MBA 5501, Advanced Marketing. Three part assignment. Please help. MBA 5501, Adva
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MBA 5501, Advanced Marketing. Three part assignment. Please help.MBA 5501, Advanced Marketing. Three part assignment. Please help.
Throughout this course, you will compile a comprehensive marketing plan using one of the product/service scenarios listed below. (Note: You will use the same scenario throughout the course.) This scenerio will be the basis of your start-up company and will be the catalyst for the three parts ofthe marketig plan that you will com e in Units l(Pat DM/(Part up, and VI (Part Il). The company that you choose to submit a marketing plan for is a fictionel start-up company (not an exdisting compeny). Scenarios for your start-up company are explained below. (Note that these descriptons are basic, and you will need to be creative and develop the business idea/model for your selected scenario.) Scenario #1 Travel Supreme is a start-up travel organization with the mission of assisting customers with travel planning. While today's customers enjoy developing their vacations themselves, Travel Supreme beleves there are travel services thet are still in demand Initial research needs to develop what types of travel services are in demand by this target market. Scenario #2 IT to Seniors is a start-up company interested in ensuring a positive experience for seniors (65 and older) with respect to the use of technological gadgets, sotware, the Intemet, and/or any additional aspects of technology. Intial research will provide an idea of the business model that would be in most demand for this target market Scenario #3 Galaxy Restaurant is a start-up restaurant developed with the idea of providing the customer with a unique dining experience. This could extend from the product offering, service offering, atmosphere, or a host of other unique experiences. Initial research will provide an idea of what this unique dining experience would look like. Scenario #4 Women on the Go is a startup company targeted at women who need assistance with the selection and purchasing of their clothing/accessories. This service is aimed at the more affluent customer who simply does not have the time and/or knowedge to dress to the business or social setting that they are expected to fulfill Initial research will provide insight into the types of services that this particular target market would be interested in. Remember to choose one of the aforementioned scenarios to use for the entire course. Submissions will be completed in Units ll, ·VL and VI and, together, will comprise a full marketing plan. While this is a cumulative marketing plan, submit only the designated unit's work This units submission should consist of the items listed below. Include an introduction/overview of the company This section of the marketing plan should introduce the company and business model along with a brief description of the products/services. o e Discuss market research strategies. o This section of the marketing plan should discuss the research strategies that will be used by your company to understand the target market(s)industry, competition, andor any other aspects of the company that will provide valuable insight into profitable operations e Describe the macro environment through a political, economic, social, and technological (PEST) analysis In this section, you will compile a PEST analysis of your company. You will analyze how the changes in the macro environment as described in the PEST will impact the company and, specificaly, the marketing decisions. The format of the submission should be in essay format using subheadings. Use APA format. Additionally, you need to include a minimum of five sources, three of which must be peer-reviewed, academic sources that are no more than 5 years old. The submission should be a minimurn of three pages in langth (not counting the title and reference pages).
Explanation / Answer
Marketing Planp- Part 1
Introduction:
Women on the Go is a business that aims on the innovative need of the women of today. A very eminent section of the society consists of women and a very eminent part of her life is shopping. Be it the purchasing of daily required provisions or the desirable essentials like clothes, shoes, bag, cosmetics and other accessories. Though shopping is an essential and enjoyable part for the women, it can be time consuming and not bring them the desired or neccessary results. Hence, we have come with an innovative plan of assisting the women on selecting and purchasing the appropriate items without consuming much time. As the women of today are emerging in every field be it the social aspect or professional aspect, purchasing suitable clothes and other accessories has become an essential need for them but having less time and knowledge of the same becomes a drawback. Hence our company will provide guidance and assistance to the women in selection and purchase of the commodity they deamnd as per the need.
We will understand from the customer every detail that needs to be worked on before making a plan for their shopping. The purpose of the commodity to be purchased, its price range, brand specifications if any, colour, size and quality preferences. Then after the market study a list of choices will be provided to them for their specific need. This assistance will help the women in saving a lot of their time as well as being sure that they are purchasing the best updated product avalaible in the market.
Market research strategies:
Market research is an important tool for starting up a new business as it gives us a clear vision as to in which direction we will have to work to make the business a success in a minimum time. To perform an effective market research, we need to study the market in the following steps:
Customer Identification: Our customers will be the female section of the society. Working and non-working women who interact with people regurarly and find it difficult to take time out from their routine life to make any surveys on what they should purchase for their wardrobe when the need arises.
Customer need: Shopping is an essential and never ending need of women. The society they live in makes it neccessary for them to buy new clothes/ accessories regularly to fit in the trends of time. Though shopping is an essential need for them, the idea of getting personal assistance for the same may not be a welcoming idea to them initially. So our strategy will be to make them understand the need of their service and the benefits they will gain from it.
Customer dependency: We will have to plan strategies by which the customer will depend on our services of providing them with the assistance in shopping by giving them all the comfort and making sure that they buy the product to their maximum satisfaction. Only this will make them depend on our services and take them always when the need arises. A thorough research will be required to be made in the market as to where the women who will depend on this type of services are, keeping in mind that no matter how difficult shopping is a task for them, they may not always want an outside assistance for it. So introducing the service and making them to rely on it will be a challenge to face for the company.
Macro environment through PEST analysis: It emphasyzis on having a vision of the growth or decline of the market and its effects on the business. PEST stands for political, economical, social and technological factors that determine the market for a business.
The pest analysis can be made in the following way:
Political factor: The head that will need to be studied under this head are: legislations, government policies, laws regarding the business trend, ecological and environmental factors.
Economical factor: this includes taxation, home economy, market and trade cycles, market routes trends, interest and exchange rates, other monetary issues.
Social factor: Changes in law and order that effect social factors, trends of lifestyle, buying patterns of customers, advertising trends, opinion and attitudes of customer regarding a trend.
Technical factor: Studying the technical trends and competing with them, informations and communication technology, technology legislation, licensing and patents, communication of global basis.
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