Assignment: Discussion-Feasibility Analysis-Marketing
Tracy, one of your friends, is in the early stages of conducting a feasibility analysis for a small business consulting company. Understanding the target audience and the marketing mix is a mandatory step for achieving success in her new venture. Branding is equally important. In this assignment, you will act as a consultant to Tracy to find the best answers to her problems related to understanding the market and planning and executing the correct marketing strategies.
Module Overview:
• This Module focuses on the marketing issues that entrepreneurs face and the development of a marketing plan.
• In this module, you will study how entrepreneurs can understand their potential customers. With the information collected on customer profiles and needs, firms can define and select their target markets and how they establish a position in the chosen market. You will also discuss the marketing mix, which comprises the 4 Ps (product, price, place, and promotion) of marketing, as it relates to young entrepreneurial firms, the sales process, and customer satisfaction.
Tasks:
Respond to the following questions:
• How would you advise Tracy to approach the following topics?
o Market segmentation
o Selection of a target market
o Development of a positioning strategy
• You are familiar with the concept of branding and know that because her company is new, she will have to build a brand from scratch. What needs to be done in this case?
• Conclusion
• In this Module, you'll discuss the marketing mix. Having the right products and services, with the right price strategy, offered at the right place, with a consistent and well-planned promotion, can definitely help entrepreneurs.
• In this module's assignments, you will develop the second part of the business plan and submit it. For the second part of the business plan, you need to perform market research, defining how the marketing plan targets the market segment businesses, and provide a positioning statement for your venture. You will also submit a strategy and an implementation summary encompassing products or services, competitive edge, marketing strategy, and sales strategy.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Module Readings
Complete the following readings early in the module:
• Module overview
• From your course textbook, Entrepreneurship: Starting and operating a small business, read the following chapters:
o Exploring Your Market
o Developing the Right Marketing Mix and Plan/li>
o Smart Selling and Effective Customer Service
• From the Argosy University online library resources, read the following articles:
o Buttell, A. E. (2009). 4 steps to an effective marketing plan. Journal of Financial Planning, Practice Management Solutions, 6-8.
o McCarty, K., & Stires, K.T. (2011). Message in a bottle. Baylor Business Review, 30(1), 32-35. (ProQuest Document ID: 898970730).
o Schulaka, C. (2011). Marketing's magic bullet? Keep it simple and consistent. Journal of Financial Planning, 24(3), 30-33. (ProQuest Document ID: 857741360).