E-Business and Marketing Plan
Your assignment is to develop a Digital Business and Marketing plan for a new business that utilizes digital means as part of its core business model. This could include a web or mobile app, or an internet specific business model. You must propose the new business model.
I urge you to think beyond a simple ecommerce website that “sells something”, and think about a creative, realistic and compelling competitive advantage meeting a gap in the market. You may propose an app for example. If you do propose a consumer good retail model (e.g., a website that sells apparel), then I will expect a detailed description of your channel structure and how you intend to achieve competitive advantage through a superior supply and/or distribution system (or other advantage).
In essence, you are proposing a ‘startup’. A startup business model is characterized by rapid growth and diffusion, often disruptive in nature.
Layout and Sections
I. Introduction: Introduce the purpose of the marketing plan. Briefly introduce your business model, and explain to the reader the purpose of the report.
II. Product Description: Include a more detailed (than exec summary) description of what your product is, and how it works. If you have wireframes (or mock-ups), please include them here. What are the benefits of using your product/service? (And what features provide these benefits). What’s your value proposition (why would someone use your product)?
III. Customer Analysis: Using secondary and, if appropriate primary data, describe the customer for your product. What benefits does your product provide to this persona?
Problem: Describe what problem your product solves for this customer (and/or if it has a social element, how does it bring people together in a meaningful way?).
Solution: How does your product solve this problem? Why and how is your product the best solution to solve it?
Market Segmentation and Target Market: Identify the most appropriate bases for segmenting the market and define relevant market segments. Most segmentation strategies consider geographic and demographic segments, and perhaps psychographic (lifestyle) segmentation and/or behavioral segmentation (e.g., benefits sought, usage occasions, etc.). Please justify your choice of segmentation bases. If you recommend segmenting the market on the basis of demographics (e.g., age and gender) and usage occasions, explain why.
In identifying your target market, you would likely use insights provided by secondary and/or primary research. Are the benefits sought in each target market identified homogeneous? Are the targets measurable, accessible, substantial, differentiable, and actionable?
Positioning Strategy: The positioning strategy captures how you want target consumers to view your product offering, often relative to the competition on benefits that are important to them. Think about the value proposition you are offering within the competitive environment and how you can communicate points of difference. The aim is to identify and communicate a clear, distinctive, and desirable place in the minds of your target customer.
IV. Industry Analysis: Describe the market you plan to enter. This section includes:
Competitive analysis: Who are the major competitors? (Tip: Don’t ever say that there are none. There are always substitutes). Describe representative competitors. What are their businesses and strategies? Who are their customers? What is their value proposition?
What benefits do they provide? How do their products/services, channels of distribution, and pricing deliver those benefits? How do they communicate the value to the consumers and potential consumers? What are their strengths and weaknesses?
Explain the structure of the market. What are the forces driving the market you plan to enter? Are there gaps in the market? If so, what are they? Are there significant barriers to entry or exit? Are there major buyers or suppliers that have a lot of power? Are there threats of or existing substitutes? How competitive is the market? Is it saturated? Is it growing? (Tip: Michael Porter developed a framework to analyze the attractiveness of Markets).
Social and cultural factors: What social or cultural factors or trends impact this market? Are there societal trends in the culture or in possible target markets’ subcultures that may support or impede the acceptance of your product? Will reference groups or opinion leaders influence the consumer’s decision to buy/use the product? Explain.
Technology: What technological trends will impact this market? Are newer products replacing older ones frequently? Could competitors readily duplicate your technology? In short, how does the technological environment impact the product? You might want to also investigate whether or not you have something that is patentable.
SWOT Analysis: SWOT stands for strengths, weaknesses, opportunities and threats. This table summarizes your situation analysis in a visual form. Strengths and weaknesses are internal to the company, while opportunities and threats exist outside the company (e.g. due to competition, customers, or environmental trends).
V. Marketing Strategy:
Pricing (Monetization): Recommend an overall pricing strategy, and develop a specific monetization strategy. Include a likely price given likely costs and size of market. The overall strategy should derive from an analysis of customer perceptions, competitor pricing, and estimated costs. Use secondary and primary research to justify your strategy. Describe the cost structure and resulting profit margins.
Promotion: Specify types of promotion. Try to think creatively here. Most startups have very little to no money for marketing, and PPC can get very expensive very quickly. Remember, you only have 30k. I recommend you try to motivate Word-of-Mouth. Analytics: Monitoring and Evaluation: How will performance be measured? What measures and data will be collected? When? How will it be analyzed and evaluated? How is success and failure defined?
VI. Conclusion: Summarize your report. Highlight main points, and leave the reader impressed.
Research: Secondary research is almost always used when creating a marketing or business plan. But in real life seldom will you create a marketing or business plan without also conducting primary research. Primary research could be in the form of observation, in-depth interviews, focus groups, or surveys. If you do conduct and analyze primary research, the research plan should be referred to in the report, and any instruments used included in the appendices.
Budget: Although you are not given a budget, please be realistic (assume you have $30,000).
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2020). Digital And Social Media Marketing. Retrieved from https://myassignmenthelp.com/free-samples/bma610-digital-and-social-media-marketing.
"Digital And Social Media Marketing." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/bma610-digital-and-social-media-marketing.
My Assignment Help (2020) Digital And Social Media Marketing [Online]. Available from: https://myassignmenthelp.com/free-samples/bma610-digital-and-social-media-marketing
[Accessed 07 August 2020].
My Assignment Help. 'Digital And Social Media Marketing' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bma610-digital-and-social-media-marketing> accessed 07 August 2020.
My Assignment Help. Digital And Social Media Marketing [Internet]. My Assignment Help. 2020 [cited 07 August 2020]. Available from: https://myassignmenthelp.com/free-samples/bma610-digital-and-social-media-marketing.
Receive all the necessary assistance for writing a research paper from MyAssignmenthelp.com. You can rely on our experts and let go of all your concerns regarding writing this specific academic paper. They always use the correct research paper outline to prepare the copy. We will help you in every step of the writing process, including finding appropriate research paper topics. You can also use the materials provided by us as an easy guide to learning how to write a research paper. Thus, with our guidance, you will be able to write excellent research papers and get high scores.
Answer: Identify and evaluate the social media marketing strategy for Kylie Cosmetics Introduction The presentation will identify and evaluate the social media marketing strategy used by Kylie cosmetics Kylie Cosmetics Company of America is chosen for this presentation The Cosmetic firm is considered to be the fastest-growing beauty brands of the nation The company provides wide range of cosmetics and beauty products Comp...Read More
Answer: Introduction: The International marketing can be essentially described as a step which is generally undertaken by an enterprise in order to extend the overall operations around the globe. In regard to this, the International marketing as a strategy can be defined as the overall strategy adopted by the enterprise to expand in the market and to be able to establish the operations successfully. The previous assessment identified the suit...Read More
Answers: Introduction Marketing principles or the principles of marketing are considered as marketing concepts which companies utilize an operative marketing approach. They are identified as principles upon which companies construct product promotion policies. Business organizations employ the marketing principles for the effective advancement and endorsement of goods, products or services. Marketing is the aspect of business that is hi...Read More
Answer: Introduction The intervention of government in the market depends on various conditions. The intervention of government in the business practices is a means of controlling unnecessary activities in the market where business organisations operates their operations against each other. The government also intervene in the economy when market faces tough situation related to demand and supply or facing challenges in coping with inflation ...Read More
Answer: Introduction Marketing play a vital role for the growth and development of the company. Most of the organizations or companies have adopted effective marketing strategies that help the organization to grow in the competitive market in an effective and efficient manner. International market included high opportunities and threat. The companies entered in the global market to grab the opportunities. It support the organization to cover ...Read More
Just share Requriment and get customize Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Awesome work. Awesome response time. Very thorough & clear. Love the results I get with MAH!
Work was done in a timely manner took it through grammarly checked for plagiarism very well satisfied
Great work for the short notice given. Thank you for never disappointing and helping out.
I received a full point on the assignment. Thank you for all the help with the assignment.