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Principles of Marketing


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Document Summary

Have you ever wondered what it would be like to do something completely different? Well here is an opportunity for you to combine your wondering with analysis and perhaps to put some flesh on those dreams.Your SLP assignment in MKT301 is to develop a marketing strategy for a service business which you will (hypothetically) manage. That is to say, you are to assume that you will be free to start a one-person business and are to examine yourself, develop a service business concept (for profit or not - the choice is yours) which you will provide, and develop a marketing strategy for it. You can assume that this will be a one-person business consisting of you alone, or that you will employ others.In doing this project your fundamental goal is to demonstrate your understanding of and learning about what is being taught in the course.Over the session you will conduct the necessary marketing analysis for your strategy and present this in your SLP. In each module you will complete a section of the marketing strategy, building on the sections previously completed in prior modules. What you are to submit in each module is as follows:MOD01:Title page, MOD01 section (see below), References & Appendices.Provide the following information:1. NAME, LOCATION & NATURE.The name of your prospective (hypothetical) service business andits probable location. Note that you’ll be asked to examine location in more detail in MOD03.A brief description of the nature of the business, (“body-guard service”, “bar”, “child-care”, etc.). You will expand on this in MOD02.(Reminder: There are detailed notes on how to approach each section of the SLP in the Background Information page).2. SELF-ANALYSIS. For this you should:assess your skills, abilities and competencies, (strengths as well as weaknesses) andcompare these with the demands of potential markets, andthe offerings of competitors.Ensure that the self-analysis is relevant to the proposed service and that you make the comparisons.3. CUSTOMER ANALYSIS.Identify potential customers you could serve.Identify the benefits they seek.Describe and label your market and any segments there are.Estimate the size and value of the potential market.Estimate thesize abnd value of the (to be) served market.4. ANALYSIS OF PRIMARY COMPETITORS:In a table identify the main competitors and provide a brief summary of how each competes. For example, does the competitor use low-price, reliability, reputation, high quality or some other basis for positioning itself in the market?5. To complete sections 3 and 4 you should do some MARKET RESEARCH, i.e. talk to people and gather some data to get some relevant information for your business idea. Briefly explain what you did and indicate the sources you have used.6. Analyze the MARKETING ENVIRONMENT. The Marketing Environment is covered in a Powerpoint presentation provided for MOD01. Excluding any factors which are not important or which are analyzed in other sections (e.g. competition), analyze the other major MarketingEnvironment factors which need to be taken into account in the development of your marketing strategy, e.g.:Political factorsEconomic factorsSocial and cultural factorsTechnological factorsLegal or Governmental factorsNon-marketing costs (supply purchases and manufacturing)Note that though the sections above are to be presented individually the analysis which underlies them is inter-related and you will probably have to think about yourself, the possible market, and potential and actual competitors at the same time, and to revise your thinking about them as you progress. Thus for instance for MOD01 you should expect to spend some time researching and thinking about your skills, the market and the competition together, before you can come to a conclusion about what service you will offer.A set of notes giving guidance on each section of the SLP, and a Word document listing all the sections of the SLP for all modules are provided on the Background Info page. PLEASE READ BOTH BEFORE STARTING YOUR PROJECT.As far as style of writing is concerned do not write an essay, you will waste a lot of space that way. Three pages is not a lot so you'll have to decide what you think is important to include. Use the text in CAPS above as section headings for each of the topics indicated and elsewhere use words in bold as sub-headings. What you write should be organized, succinct, and professional.

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