Retail Marketing Project that requires 2500-2800 words with cross referencing stated clearly and require proper plagiarism check using Harvard referencing guideline.
Topic:-
Part 1: Design a product that you believe will be successful in today’s market, and will address consumer needs accurately and effectively. (Give it a Brand name and Logo)
– Explain the reason for your choice of product
– Provide a detailed description of the features of your product
Part 2: You have decided to market your product to the target market that you have identified. Construct a detailed retail marketing plan that will help you achieve this objective.
A Retail Marketing Project that requires 2500-2800 words with cross referencing stated clearly with reference to Harvard Referencing Guide and require proper plagiarism check.
This project of 2500-2800 words requires:-
1) A one page Executive Summary
(To be written in a way whereby investors will read before they decide if they are interested in the company and proceed to look at the whole plan.)
2) Key Factors to Success
– deals with strenghts of your company
– should always stress every possible strenght of your company
they should always display company’s stongest attributes.
3)Mission Statement
– Long term goal of this business
4) Marketing Objectives
i.e: to change structure of the clientele and nature of the firm;
to get new clients or to strengthen relationships with existing clients;
to sell new services to existing clients as well as to new clients;
to broaden a geographic base
to change perception of a firm by its market
Key elements to consider in setting marketing objectives:
a. Publics: the target audience must be clearly defined;
b.Client Perception: How do you want to be percieved by your clientele?
c.Time Frame: A practical and realistic time frame in which specific goals is essential to establish marketing objectives.
d.Market Share
e.Marketing Budget
f.Return on investment and revenue (Base on competitors’ estimated figures)
5) Financial objectives
a. Sales – by volume/growth
b. Profitability/Margins
c. Financial Ratios
6) Product Offering
– A detailed description of the various product offerings
Product Attributes: Describe the range of products, main product features, major benefits recieved by those using the product etc.
– Mention about the extendend marketing mix i.e 7Ps
Pricing: using all distribution levels such as pricing to final users and to distributors, incentives offered, discounts, payment modes and terms etc.
Place (Distribution): Describe how the product is made accessible to final users including channels used, major benefits recieved by distributors, how product is shipped, process for handling orders etc.
Promotion: Describe promotional programs and strategies in terms of advertising, sales promotion, personal selling, and public relations. How product is currently positioned in market etc.
Services Offered: Describe support services provided to final users and distributors before, during and after the sale.
7) Situation Analysis
Base on 3 major elements:
a) Customers
b) Costs
c) Competition
eg: current products, current target market, current competitors, external forces
8) Market Summary
– Study and analyze the target market
-Market demographics (Geographic, demographic, buyer behaviour)
-Market needs
9) Satisfaction of Target Market
-How is the business able to satisfy the needs of its target market?
i.e: Product Range;
Accessibility (Location; Opening Hours);
Customer Service (Level of customer service expected);
Competitive pricing (Pricing suitable for target market and business?)
10) Market Trends
– The current trend in this market
– Current events and issues relating to this industry
– Market Growth
11) SWOT Analysis
Strenghts, Weaknesses, Opportunities and Threats analysis of the business and its industry
PESTLE Analysis
Political, Economic, Sociological, Technological, Legal. Environmental
12) Marketing Strategy
-How does the business aim to market its offerings?
-Retail Marketing mix
-Promotional mix
13) Positioning
– How does the business position itself in the market among its competitors?
14) Marketing Expense Budget
15) Implementation
– Milestones/timeline of implementation of the plan
16) Controls
– Areas to be monitored to gague performance
17) Contingency Planning
– Risks
– Difficulties faced
– Problems foreseen
– Backup plans
18) Conclusion
– Explain the reason for your choice of product
Give at least 10 reasons stating the choice.
– Provide a detailed description of the features of your product
