bus 31 w3
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From the first e-Activity, determine the necessary steps to create an effective marketing plan for a new venture. Explain your rationale.
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Examine the implications of using a low- or high-price strategy in positioning a product or service. Support your position with examples.
Question 2 :
I think that the necessary steps to create an effective marketing plan for a new venture are simple. First: Decide what you are going to do and who would benefit from your product/service. Second: Do an analysis of that market to see who is currently the best, This will allow you to see what you can do to be better. Third: In order to make sure that you are being competitive, price your product/service so that your product is being sold for the best price but make sure that your product is a quality product. When it comes to pricing a product/service I believe that it is better to go with the low price strategy. The low strategy is better because the economy is still in a rough patch. Yes, when something is being sold for a lower price consumers are skeptical of the quality but as a company that provides a product/service you have to keep in mind the economic condition of your consumers. Also, as it says in the book when you price your product/service at a higher price you may have less competition but it will be more intense. That means that there will be times that you are not making as much money because your product/service may not be what people are able to purchase. For example, a Calvin Klein top could be priced for $150 dollars but that same style top can be sold for $50. Anyone that has to shop in a budget will make the decision that is better for their wallet.
eActivity
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Watch the video titled, “Market Analysis”, (5 m 26 s), located in the course shell (Week 3). Be prepared to discuss
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Go to the U.S. Small Business Administration’s Website and read “Marketing & Sales”, located here. Be prepared to discuss.
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Question 3
“Business Plans” Please respond to the following:
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Assume you were going to form a new company. Choose the type of business you would start and determine the type of business plan that would be best for your business. Support your decision.
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From the second e-Activity, imagine that you have just been hired by a business of your choice and that the company has asked you to head the new marketing project. Describe the selected business and prepare a brief outline of the new envisioned marketing plan.
Question 4
If I was to start my own company I would start my own line of beauty products. My business plan would be centered around the customer’s wants and needs. My marketing objectives would be to make enough money to not just pay my employees but to also grow and develop my beauty products. I would use sales projections to show where my companies sales where and where they could be. To get my product out I would start mall and use local radio stations to promote my products. As, far as pricing, I would price my products based off an analysis of the current economic market. My advertising strategy would be to have my product everywhere in terms of radio and print adds. This way if customer are constantly seeing my adds then when they see it in the store they will be compelled to buy just to see what all the”hype” is about. My future marketing activities would be based on what worked in the past. This would show me what needs to be changed and what needs to be developed to be made better. If I was hired by a company to head up there new marketing project everything would be based on their success in the past. I would look to see what adds did will and which adds did not do as will. I would look to see what needed to be changed in order to maximise the consumer visibility. I would also look to see if there was anything that could be done by employees to help with sales and distribution of products.
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