Marketing Management, Strategy, and Research: CB455 UNIT 1
Researching for a Marketing Plan
Every business must define its criteria for success when evaluating the feasibility of a venture, because each industry has its own unique circumstances. The following are some forces that shape market attractiveness:
The market growth, such as the growth rate, market size, and market potential
Competitive landscape, including the ease of entry, substitutes, and number of companies
- The accessibility of the market, which also includes channel access, company fit, and customer familiarity
- Part 1: Segmentation Application
- Develop a product-focused business. Please do not use an existing company or a scenario that was utilized in a previous course. Keep in mind, you will continue working with this business throughout the course. Be sure to include the following:
Introduce the business and the main product that it sells. Keep it simple.
Evaluate customer need for the target product.
Discuss who you will serve (strategies for segmentation) based on 2 real competitors’ market positions.
- Devise a niche strategy that would work for your company’s product.
- This section of the paper should be 3 pages in length, and use research from the library’s full-text databases and other quality college-level resources.
- Part 2: Gap Analysis, Benchmarking, and Competitive Advantage
- Be sure to complete the following:
Perform a gap analysis of 2 real competitors. Apply the findings in your business model.
Develop competitor and competitive benchmarking.
Competitor benchmarking: This involves identifying a business’s main competitors and then comparing yourself against them in key performance areas.
Competitive benchmarking: This involves going outside a business’s market or industry to study a company that excels in an area where your business is deficient.
- Devise strategies to realize a competitive advantage for your company.
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