Marketing Plan Elements - 1007 Words

* Defining your ideal customer (target market) – Think about the characteristics of your ideal customer – what is it you like about working with them and why? * Understanding the competition and what makes you better (differentiation) – There are a lot of people who do what you do so what do you offer that others do not? What do your clients appreciate about what you do? Figure out what it is and lead with that difference in all of your marketing efforts. * Knowing what you want to achieve with marketing (marketing goals) – Write down your marketing goals and make them specific. Pick one or two that are critical and make them the focus of your marketing efforts. According to statistics, if you write them down, you are 95% more†¦show more content†¦Product * The product must also have some features and components in it that are its differentiating factors. That is, it must be different from the products already available in the market. The company must research to find out what exactly the customers desire and provide a similar commodity for them. Various specs of the product, such as size, color and packaging, must be appealing to the consumer. Price * To draw the maximum numbers of customers to the product, it must be correctly priced. The customers attach a value for the money they are paying for the product. Therefore, the price of the product must be appropriate. This way, the company would be able to entice the maximum customers. The company must first analyze the price sensitivity of the customers. This establishes that by a small change in price whether the customers would remain loyal to the company or would shift brands and preferences. Place * The markets where the product is going to be served needed to be elaborately planned. The company decides on all the retail outlets and web portals where the product is going to be available. The company also defines its distribution channels and networks. The dealer commissions are negotiated and fixed. The dealers are made aware of the specifications and features of the product. Promotion * The customers need to be made aware of the existence of theShow MoreRelatedSocial Media Marketing Plan Needs 5 Key Elements Essay865 Words   |  4 PagesMedia Marketing Plan Needs 5 Key Elements By Lori A Manns | Submitted On December 28, 2013 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Lori A Manns As with any business strategy, you need a plan for successRead MoreImplement Marketing Strategies998 Words   |  4 PagesBSBMKG514A Implement and monitor marketing activities [ Revision Number: 1 ] BSBMKG514A Implement and monitor marketing activities Modification History Not applicable. 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Learning Outcomes Pass Criteria Covered LO. 1 Understand the sources of finance available to a business 1. 1 Identify the sources of finance available to a business 1. 2 Assess the implications of the different sources 1. 3 Evaluate appropriate sources of finance for a business project LO. 2 Understand the implications of finance as a resource within a business 2. 1 Analyze the costs of different sources of finance Grading Criteria The above pass criteria has been met plus: Merit M1 – Identify and apply strategies to find appropriate solutions Effective judgments have been made in considering the different sources of finance available and an effective approach to study and research has been applied with supporting diagrams and graphs M2 – Select/design and apply appropriate methods/techniques The selection of methods and techniques/sources has been justified with reference to their advantages and disadvantages; references have been used in-text and Harvard style has been applied consistently Distinction Pass and Merit criteria have been met plus: D1 – Use critical reflection to evaluate and justify your conclusions The student has made effective judgments with high degree of objectivity and professionalism; conclusions have been arrived at through synthesis of ideas and have been justified with reference to costs and other aspects detailing the consequences for the business D2 – Take responsibility for managing and organizing activities The findings are communicated using financial technical language adapted for the intended audience; the structure is logical, managed and organized; assignment is submitted on time Summary of Tasks Rationale Sources and availability of finance for a business organization is a primordial aspect for anyone dealing with business and management. We will write a custom essay sample on Notes or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Learning how to evaluate and compare these different sources is therefore an important task. After completing this assignment, students will get a better understanding of various sources of finance, their appropriateness, advantages and disadvantages, as well as their costs. Case Study Kwango Ltd. (passing criteria 1. 1, 1. 2, 1. 3, 2. 1) Scenario 1: Kwango Ltd. is considering buying a new online management accounting system to enable them to deliver management information for their corporate clients. They are looking at three different systems and the cost of each system is as follows: System A System B System C ?320,000 ?300,000 ?285,000 Scenario 2: Kwango Ltd. is also contemplating relocating to new premises. Two possible sites are available with slightly different features and aspects. The re-location will help them to be able to meet clients needs more effectively. Location A: Investment required for the move = ? 12 million Location B: Investment required for the move = ? 10 million Kwango Ltd. is a limited company formed ten years ago by a group of five ex-lecturers. The five are the main shareholders but there is also a shareholder who was a local businessperson who initially approached two of the five to deliver a management training course for her company. In each scenario, evaluate the sources of finance that might be available to Kwango Ltd. to carry out the projects outlined. (at least 1,000 words) In doing this you need to be thinking of what types of finance may be available and what the appropriateness of the finance available might be. In particular, you may want to show knowledge of the material studied (recognize the range of finance sources available, (passing criteria 1. 1)), apply that knowledge (link the knowledge of sources of finance to the actual scenario and case study given, (passing criteria 1. 2 and 1. 3)), perform analysis (break down the issues into key features, especially associated costs and identify the impact of these points, (passing criteria 2. 1)), and make judgments about what, in the light of your analysis, would be an appropriate source of finance in each case from the variety you have looked at and why this is the most appropriate. Required Work and Format Your assignment should be typed and submitted in PDF format (*. pdf) to assignments to be submitted link into the Learning Center by the due date on this assignment brief. Your assignment should include the following: 1) An assignment cover sheet with your name, course name and code, date submitted, your HND program (if you are not following any HND program then the title of the program you are following at Prague College) 2) Submit as a . pdf document into Moodle 3) Document all the sources, including textbooks and lecture notes using Harvard referencing 4) HND cover sheet. 5) Plan your work to ensure that your assignment meets the TURNITIN requirements of less than 20% originality Timetable The assignment covers material discussed during the first 6 classes and it is due on Monday, October 14, 2013. The student is expected to submit the finished assignment through the Prague College Learning Center (PCLC). Resources Material discussed in class during the first three weeks of the semester. Guidelines and Further Information About This Assignment See attached sheet(s)None