Assignment 4: Business Plan--Final
grogork89200z
Week5Assignment2_Feedback.docxWeek 5 Assignment 2
Great work outlining the demographic description of the target market. The target market must be definable (what the customers have in common), meaningful (how it relates to the decision to purchase), sizable (large enough to support your business) and reachable (be able to market to these individuals). You also provided specific data illustrating how many customers you will have in your zip code or nearby zip codes that meet the description you provided. This is helpful because you will know how many potential customers you have in this area and whether this is enough to sustain your business. The more you know about your target market, the more likely you are to design an effective marketing strategy to nudge these customers to buy, which is the ultimate goal.
Great work! You outlined the competition and you discussed it using the items outlined in the graphic on page 123 of your textbook. Understanding your competition will allow you to determine were do you fit in on the map. Here is a great article you can read on this topic. https://hbr.org/2007/11/mapping-your-competitive-position. You have outlined a strategy to compete against your competitors and differentiate yourself. Justifying our strategy allows us to consider all our strengths and weaknesses and identify the best way to use our strengths to pursue the opportunities. You also provided information about the market share of your competitors. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. This information is key to understand how competitive a company is. The increases and decreases in market share are monitored carefully to determine how a company is doing. A company that is growing its market share will be growing its revenues faster than its competitors. You market share will increase through your marketing efforts.
Great work! Your response includes a detailed overview of the 5F's and the company message to be used in the marketing strategy. You want this message to be powerful and easy to remember. Just think of Nike's "Just do It" slogan.
Great work! You outlined the marketing vehicles needed to promote your business and why they were effective. You can also check to see what the competition is doing. You can learn from them and take it to the next level or be inspired to do something different. As we grow our business and implement our marketing strategy , we will have data showing the success of each vehicle used. Based on this information, we will adjust our strategy. We must also carefully monitor our target market and ensure that we are where they work, play, and live. :)
Good effort completing the marketing budget for your company. Be sure all the numbers are realistic. You may not have the same cost every month. You may need to adjust these numbers as you complete the entire business financials document. It is critical that you attach a number to all the marketing activities you planned to determine how much you need to spend. You can revise this section as you develop your plan just make sure it is a reflection of the information you have in the current version of the plan.
Great job with the format, organization, and grammar.
Gregory, I appreciate you taking the time to review my feedback . Be sure to review the guide (tutorial) on how to complete this assignment posted in the announcements, course info, and sent via email. I offer tips and guidance for each question. Always use the template provided in the Course Info area. Make the necessary adjustments for the final business plan due week 10. Remember, if you have any questions or concerns, please email me at [email protected], or call or text me at Dr. Cynthia Parmenterphone. -@instructor
