Business Plan
Ayoyimika
MarketingPlantemplate.pptxInstructions/Details
In this section, we ask you to assess if the industry you have chosen has a target market that will be profitable. Follow the explanations of the marketing as described in your text. After identifying your target marketing, the marketing mix are the four elements used to effectively reach your identified group of consumers. The next section should consist of a detailed description of each element of the marketing mix (product, place, price, and promotion). Follow the explanations of the marketing as described in your text.
Create a MS PowerPoint with your answers to the items in Step 1 and 4 below. You are not an expert in your chosen industry so your answers should use external academic sources to support your decisions and statements. Include a separate slide for a list of 3-4 references used. Expectations describing what a ‘professional business PowerPoint’ should contain on the slide and notes sections can be found in the Business PPT Instructions.
Submit
To submit your completed assignment, under the SUBMIT button section: Upon completing your assignment click on the SUBMIT ASSIGNMENT button at the top of the page. Then, click on the CHOOSE FILE button, find your PowerPoint file and upload your submission. Make sure to click the SUBMIT ASSIGNMENT button once the file is done uploading.
Step 1: Potential Customers - Use the Marketing Analysis PPT template Download Marketing Analysis PPT template as a foundation for your presentation.
Identify Market Segmentation Variable characteristics of your potential customers. You can reference this chart Download chartto view the variables and their characteristics.
Pick a minimum of two characteristics for the Demographic variable.
Pick a minimum of two characteristics for the Geographic variable.
Pick a minimum of two characteristics for the Behavioristic variable.
Pick a minimum of two characteristics for the Psychographic variable.
Describe the criteria which defines each characteristic in detail.
Step 2: Narrow your target market to a manageable size.
Identify distinguishing characteristics of the potential customers.
What are the critical needs of your potential customers? Are those needs being met?
Narrow your target market to a specific geographic area. E.g. to one state.
Identify potential consumers buying behavior.
Does seasonality effect buying behavior?
Instructions/Details contd.
Step 3: Competitor Analysis
Identify 4 competitors in your target markets geographic area.
Step 4: Product
What is your brand name, symbol or design?
Provide a description or depiction of your labeling and/or packaging.
Step 5: Price
Discuss in detail your pricing objective (survival, profit maximization, return on investment, market share, or status quo) and justify. You can reference this chart Download chartto view more details about pricing objectives.
Pick a specific pricing strategy and justify. View this chart Download chartto see more details about pricing strategies.
Estimate the pricing for one unit of your company's product/service.
Step 6: Promotion
Select and justify 2 promotional methods. (Advertising, Personal Selling, Public Relations, or Sales Promotion)
As most of you will select advertising as a method, identify which advertising objectives.
Which advertising media classes will you adopt and why. View this table to see various media classes. Media classes.pptx Download Media classes.pptx
Provide details about your plans for the other promotional method your company chose.
Step 7: Place (Distribution)
What distribution channel will you adopt? Name the channel and explain why. View this chart Download chartto see a list of distribution channels.
Will you use e-commerce or m-commerce as a method for reaching targeted consumers? Explain your plans for using this method.
Business Name
Student or Group Name and members of group
Market Segmentation Variables
Demographic
Age
Gender – LGBTQ MF
Geographic
Suburban
State - Virginia
Behavioristic
Price sensitivity
Brand Loyalty
Psychographic
Lifestyles
Personality attributes – shoe crazy people
EXAMPLE:
Demographic
Age description of the characteristic and why it meets your segment requirements
Gender
4
Target Market Selection – Distinguishing Characteristics
What are the critical needs of your customers?
Give a need
Seasonality, quantity, average expenditure factors that affect customer buying
Seasonal/Cyclical trends may impact business are:
Competitor Analysis
Competitor 1
Competitor 2
Competitor 3
Competitor 4
Product
What is your brand name, symbol or design?
Provide a description or depiction of your labeling and/or packaging.
Price
Discuss in detail your pricing objective (survival, profit maximization, return on investment, market share, or status quo) and justify.
Pick a specific pricing strategy and justify.
Estimate the pricing for one unit of your company's product/service.
Promotion
Select and justify 2 promotional methods. (Advertising, Personal Selling, Public Relations, or Sales Promotion)
As most of you will select advertising as a method, identify which advertising objectives.
Which advertising media classes will you adopt and why.
Provide details about your plans for the other promotional method your company chose.
Place (Distribution)
What distribution channel will you adopt? Name the channel and explain why.
Will you use e-commerce or m-commerce as a method for reaching targeted consumers? Explain your plans for using this method.
