Identify the unmet or poorly served customer needs

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Reference no: EM133891469

Overview of the Plan

Product/Service
Identify a product or service for which you will be developing a long-term plan or strategy in the Mississippi Delta Region. This product or service should be part of the offerings or future offerings from an existing company or institution. For example, you could choose to develop a plan to help the College of Business and Aviation increase the number of majors for its BBA degree in Marketing or Management, or propose a plan that helps Delta State University attract more out-of-state (including international) students. Get affordable and professional assignment help now!

Target Market
Identify and discuss your target market (Hint: Limit your target market to one specific group; do not state your target market is anyone who wants the product.).

Value Proposition
State your value proposition or a position statement that outlines the perceived benefits this product will provide to the target customer in order to differentiate it from similar services.

Briefly discuss the product's suggested competitive advantage

Identify critical success factors.
Objectives. Specifies the goals to be accomplished in terms of sales volume, market share, and profit.

Analysis of the current situation and trends
The Customer:
Identify the relevant trends in demographic, social, and cultural environment
Identify the unmet or poorly served customer needs and wants that your strategy will address, once successfully executed.
Provide critical insights into the behavior of the target consumers
Estimate the size of the target market
Indicate the current and anticipated growth rate of your target market.
Discuss relevant demand/supply elasticities

The Industry
Relevant company and industry background information
Identify relevant trends in economic, regulatory, technological, and the natural environment
Assess Porter's Five Forces
The Competition
Identify the main direct and indirect competitors that currently satisfy the needs of your proposed target market
Discuss the competitors' advantages and disadvantages

Marketing Strategy
Describe how you will position the brand in the minds of the target consumers.
Describe briefly how you will achieve your objectives
Action plans
Discuss each of the 4 Ps; make sure to add enough detail for the business to be able to implement your suggestions
Product
Price
Promotion
Place
Detail the steps necessary to complete your plan (meet your objective)
Provide a projected Profit-and Loss Statement
Upon the activation of your plan, discuss the anticipated response of your competition and how you intend to respond.
Discuss how progress will be monitored (and measured where possible)

Human Resources Strategy
Discuss how human resources plays a major role in influencing your business strategy.
Discuss the key talent needed for your strategy and provide job descriptions for these key positions (specific roles/duties are required).
Discuss how you plan to recruit, attract, develop quality employees needed for your strategy.
Include salary ranges for these positions (they should be influenced by demographics & sociocultural environment identified in the marketing section). Remember, you need to justify the recommendation and recognize the cost of your plan to be further discussed in the economics section.
Discuss how you plan to evaluate performance for these positions.

Ethical issues
Discuss ethical issues currently affecting the industry (or that your proposal may raise), including issues of social responsibility.

The Macroeconomy
Identify and discuss relevant macroeconomic economic variables (inflation, unemployment, economic growth, etc.) that may impact the success of your product/plan/any strategies discussed in previous sections.

Provide detailed trends and forecasts of these macroeconomic variables.

Reference no: EM133891469

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