Develop a marketing strategy for a service business you will (hypothetically) manage.
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In this portion of the project please develop a marketing strategy for a service business which will be (hypothetically) managed. That is to say, you are to assume that you will be free to start a one-person business and are to examine yourself, develop a service business concept (for profit or not - the choice is yours) which you will provide, and develop a marketing strategy for it. You can assume that this will be a one-person business consisting of you alone, or that you will employ others.
Please compile a paper which addresses the following and utilizes the headings 1 through 6.
For the first portion of the project you start the strategy with the following information:
1. NAME, LOCATION & NATURE.
The name of your prospective (hypothetical) service business and
its probable location.
A brief description of the nature of the business, (body-guard service, child-care, online business, anything you want).
Location will be California, USA.
2. SELF-ANALYSIS. For this you should:
Assess your skills, abilities and competencies, (strengths as well as weaknesses) and compare these with the demands of potential markets, and
the offerings of competitors.
Ensure that the self-analysis is relevant to the proposed service and that you make the comparisons.
3. CUSTOMER ANALYSIS.
Identify potential customers you could serve.
Identify the benefits they seek.
Describe and label your market and any segments there are.
Estimate the size and value of the potential market.
Estimate the size abnd value of the (to be) served market.
4. ANALYSIS OF PRIMARY COMPETITORS:
In a table identify the main competitors and provide a brief summary of how each competes. For example, does the competitor use low-price, reliability, reputation, high quality or some other basis for positioning itself in the market?
5. To complete sections 3 and 4 you should do some MARKET RESEARCH, i.e. gather some data to get some relevant information for your business idea. Briefly explain what you did and indicate the sources you have used.
6. Analyze the MARKETING ENVIRONMENT. (e.g. competition), analyze the other major Marketing Environment factors which need to be taken into account in the development of your marketing strategy, e.g.:
Political factors
Economic factors
Social factors
Legal or Governmental factors
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Solution Summary
This solution addresses the marketing strategy questions in 1200 words with five online references.
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MARKETING STRATEGY
1. NAME, LOCATION & NATURE
Name of the business: ConsultAll
Location: California, USA
Nature of business: Career and General Advisory. The business would provide online consulting to students and also to working professionals. The consulting would include guidance on what subject can student choose for major, what would be the future of the course student is taking, what kind of opportunities can open for the student after completion of the course. For working professional, consulting would include counseling them on the job profile they have, whether they should switch, which sector is best for them, and so on. ConsultAll would also provide online tutorials that can be accessed by anybody after paying a nominal fee.
2. SELF-ANALYSIS
The main skills of ConsultAll are:
Wide consulting services on anything
Strengths
â?¢ Have right qualifications and education
â?¢ Have experience that has been gained through years
â?¢ Have undergone Intensive training and refresher courses
â?¢ Aware of latest technologies and developments in the industry
Weaknesses
- Current market situation is not very favorable
- Finances can become a problem
- Future prospects are not clear at this stage
- No consultant base
- Strong competitors that are in market for a long time
There are several consulting services available in the market in areas of Accounting, Employment, and Management. Some of these players have been in the industry for a long time and hence have an established customer base. These have no finance problems as compared to ConsultAll which would require financing at a later stage as the business grows.
3. CUSTOMER ANALYSIS
Potential customers would be school going students who are just about to finish school and would enter college. Other customers would be students already enrolled in the college at graduate or masters level. A third profile of customers would be working professionals. These customer groups would seek advice on what subjects to choose, what ...
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