In this assignment, you will identify the basic components for your marketing plan, with a major focus on researching your competition. The goal is simply to identify these items since you will be completing a more detailed marketing plan in MKT/431 Small Business Marketing.
Write a 525- to 700-word paper in which you identify and describe the competitive landscape for your product(s)/service(s) and the key advantages that your product(s)/service(s) offer over your competitors. Also briefly describe the kinds of marketing, sales, distribution, and customer service activities that you plan to use to attract and maintain potential customers.
Answer the following questions in your paper:
Make sure your paper has a clear intro
- Who are your direct competitors? What do they offer, and what advantages might their product(s)/service(s) offer over yours? (Note: if there are no direct competitors in the marketplace, consider related industries where consumers are currently spending their money, or potential competitors that will follow your lead)
- What advantages does your product(s)/service(s) offer over your competition? (Note: your advantages may be different for different types of customers or competitors)
- Who are your target customers? How will your product(s)/service(s) appeal to their specific needs?
- How do you plan to advertise your product(s)/service(s)? (e.g. on the Internet, social media, email, t.v./radio ad, newsletter, word-of-mouth) How will this type of marketing appeal to your target customer(s)? How will you highlight the value or unique characteristics of your product(s)/service(s)? What types of marketing will you use to attract new customers and grow your business?
- How do you plan to distribute your product(s)/service(s)? (e.g. Internet, download, physical store, government contract, reseller/distributor, door-to-door, tradeshow) Will it be a one-time purchase, repeat business, or subscription service? What forms of payment will you accept? What kind of staffing will you need to support your sales efforts?
- What kind of customer service will you provide in support of your product(s)/service(s)? (e.g. phone, email, chat, training, user guides, videos) How will you respond to product/service issues and customer complaints?
- Have a clear and concise conclusion summarizing your points.
Summarize your ideas and research, and cite sources as needed.
Format your paper consistent with STRICT APA guidelines. Include a minimum of 2 references