Identify potential challenges in negative publicity in your business and how you would manage i

below is task one and 2,3 and 4 along with the questions. DO NOT ANSWER THEM as I will post the business plan with everything answered which was task 1, 2, 3 and 4. read through the task 1, 2,3 and 4 questions and plan and then answer question on bottom


TASK ONE.
Write a brief description of a business in terms of the 4P’s that you will be working on for the rest of the quarter.
What value does it offer that differentiate from competitors? It could be fictitious or a real business you of which would like to build a promotion plan (20 points).
What are the potential customer segmentation strategies and which strategy would you use for your company’s customer base?

Describe the purchase process of your customers (frequency, size, decision maker, purchase decision process

Define your objectives for relationship-building programs with your target customers.

Identify potential business partners that you could develop and the potential relationships (i.e, referral fees, joint promotions, joint product offerings, distributors,etc.

Business Description (Task one)
Regal-Tech is a technology company specializing in lifestyle enhancement technology. We create accessories and gadgets for the end consumers with an aim of upgrading their living standards. Regal-Tech’s primary drive is to provide technology that is both affordable and useful in our customers’ lives. We have tasked ourselves with bringing happiness to our clients' lives. Regal-Tech manufacture’s health monitoring gadgets, music players, three-D eyewear, and flash drive adapters for smart phones. To make sure that our customers get satisfaction from our products, we focus on their usability, functionality, and aesthetics. Regal-Tech believes that a consumer is more satisfied with a gadget that enhances his image. Therefore, our primary objective is to ensure that the product looks its best in the hands of the end user. We give our customers an opportunity to pre-style their desired gadgets before assembly at no extra cost. We set our prices with great considerations for the customers’ current living standards. Unlike our competition, we do not wish to sadden them further by digging deeper into their pockets. We have a Regal-Tech store in every city, and in every major shopping mall. Our locations are available on our website, regal-tech dot com. Therefore, customers do not need to waste their time scouring the web for our products. We strive to stay ahead of our competition by employing promotional strategies that resonate with our key agenda. Information about our products is available online via video ads, and video tutorials on YouTube. Regal-Tech is also committed to engaging its customers in its promotional strategies. We, therefore, encourage participation in our online games and contests.
Customer Segmentation Strategies
Regal-Tech has the choice of segmenting its customers, geographically, by demographics, by occasion, by benefits, by behavior, by psychographics, or by multi-variable accounts. However, we believe our products contribute to a better lifestyle. It is, therefore, crucial for the company to group its customers by their psychographics. This would allow the company to target clients who fit perfectly into the envisioned product-user-circle. Psychographics would allow the company to uncover the lifestyle of our customers and discover what they need to live a happier life.
Purchase Process
Our clients have the luxury of purchasing products as frequently as they please. We have no limit on the number of products a customer can buy. Regal-Tech also recognizes that, although we shall do everything possible to promote our products, the decision to buy rests squarely on the consumer. The user recognizes his need for a product. He then makes an effort to search for relevant information on the product. The user then compares our products with those of our competition before making his decision to buy. After using the product, he will later evaluate its performance and judge whether the product met his needs. Regal-Tech respects the consumers purchase process. As a result, the company will make all information about the product available to the prospective customer prior to purchase. The company will seek feedback from the user to determine user satisfaction level and user experience. The company will use this information to improve the product and develop better technologies.

Relationship-Building Programs
Regal-Tech is focused on ensuring that customers get the best out of their purchases. The company, therefore, tries to maintain a friendly relationship with its clients after they have made purchases. We give our customers an opportunity to interact with our company representatives. In return, they get more information about the products. They also receive extra benefits by being loyal to the company. However, the chief objective of our customer relationship programs is to gather more information on the consumers’ lifestyles. We can then apply this information to our product development and enhancement phase. This vital information places Regal-Tech at a better position in developing technologies that the consumer wants, hence preventing a pile up of not so useful technology.
Business Partners
Regal-Tech plans to collaborate with technology firms that complement our products and services. We plan to work with technology news websites such as TechCrunch and Engadget. Such sites will help sell our products to our intended customers through their informative reviews and news articles. In appreciation for their marketing push, Regal-Tech will pay commissions and referral fees to these companies. Apart from technology news websites, Regal-Tech plans to collaborate with music video producers and artists. Regal-Tech will endorse artists on the basis of their celebrity status. The artists will display our products in their videos. They will in return get free publicity via our product advertisements, and we shall draw from their publicity to attract a larger following. Regal-Tech also plans to work closely with distributors. Distributors serve as our liaison to the retailers and end consumers. Therefore, it is crucial that the company involves them as business partners rather than clients. They are bound to do more and better promotional work if there is a promise of greater reward. Therefore, Regal-Tech will set up a reward system such as creating cash promotions where best performing distributors get cash rewards