Assignment: Small Business Management
Describe the process of developing a small business marketing strategy. Lacy has just returned from an incredible vacation in India where she was introduced to a new food that was amazingly wonderful-jackfruit. The jackfruit was readily available in most of the places she had visited and was a unique fruit, weighing up to 80 pounds. She had never eaten the fruit before and was amazed that its seeds could be eaten or ground into flour, the fleshy pods could be eaten and used as a meat substitute, and the ripe fruit could be used as a dessert with a sweet tropical fruit flavor. It was also highly nutritious, containing Vitamin C, potassium, and high levels of the B6 vitamin. Lacy had eaten jackfruit chips, jackfruit nuts, a milky jackfruit dessert, an iced jackfruit dessert, and a main dish in which jackfruit was used as a meat substitute. All the jackfruit variations had been very good. Lacy began wondering if there was a market for jackfruit in the United States. Which target market would buy this unique fruit? Answer the following questions and help Lacy determine a target market for jackfruit. You must be able to defend your answers based upon the scenario and your Census Bureau research.
o What need can the jackfruit satisfy?
o Which demographic of people would potentially be most interested in jackfruit?
o Are there enough people in this group to make selling jackfruit profitable?
o Can the people in this group potentially afford jackfruit?
o Go to census.gov and find two specific pieces of information on your chosen target market within a 100-mile radius of your location that addresses the above questions.
o Which form of marketing will work best to reach your chosen target market: mass marketing, market segmentation, niche marketing, or individualized marketing? Why did you choose this form?"
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes 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.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.