M2 Responce (RO) Discussion 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?
The process of starting a business can pose a serious challenge, depending on the nature of the business and how much information the person starting the business has. One of the processes that can ensure a smooth business start-up, is having the vital information relating to the business and be able to maximize the use of such information to help achieve the aim and objective for starting the business. Some of this necessary information can be obtained through the conducting of a feasibility Analysis by the person starting the business of by contracting an expert in such business analysis. According to Mariotti, & Glackin, (2011), “Feasibility Analysis is a study to assist in making a go/no go decision based upon a close examination of product/service, market, industry, and financial data in a sufficient degree of detail to ensure confidence in the results”.
How would you advise Tracy to approach the following topics?
Playing the role of an expert business adviser to Tracy, I will strongly encourage her to take these approach in;
The need to understand the various market component of the area of business she is venturing into, will help Tracy in identifying her potential clientele and strive to fashion her business to their taste. The concept of Market segmentation, will help Tracy to achieve such understanding. In a business article, Suttle, (2018), definition of market segmentation is “Market segmentation is the process of dividing an entire market up into different customer segments”. Obtained information on targeting or target marketing will enable Tracy to decide which potential customer segments her company will focus on.
Selection of a target market
Based on the information Tracy obtained from Market segmentation research, she will be able to focus on the selection of a target market. These target market selections must meet certain criteria to qualify for consideration in Tracy decision making on target market. Such criteria include size of segment, growth rate of segment, competition in segment, brand loyalty of existing customers in the segment, expected profit margins in the segment et al (netmba.com, 2018).
Development of a positioning strategy
The need for Tracy to ensure the development of a positioning strategy is of vital important to her business success. The development of a positioning strategy, will help to differentiate her business from her competitors, business operation, marking of her services to her clients.
What to do when building brand from scratch
Building a brand from the scratch, I will advise Trace to follow DeMers 6 Tips for How to Build Your Startup’s Brand from Scratch. These are;
1. Identify your target market.
2. Learn your competitors’ brands.
3. Separate your unique differentiators.
4. Define your brand as a ‘person.’
5. Apply your brand personality to multiple areas.
6. Get help (DeMers, 2018).
Rick, S., (2018). Market segmentation: Define Market Segmentation & Targeting
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