Assignment: Strategic Online Marketing
Think of a new business idea and write a business proposal for theoretical investors. In your proposal you should:
1. Outline your business idea, develop your brand mission and purpose drawing from your knowledge of Why-How-What framework.
2. Use a relevant business framework to define your business, which should include all the main features, including your value proposition, customers, activities, channels, resources, revenue streams and cost structure
3. Drawing from your knowledge of SOSTAC framework, produce a marketing plan for the year 1 of your business. As the business is in the idea formation stage, not all elements within the SOSTAC framework will be relevant for you. However, you need to demonstrate your ability to evaluate your current situation in the market, set clear objectives, recommend relevant strategy (including clearly describing your target audience), tactics for achieving the objectives as well as your ability to manage actions and understand the key metrics
4. Suggest opportunities for scaling the business up in the future
Length: 2500 words.
Essay Structure
Introduction
This introduces the business and describes what you're going to look out within the assignment then you can outline your business idea, develop your brand mission, and propose drawing from your knowledge of the What-why-how framework.
Think of the mission as the route you'll follow to achieve your vision and something that you want to accomplish. So when thinking of the why, you could consider the reason for this new product or service so simply why, why are we, introducing this. Why is this is it, is it going to be helpful. And why is it needed. The How can be the product to help fill the gap. How is our product going to fill the gap in the market.
Part 2
A good model to help in focusing the business idea is the Business Model Canvas. Includes How are we going to relate to our customers with this business idea and the channels, what online channels are we going to use. Revenue streams and how we would generate revenue.
Part 3
So here we can consider our customers segmentation, our target and our positioning.Basically who we're going to appeal to. think about the competition and even a swot or a PEST analysis released into these factors can also help (not compulsory considering the word count). Also look at the objectives considered, the brand or the company's main objectives - objectives can be to establish an online presence etc. Then strategy, tactics, and action. for example, formal reporting could occur monthly to assess progress against objectives and drug reactions and to address shortfalls.
So you remember that not all elements of the SAS type framework may be relevant for the business idea so you don't have to use the whole framework, you may be only use the first three. Others might be irrelevant.
However, you do need to demonstrate your ability to evaluate the current situation in the market to set some clear objectives for the product or service. And to recommend a relevant strategies, including clearly describing your target audience.
Part 4
You need to consider a future opportunities. So anything from the analysis that we might carry out using maybe data analytics that can be used in future to help scale up the business. This might be hypothetical but just demonstrate that you can actually think about some of these areas that could be used to help grow the business in the future.
Part 5
Brief conclusion.
References
To reference all sources, both with an in tech citation within the report and in a full reference list at the end. References should be in alphabetical order.
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 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.
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.