Target markets and developing strategies to communicate

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Reference no: EM132169754

Scenario – You are the new marketing manager of a major franchise. Select one of the franchise companies below for which you would like to be Marketing Manager.

Edible Arrangements® - Edible fruit baskets – Creates fresh fruit arrangements and gourmet chocolate dipped fruit to order.

Assumptions

Your plan is to aggressively go after the consumer market, business market or both. In this scenario, you will be responsible for conducting the following tasks:

Observing and analyzing market trends.

Examining competitors' products and services.

Investigating ways of improving existing products and services, and increasing profitability.

Identifying target markets and developing strategies to communicate with them.

Checklist

Step 1: SMART Goals: Using the SMART acronym, provide at least three objectives you wish to accomplish.

Step 2: Core strategy/value proposition.:

Customer Target(s): Using a market development or market penetration strategy, discuss the customer target(s). For example, you may want to pursue a new market or increase sales to current customers. Provide for the CEO a more specific description of which customers you (the marketing manager) want to persuade to buy the good or service.

Competitors: For each customer target, identify a competitor (brand or company) that may be able to provide the customer target a like product that would appeal to them.

Value Proposition: What do you see as the value proposition? What are reasons for customers to purchase your brand/product?

Step 3: The 4 P’s of marketing strategy: Clearly describe each of the 4 P’s as it applies to the target market that would purchase your product.

Product

Price

Place

Promotion

Step 4: Competitive Advantage: Using one (or more) of the competitive advantages below, describe the components of this advantage and why customers will perceive them as an advantage for your good or service over its competitors’.

1. Cost-based advantage

2. Price-based advantage

3. Quality-based advantage

4. Differentiation advantage

5. Perceived quality advantage

6. Brand-based advantage

Step 5: Product Life Cycle: Identify where your good or service is positioned in terms of the product life cycle and suggest a strategy based on your analysis. What creative approaches can be used to stretch out the product life cycle of your good or service?

Please provide this in your own words ASAP.

Reference no: EM132169754

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