M2 Discussion (KP) Responce
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Assignment 1: Discussion—Feasibility Analysis—Marketing
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.
Respond to the following questions:
- How would you advise Tracy to approach the following topics?
- Market segmentation
- Selection of a target market
- Development of a positioning strategy
- 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?
A feasibility analysis focuses on how practical an idea is by identifying potential problems that may happen along the way. The information found during the feasibility analysis will help to identify strategies that will help the business to be successful, marketing strategies for future investors, and help to build a solid business plan. The feasibility consists of a business description and an analysis of the current market and potential market changes, competition, sales projections, etc. (Wolfe, 2017).
Segmentation, Targeting and Positioning (STP) is a familiar strategic approach in marketing Target market segmentation is especially important in Tracy’s case because she is starting a small business consulting firm. Through segmentation, Tracy can identify locations that have specific needs, established markets to find new customers, and begin to market more effectively (Kokemuller, n.d.). She can do this by focusing on demographics (age, gender, income, ethnicity, education), psychographics (personality traits, lifestyle, behaviors), geography (region, area, population) and any other market based on different variables.
Building a brand is a crucial part of developing any business because it helps to identify your company, add value, and bring awareness to potential customers. The branding process will help Tracy to promote her brand to customers and in order to do so she must get to know her customers, invest time in creating her company logo, write a short, catchy slogan, trademark her brand, research the competition and ensure that her branding is consistent through all platforms. This will ensure that people are getting the same information about the company (Chugh, 2017).
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