This is a cumulative project that spans multiple assignments. I am early in the process, but please read the attached word doc files ‘The Marketing Mix’ and ‘business_idea_v2’ to understand what I’ve done so far with my business idea: Perfect Foods Restaurant.
This is also cumulative paper so please also consider the feedback I received from my first paper (see attached file ‘CASE1’), and add corrections/feedback responses to this paper:
Feedback A) The discussion of the nature of demographic data, and demographic needs is informative.Likewise, a demographic profile is provided.
Feedback B) Also, the final section discussing CRM needs and tools is well done.Two specific tools are identified, and rationale for their selection included.
BUT, Two demographic tools are suggested.Surveys will provide some useful information on motives, products sought, etc.However, it is questionable whether surveys will provide a comprehensive data base of the demographics of your target market.CRM data only provides information on existing customers.Since a new service is being proposed, there are no existing customers.Again, it is not clear how needed demographics (numbers of potential customers in the target market, characteristics of those potential customers, etc.) information will be provided via a CRM system.
PROMOTION MANAGEMENT & SWOT ANALYSIS
The Marketing Plan: GAP Analysis
Every business should determine its own standards for success when evaluating the attractiveness of a market, since every industry has its unique circumstances. Criteria that influence Segment Attractiveness include:
Market Growth (Market Size, Growth Rate, Market Potential)
Competitive Intensity (Number of Companies, Ease of Entry, Substitutes)
Market Access (Customer Familiarity, Channel Access, Company Fit)
While benchmarking based on criteria is beneficial in capturing the qualitative aspects of a market situation, the profit potential must also be assessed for all segments deemed attractive based on their market attractiveness indexes.
Provide a brief description of your chosen product/service. (This should be used throughout the class.)
Analyze customer needs for the target product
Discuss Segmentation Strategies based on two real competitors’ market position
Devise a niche marketing strategy that would be appropriate for your company’s product.
Gap Analysis, Benchmarking & Competitive Advantage
Implement a Gap Analysis of Two Competitors. Discuss how the findings would be used.
Develop Competitor and Competitive Benchmarking.
Competitor benchmarking involves identifying a business’s main competitors and then comparing itself against them in key performance areas. Competitive benchmarking involves going outside a business’s market or industry to study a company that excels in an area where the business is deficient.
Devise Strategies to Achieve Competitive Advantage for the Company
This is the main part of the assignment and requires extensive critical thinking. Do not rely on summarizing information; instead explain based on the definition of each virtue and vice how they apply to your chosen leader. Use your library articles to provide support for the analysis. Use the template and divide your paper into clear sections with headings based on each of the virtues and vices you are discussing.
A 4- to 5-page paper with APA citations (2- to 3-sentence introduction, body and 2- to 3-sentence conclusion).Use the attached APA-formatted template (see attached file ‘CASE_paper_template’) to create your submission. Please consider the feedback from my first CASE paper (see attached file ‘CASE1’).
Using articles primarily from full-text databases (like Academic Search Complete, Business Source Complete, and/or ProQuest Central), research the chosen topic and create a well-balanced 4- to 5-page submission that demonstrates evidence of critical thinking. Remember that this means your paper should not be just a summary of the articles and book chapters that you read, but rather an in-depth analysis that is supported by quality, professional, and graduate-level research.
Do not use any quotations. Since you are engaging in research, be sure to cite and reference the sources in APA format. The paper should be written in third person; this means words like “I”, “we”, and “you” are not appropriate.
The reference list page in APA format