods 1 you are the new manager of market

1. you are the new manager of market intelligence in arapidly expanding software firm. many product managers and

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