Assignment:
In this portion of the project please develop a marketing strategy for a service business which will be (hypothetically) managed. That is to say, you are to assume that you will be free to start a one-person business and are to examine yourself, develop a service business concept (for profit or not - the choice is yours) which you will provide, and develop a marketing strategy for it. You can assume that this will be a one-person business consisting of you alone, or that you will employ others.
Please compile a paper which addresses the following and utilizes the headings 1 through 6.
For the first portion of the project you start the strategy with the following information:
1. NAME, LOCATION & NATURE.
The name of your prospective (hypothetical) service business and
its probable location.
A brief description of the nature of the business, (body-guard service, child-care, online business, anything you want).
Location will be California, USA.
2. SELF-ANALYSIS. For this you should:
Assess your skills, abilities and competencies, (strengths as well as weaknesses) and compare these with the demands of potential markets, and
the offerings of competitors.
Ensure that the self-analysis is relevant to the proposed service and that you make the comparisons.
3. CUSTOMER ANALYSIS.
Identify potential customers you could serve.
Identify the benefits they seek.
Describe and label your market and any segments there are.
Estimate the size and value of the potential market.
Estimate the size abnd value of the (to be) served market.
4. ANALYSIS OF PRIMARY COMPETITORS:
In a table identify the main competitors and provide a brief summary of how each competes. For example, does the competitor use low-price, reliability, reputation, high quality or some other basis for positioning itself in the market?
5. To complete sections 3 and 4 you should do some MARKET RESEARCH, i.e. gather some data to get some relevant information for your business idea. Briefly explain what you did and indicate the sources you have used.
6. Analyze the MARKETING ENVIRONMENT. (e.g. competition), analyze the other major Marketing Environment factors which need to be taken into account in the development of your marketing strategy, e.g.:
Political factors
Economic factors
Social factors
Legal or Governmental factors