Marketing Strategy (DIRECT MESSAGE ON THE TOPIC AT HAND) (ALSO, WILL MESSAGE RUBRIC FOR ASSIGNMENT)
Prompt: In this milestone, you will submit a draft of the Target Market Analysis and the Industry and Organization Factor Analysis sections. In this draft you will analyze your target market to inform your plan for pricing, placing, and promoting your product or service within the market. You will also examine your sport organization by conducting a SWOT (strengths, weaknesses, opportunities, and threats) analysis and evaluating your organization's readiness to enter the target market of the selected product or service.
Specifically, the following critical elements must be addressed:
Target Market Analysis: In this section of the project, you will analyze your target market to inform your plan for pricing, placing, and promoting your product or service within the market.
A. Explain the current and future trend of the market with respect to the chosen product or service. In other words, will it be appropriate to serve the needs of customers in the current and future market?
B. Describe the target customers (e.g., age, gender, education, lifestyle, values) for your product or service.
C. Justify the market research methods that you will use to retrieve information about the target market and consumers. Support your justification with research. For example, will you use primary data (e.g., surveys, focus groups, interviews) or secondary data (e.g., more general information like SGMA reports or industry reports from sport business journals)?
D. Describe the internal market factors (corporate culture, financial state, etc.) that affect your sport organization.
E. Describe the external market factors (competitors, economy, etc.) that affect your sport organization.
F. Discuss business data that supports a decision to undertake this marketing plan.
III. Industry and Organization Factor Analysis: In this section of the project, you will examine your sport organization by conducting a SWOT analysis and evaluating the readiness of your organization to enter the target market of the selected product or service.
A. Analyze the current status of the industry related to your sport organization, including needs and business opportunities.
B. Conduct a SWOT analysis that identifies strengths, weaknesses, opportunities, and threats of your sport organization.
C. Explain the readiness of your sport organization to enter the target market of the product or service. Support your explanation with examples from your SWOT analysis.
D. Explain the current economic condition of your sport organization. Support your explanation with examples from your SWOT analysis.