Assignment 3: Promotion and Pricing Strategies
Due Week 8 and worth 135 points
“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).
With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.
Using the business from Assignment 2, write a three to four (3-4) page paper in which you:
Identify its primary target market.
Specify three (3) methods you will use to research customer needs and wants.
Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.
Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
Include at least two (2) references outside the textbook.
Small Business Management
May 18, 2020
A feasibility study is done to ascertain the practicability of a proposal idea or a business venture. The main reason why we conducted the feasibility study is to determine whether or not the project will continue. This document provides the critical areas of the feasibility study, namely the Technical, Economical, Legal Operational, and schedule. These five categories were used to determine the feasibility of the e-commerce venture. The results of the study areas explained in the subsequent sections below.
This business will be done entirely online hence requires some initial technical advancement to make it succeed. The site shall be divided into two, the front end and the back-end. In the front end, the customer shall be given an interface where they can select the product they want, add it to the cart and proceed to the checkout. This is not a new workflow as leading e-commerce players such as eBay and Amazon already have the whole process working out. The customer needs to install our mobile app on their Android or iOS phone. Alternatively, the customer shall be required to access the mobile site via the Web browser to access the same services. To ensure there is a competitive advantage, the site also is proposed to have a USSD shopping experience to cater to the needs of those customers with either no internet access or smartphone. This means the advanced system must integrate well with the front end. We shall use open source technologies and frameworks to model the business rules and workflow into the back end. The payment system shall be completely automated and linked to the existing customer mobile wallets; hence, there is no need to reinvent the wheel. This shall make the project very much feasible on the technical front.
The idea shall serve a unique niche in the market. It may be the young and vibrant member of the community who find online shopping must hustle free. This target audience already has some access to smartphones and the internet hence very much more comfortable to convince them to join the bandwagon. In addition to this niche, the business aims at serving the rural folks who may not be able to shop in large corporations such as Amazon and eBay by leveraging the use of USSD in the whole shopping experiences. Despite USSD adding some additional technical challenges, the general cost-benefit analysis done on the idea generally shows a higher return on investment due to tapping on this unique niche who are still not onboarded into the e-commerce and mobile commerce business practices. This, in effect, shall ensure the business achieves mass adoption due to its unique selling points. Overall, the results are a profitable business that is capable of serving urban folks and rural ones. The company shall have its retail outlets in the most remote areas to ensure the products and services are close to the intended consumer and bridge the gap between order and delivery. This availability of the goods and services will increase profitability, making it more economically feasible to set up and maintain. The initial funds and the risk involved in financing the business model was analyses. Initially, the capital shall be obtained from the founder’s savings, family, and friend, while the expansion and sustainability funds shall be obtained from a short term loan. The proposal for the loan has already been drafted pending approval by wall street.
Last but not least, the sustainability of the model was analyses. The result shows that due to the unique market niche, the business can compete favorably with the established multinational in the same e-commerce domain by leveraging the strong selling points of accessibility to the most remote places and diversifying mobile access platforms. This ensures the business can withstand any economic downtime in its lifetime, especially during the initial stages where cash flows may be rather Little.
The legality of any business is critical for its success, and it ensures in line with government regulations and laws. The ABC e-commerce business shall be solely a retailing business which is similar to the standard brick and mortar models, except all operations are done online via the internet. This lack of physical presence in the catchment area presents a unique challenge in convincing the government that the goods and services offered are legal and in line with the regulations. To ensure compliance, the founders have provided a list of product uncatalogued and the various documentation required for the registration of the business. This has been taken to the federal government for review and approval. The legality of the business model was analyses for the long term, and expansion dreams envisioned. It was realized the model is entirely in line with most countries’ laws and regulations concerning fair trade. This is partly due to the globalization and the liberalization of most foreign markets. The result is a more open global market that is easier to expand into shortly. This shows the business is legality feasible not only in the US market but also in foreign markets.
To ensure the business succeeds, the business process and operation must be feasible. The ABC business model passed the operational feasibility as the in house business processes are not new in the domain. The whole procedure can be adopted from the existing model and tailored to meet our specific customer needs. This ensures we use the most efficient processes and the most effective method to achieve our business goals. The ABC e-coerce model shall provide a layer of manager and leadership teams to push the company’s dreams to the next level. This shall be done by having sound SOP, business processes which the stakeholder are willing to backup and adopt. The evaluated SOs are practical; hence will be implemented without any hitches.
Every project must have a feasible timeline to ensure viability. The ABC business model timeline, as prescribed in the project management document, shows a one-year implementation road map with intermediate incremental. This provides ample space to figure out the technology and test them before the final rollout. With this realistic deadline, the overall strategic objective of the business is quite practical. This shall enable the stakeholder to have a better return on investment due to the little time taken to market. With this schedule, the operational aspects of the business will kick off earlier than most e-commerce ventures hence having the inherent competitive advantage of early adoption of this unique business niche.
In conclusion, this document has provided an analysis of the feasibility of the ABC e-commerce venture in terms of technical, economic, legal, operational, and schedule. The underlying theme is a much feasible business that has a unique niche within the e-commerce domain.
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