How do you determine who this group of people will be

Assignment Help Operation Management
Reference no: EM132280819

Competency

This deliverable will examine your ability to apply marketing principles to business operations to build sound marketing strategies.

Instructions

This is an exciting time as your business is now up and running. You are ready to start production of your product, but you have many unanswered questions. You believe that you have a great product, and you feel that it should appeal to a broad group of people.

How do you determine who this group of people will be?

How will you price your product to ensure that you make enough profit and that people can afford to buy it? Where will you advertise your product?

Where will your customers be able to purchase it? In order to address these questions and more, you will need to create a Marketing Strategy to describe your Target Market and determine the Marketing Mix (4 Ps). When writing your Marketing Strategy, you will need to address the points below:

Describe the Target Market for your product using the four types of Market Segmentation:

Geographic

Demographic

Psychographic

Product-related

Using the 4 Ps of the Marketing Mix, describe the Product, Pricing, Promotion, and Placement of your product.

Product: Describe and differentiate your product. Focus on the benefits your product will offer your customers. How is your product different or better than those offered by your competitors?

Price: Discuss the things you will need to consider when establishing a price for your product.

Promotion: Based on your Target Market description, discuss the types of promotion you will use to attract your Target Market. Where will you place those promotions?

Placement: Where will you make your product available for purchase? Which channels of distribution will be used to transport that product?

Explain the relationship between the Target Market and the Marketing Mix. Discuss how they work together to create the Marketing Strategy for your business.

Reference no: EM132280819

Ethical environment of business-torts-consumer protection

Use academic or legitimate news sources, such as The New York Times, the Los Angeles Times, The Washington Post, CNN, MSNBC, Fox News, etc. Evaluate arguments for and against

How will cloud computing affect

Think of a current process at work where hardware and software need to be purchased, stored, upgraded now. How will Cloud Computing affect, if at all, that process? What other

Local electronic store provides customers with walk-in

Q: A local electronic store provides customers with walk-in service to repair their flat screen TVs of various technologies (LCD, LED, Plasma, etc.). When an item arrives, sto

Is starbucks able to balance the triple bottom line

Is Starbucks able to balance the triple bottom line and reinforce its culture of corporate and social responsibility? In other words, does Starbucks successfully fulfill envir

Impaired or obstructive clinical staff members

Some flash points in clinical staff relations are recurring and predictable. In an interview for a new position, you are asked, “How should our HCO deal with these issues? Int

The employee free choice act

The Employee Free Choice Act, which died in Congress on several occasions, would have allowed unions to form on the basis of a card check without a secret ballot election. The

In a state that has adopted the restatement rule

Over many years, Jake and Jo Bob built up a barbeque ribs business, Hambones, Inc., which caters picnics and parties and sells ribs and corn at county fairs. They have several

Implementing policy in the health care delivery system

In this episode, you are the Director of Quality Improvement for a Health Care System. Your team is in the process of establishing policies and procedures to ensure health law

Reviews

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