BUS599 Strategic Management
- Revise the company’s target market based on the feedback received in the Week 3 discussion thread.
- Be sure to include demographic, geographic, lifestyle, psychographic, purchasing patterns, and buying sensitivities in the target market description.
- Assess your chosen company’s market competition.
- Use the factors listed in the graphic in your textbook labeled “Assess the Competition” (page 125), to assess the company’s market competition.
- When assessing the competition, specify the exact company and particular product or service you are competing against. For example, Coca-Cola offers a portfolio of products, such as water, fruit juice, and cola. Are you competing against Coca-Cola’s fruit juice product? Or its cola product?
- Be sure to detail your plan to differentiate yourself from the competition.
- Use the factors listed in the graphic in your textbook labeled “Assess the Competition” (page 125), to assess the company’s market competition.
- Outline the company’s value proposition and create a marketing slogan/tagline for the product.
- The value proposition tells your customers why they want to do business with you.
- You need to know what message you want to convey in your marketing slogan before selecting the marketing vehicles in the next step.
- Specify the marketing vehicles you will use to build your chosen company’s brand and justify the key reasons they will be effective.
- Marketing vehicles are ways to promote your product. Examples include social media, sponsored events, trade shows, and sampling. You will use a combination of these tactics.
- Planning to use online marketing tactics? Consult the “Online Marketing Tactics” worksheet on page 177 of your textbook to guide your response.
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