Marketing Research Project
Write two paragraphs about the business as if describing it to someone who knows nothing about it.
Strategic Objectives
In this section, write a broad description in one to two paragraphs of the business’s marketing objectives and the scope of the activities it plans to undertake. What’s the business’s mission? What goals does the business hope to achieve via marketing? What does the business intend to do to accomplish those goals? Review the examples and case studies in Chapter 2 in your textbook.
SWOT Analysis
Identify the business’s strengths, weaknesses, opportunities, and threats. List three things the business does well, three areas it could improve in, three things working in its favor or to its advantage, and three ways the external environment negatively impacts or may impact the business. Review the examples in Chapter 2 in your textbook.
STP Analysis
Identify the business’s consumer base in three paragraphs. Who are its potential customers? What are their ages, genders, and interests? What do they each want and need in regard to the business’s products or services? Decide which customers you intend to target and how the business wants to be positioned within the targeted segments. How will you reach those targeted customers? What’s the message you want them to receive about the business’s products or services? Review the examples and case studies in Chapters 2 and 3 in your textbook.
Marketing Mix
Address the six Ps—product, price, place, and promotion—of the marketing mix in this section. Also account for the two additional Ps in the retailing world—presentation and personnel. Review Sections 4–7 in your textbook for examples.
Then, in six paragraphs, address each of the following:
1. Products/services offered: What products or services need to be developed so that the target audience will perceive them as valuable enough to buy?
2. Price: How will the business price these goods so that customers believe they received a fair deal?
3. Place or distribution: Where will the products/services be sold, and what methods will be used when selling them?
4. Promotion: How does the business plan to get the word out about these products or services? What allocated resources are needed for marketing efforts to be put in place and successful?
5. Presentation: Does the business plan to develop a unique image? How can this unique image and atmospherics be achieved?
6: Personnel: How will the personnel influence sales? What kind of sales techniques can the personnel be trained in?
Performance Evaluation Metrics
In the final section, explain, in one to two paragraphs, how and when the business will know that it has achieved its marketing objectives. What marketing metrics will be used? Review the examples and case studies in Chapter 2 in your textbook.
