M2 Responce (AC) Student Response
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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?
Being a consultant at a small business consulting company, the client Tracy needing advise on “Marketing segmentation, Selection of a target, the Development of a positioning strategy and Branding” (M2 Assignment 1 Discussion, 2017) is essential. These approaches, being part of the planning process of Marketing are as follows:
Marketing segmentation: Marketing segmentation must approach to analyze and they are the “consumer characteristics-personal and the consumer responses-product” (Sharma, n.d.). Both approaches are desirable, and will lead to a descriptive, complete approach with Marketing and Branding.
The consumer characteristics will describe the geographic, the demographics and social economic and the psychographics of where the product and/or services will launch. These consumer characteristics will also determine the target audience for your product and brand. With this approach, you will find out where to launch product/services; the background of the customers you are marketing to, for instance, the target audience’s age-group, sex, ethnicity, education, religion, race, occupation level, family size, social class etc.; and their psychographic, which is someone personality, attitudes and life-style (Sharma, n.d.).
The second approach, the consumer responses-product is the approach is to be written as the bases or foundation of the Marketing segmentation, because it entitles the what, why, how and when’s of the products based on the consumers’ wants and needs. These four (4) categories are benefits, usage, loyalty and occasion. Benefits is directly marketable, bring publicity. The usage would be the amount of times you use the product; Loyalty, deals with surveys from customers about existing products, comparing them by rating them; and occasion, will determine the reason for the product, is a pot that you cook in for Holidays? could it be used as a family pot to cut medium size meals for? or is it for last minute cooking for busy moms? These are questions that are needed to be answered when, determining the occasion for the product and/or services.
The Marketing Segmentation needs to be determined prior to going to the next step, which is developing a market positioning strategy approach. The core elements of establishing an approach to a marketing positioning strategy, stated in the British Library (n.d.) are the following:
1) Pen a positioning statement
2) Critique your identity against competitors
3) Outline your existing market position
4) Understand the conditions of the marketplace
5) Develop a unique market position
6) Qualitative and quantitative testing of your market positioning
And the final step is building your brand. Building your brand is essential for marketing, loyalty and sales purposes. Referring from Kumar (2017), following these seven (7) simple steps will help build your brand.
1) Research your target audience and your competitors
2) Pick your focus and personality
3) Choose your business name
4) Write your slogan
5) Choose the look of your brand, as in, colors and fonts
6) Design your logo, and
7) Apply your branding across your business and evolve it as you grow.
M2 Assignment 1 Discussion. (2017). Assignment 1: Discussion – Feasibility Analysis – Marketing. In the Functional Contribution to Organizational Success, MS6900, Module 2, Assignment 1. Retrieved December 23, 2017 from .