Okay I have to do this business project for 111, but I really havent learned much in my business class so i really dont kknow how to start. Can you all please help me unlock ideas and explain what I need to be doing like what is target market?
Developing a marketing strategy is a very important element in having a successful business. The heart of a marketing strategy is to first determine your target market and then to create a marketing mix that will optimize your business potential.
Your group project is to:
1) Select a hypothetical business and a target market.
2) Determine the product or product line that you intend to market and why this product or product line is a good fit with your selected target market.
3) Determine an appropriate price for your product. Justify the price based on competition, alternative product availability and any other elements you can think of which have a bearing on determining price.
4) Develop a plan to effectively distribute your product and defend it.
5) Promotion is the last member of the marketing mix. Develop a reasonable plan which allows you to effectively promote your product and also is cost effective.
Developing a marketing strategy is a very important element in having a successful business. The heart of a marketing strategy is to first determine your target market and then to create a marketing mix that will optimize your business potential.
Your group project is to:
1) Select a hypothetical business and a target market.
2) Determine the product or product line that you intend to market and why this product or product line is a good fit with your selected target market.
3) Determine an appropriate price for your product. Justify the price based on competition, alternative product availability and any other elements you can think of which have a bearing on determining price.
4) Develop a plan to effectively distribute your product and defend it.
5) Promotion is the last member of the marketing mix. Develop a reasonable plan which allows you to effectively promote your product and also is cost effective.