Marketing Strategy
Assessment- Research Project
Length: 1500 words.
Learning outcomes
1. understand concepts of marketing strategy
2. identify and evaluate market opportunities
3. select and apply strategy models to analyse a market
4. evaluate and select options to grow a business.
5. develop marketing mix strategies
Assessment Description:
Length: 1500 words (maximum)
Required:
You are to undertake a research of a small local business (Australian business) that you are familiar with and describe its marketing strategy using the format below.
a) The name and address of the business
b) The nature of the business
c) The business's strengths and weaknesses
d) The key factors contributing to the success of the business
e) The opportunities and threats that can affect the business
f) The business positioning and competitive differentiation (against competitors' products).
g) The ease/difficulties of entering into this business ( e.g. finance, regulations/restrictions/encouragement from various government authorities)
h) A simple mission statement appropriate for the business
i) The objectives and long term goals of this business
j) The ways the business can achieve this objective and long term goal
k) Describe the market segment of people who patronize the business (divided them into general market and specific market)
l) Describe the buying behavior of the customer patronizing the business (such as frequency, quantity ordered, payment method, familiarity of the product, brand loyalty, etc)?
m) Describe the product concept for the business as follows
-The rationale for choosing the name for the business
- The number of product or product lines offered
- its location and physical layout
-its customer services provided
-The wants and needs of customers that can be fulfilled by purchasing -The value added that can be envisaged in the business
n) Describe the place concept as follows:
- Discuss the role in the distribution by suppliers
-Discuss the importance of logistics provided in the business -Discuss the importance of display in the business
o) Describe the price concept adopted by the business as follows: -Explain how the business determine its pricing strategy -Describe the cost and markup considerations
-Describe pricing considerations in relation to competitors and value to the consumer.
p) Describe the Promotion concept adopted by the business as follows:
-Explain how the business communicate with its customers -Explain the business's advertising strategy
-Describe the selling strategy of the business
-Describe the sale promotional devices are used:
Your report must include:
At least four reference sources including textbook, none of which are internet sources e.g. websites Harvard referencing for any sources you use. Refer to the Academic Learning Skills handout on referencing.