03 May LIST THE STRENGTHS OF THE BUSINESS APPROACH SUCH AS COST EFFECTIVENESS, SERVICE QUALITY AND CUSTOMER LOYALTY.
Write a Marketing Plan considering the following points
PART-B
3. Target Market Analysis
Identify the target market, describing how the company will meet the needs of the consumer better than the competition does. List out the expectations consumers have for the product.
4. SWOT Analysis
Strengths
List the strengths of the business approach such as cost effectiveness, service quality and customer loyalty.
Weaknesses
Describe the areas of weakness in the companys operations, such as government policies and procedures, and management inexperience.
Opportunities
Examine how proper timing, as well as other factors such as your companys innovativeness, may improve the businesss chances of success.
Threats
List the external threats to the business success
5. Marketing Mix (4 Ps ) Analysis
Product or Service
Identify the product or service by what it is, who will buy it, how much they will pay for it and how much it will cost for the company to produce it, why a consumer demand exists for your product, and where your product sits in comparison to similar products/services now available.
Place
Identify the location of your business, why it is located there (strategic, competitive, economic objectives), your expected methods of distribution, and timing objectives.
Promotion
Describe the type of promotional methods you will use to spread the word about your product. Identify techniques such as word of mouth, personal selling, direct marketing, sales promotion etc. television, radio, Social media and newspaper ads.
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