This assignment is a revision being requested because the teacher comments was it was not done as requested. Therefore now part A,B & C is due. Part A&B needs to be correctly redone. and part C is new.
Note: There are two (2) parts to this journal entry.
Part A: Executive Summary
You will create a fictional start-up company that serves the U.S. market with a product or service.
Write one to two (1-2) paragraphs in which you:
1.Provide a detailed description of your company. The description should include, at a minimum, the company’s name, its history, founders, business purpose, and mission.
2.Describe, in detail, the product or service the company produces or services. Include trademark, color, shape, packaging, labeling, and any characteristics that you deem relevant.
Part B: Targeting Customers
You will now consider who your customers are and identify your market segment.
It is vital that you clearly identify your target customers within your marketing plan. Knowing your target customers will help you to:
•pinpoint where you should spend your advertising budget
•determine the type of campaign you intend to run, and
•ensure that your marketing message speaks the customer’s language (based on their needs and wants, demographic, location, ethnicity, etc.).
Write one to two (1-2) paragraphs in which you:
3.Analyze the business customers / clients that you wish to target. Your analysis should include, but not be limited to, their: a.demographic profile (e.g., age, gender, ethnicity, etc.)
b.psychographic profile (e.g., interests, routine, habits, etc.)
c.profession (e.g., income, occupation, education)
d.geographic location (e.g., country, region, city, rural, urban, climate)
e.precise wants and needs as they relate to the products and / or services you offer.
4.Use at least two (2) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.
Note: Upon completion of the journal, fill out the “Company Overview” section in the Marketing Plan Template, located in Week 4. Next, insert the information from the completed Journal 1 entry into “Section 1: Executive Summary” and “Section 2: Targeting Customers” within the provided Marketing Plan Template.
Part CYou will now complete your secondary market research and consider what distinguishes your company from your competitors, their products, and / or the price of their products and services.
The key word in Unique Selling Proposition (USP) is “unique.” There are very few products or services that are truly one of a kind. In order to target the demographic for your company, you need to pinpoint what makes your business standout among the competitors (e.g., Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Neiman Marcus sells luxury and customer service. Wal-Mart sells bargains. Amazon is earth’s biggest bookstore.)
Use the Internet to research two (2) of your favorite companies and two (2) companies that are similar to your company. Identify the USPs of these companies, and consider what the USPs mean to you. Next, prepare to create a USP for your company.
Tips on creating a USP for your company:
•Put yourself in your customers’ shoes. Consider what your customers really want. Consider what could make them your repeat customers and instead of your competition‘s.
•Research what motivates your customers’ behaviors and buying decisions. You need to know what drives and motivates customers.
•Uncover the real reasons why customers buy your product instead of a competitor’s. As owner of a start up, ask people why they buy your future competitors’ product. This will help you uncover why they might buy yours. Ask yourself the following questions:
◦What does our product or service do better than anyone else?
◦How is our business model different from that of our competition? How could our product or service be different?
◦What market category or niche is not being served by our industry?
Write a four to six (4-6) paragraph journal entry in which you:
1.Identify the target market and your secondary market for your company. Note: Be as specific as possible (e.g., women 30-45, with a high school education and some college; people working full time and living in the Midwest, etc.).
2.Describe your unique selling proposition (USP). Explain the key factors that make your company different than competitors within your industry. Describe the primary way in which the USP for your company targets the two (2) markets you identified in Question 1.
Example of a USP:
•My product is t-shirts and coffee mugs with fun and empowering logos for women.
•My target market is women ages 35-55, college educated, working full time. My secondary market trends a little younger at 25-35, women passionate about their professional life and their personal pursuits.
•My USP is “Be Authentic, no Apologies.”
•My reasoning is I want women to buy my sassy slogans, because they want to show their authentic voice on a shirt or mug.
Note: Insert the information from the completed Journal 3 entry into “Section 3: Unique Selling Proposition” in the provided Marketing Plan Template (located in Week 4).
: 54.5 out of 100 Grade Date: 8/3/15 12:43 AM Feedback: View Full Comment , with your assignment, you missed the product description section and this need to be completed. In addition, with Part B, you are missing the specific details that would have help to develop a stronger target for you. Before submitting the final assignment, please go back and be more specific about their age, income, and etc. Please let me know if you have any questions
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Tonia Cobbs-Simple said…
Monday, August 3, 2015 1:18:07 AM EDT
Maybe I am confused as to what is expected of me. I did describe what my product looks like in detail and I described the features and which target market would be interest and why. This could be found on page 2 and 3. Is this not what the assignment asks for?
Thanks in advance for your prompt response
Tonia, the product description and the background is not the issue with your grade. What needs to be redeveloped is your section on the target customer. It needs to be more specific and detailed. With profession, speak about their income level and other things that fall under that. Do this with all of the items and it will help to increase your final assignment.