Assignment:
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.
Tasks:
Respond to the following questions:
1. How would you advise Tracy to approach the following topics?
- Market segmentation
- Selection of a target market
- Development of a positioning strategy
2. 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?
Write your initial response in 300 to 500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation.