1) Select a small business with which you are familiar.
2) Why should small businesses profile their customers and potential customers?
3) How can profiling be carried out?
4) What questions can businesses ask customers or prospective cusomers in a profiling exercise?
5) explain the benefits to a small business of sharing heir marketing plan.
6) Discuss the following statement; "It is never a good idea to shre your marketing plans with people close to you and your business, as all they will do is interfare". would you agree or disagree? why?
Section 2: Determine a marketing mix for the business
7) Describe the impact that good prodct mix, volumes and pricing can have on a business.
8) discuss the factors that should be considered when determining the most appropiate produc mix for a start up business.
9) Explain the concept of a distribution channel and provide an exaple of a channel BSB40407
Requirements of tailoring promotional activity to a specific target market
Assessment Tool 1- Portfolio of Activities
1) A supermarket operating on a small channel named Highland Mart is considered in this context. The supermarket mainly deals with grocery and cosmetics materials.
Urgency of Profiling customers
Customer profiling is an essential means to categorize the customers based on specific needs as it portraits the specific decision that the customers want to make. The customers are divided uniformly into several groups of identical thinking and creative designs, which in turn highlights the particular feature of the centred decision taken by the customer.
There are a number of questions that can be asked during the profiling exercise of the customers which may include:
Benefits of Sharing the Business Plan
The supermarket business chosen above is mainly a small business. However, it can yield a number of benefits if it shares its market plan amongst the customers and business investors (McQuarrie, 2015).
Sharing the Business Plan let the customers enable the business to set up creating market strategies taking care of the customer demands to make a strong customer base.
Sharing the business plan with investors helps in adopting any amendments if needed to thrive in the competitive market.
Section 2: Identifying a Marketing Mix for the Business
Impact of a good product mix and pricing on a business
A good product mix offers a wide range of service lines for setting up a proper business function. It also inculcates a competitive spirit in the Business to thrive in the competitive market. The product mix intensively advertises one product to increase the customers circle to a great extent. However, at some point it deals with a chain of products aimed at the business interest of the firm.
Most Appropriate Product mix for initiation of a business
The most appropriate product mix comply exactly with the market needs for setting up of a successful business. It prevents switching of customers from one chain to another creating a constant demand-supply linkage for the business. An appropriate product mix keeps in charge of the role of product in keeping as par with the customer’s demand (Pecotich & Shultz, 2016).
Distribution channel mainly refers to a chain of business that enables to transfer a good to the end customer through a series of intermediators. The intermediators may include a range of distributors, retailers and many more. The optimal example of this kind of channel is the e- commerce website like Flipkart, Amazon that involves a series of steps to deliver the product to the final hand.
It enables customers from remote corners to avail any service which is inaccessible to them.
It also leads to free consumption and trade
It includes involvement of a number of third-party vendors which paves a way for corruption.
The distribution ship often increases the original cost of the product that again leads to a hurdle to the common masses (Radman & Katavić, 2013).
It enacts different ways to sensionalize a particular product that leads the customers to know the particular advantages and disadvantages of a product.
It also increases the number of choices to the customers.
The physical dimension of the product is absent to the customers.
The delivery often includes discrepancies in delivering the right product to the right customers.
Advantages and Disadvantages of an electronic channel
I will consider building of a small cyber café named as Hi-tech Solutions.
The competitive advantage is gained by the supermarket Highland mart by inculcating all the creative strategies adopted by competitors to essentially thrive in the global market (LILIENFELD & Ruenzi, 2014).
Section 3- Implement Marketing Strategy
I completely agree with the Fact as the promotional activity did not require great investment if it has the proper essentials. It is essential to hit the target customers to create a strong market base. The promotional activity should directly address the customers’ needs in order to gain a competitive advantage.
Section 4- Monitor and improve Market Performance
I completely agree with the given statement as the targets never remain stagnant neither it ought to be. Whenever one achieves the target, it goes one notch higher. In this way, the level of target keeps on increasing as you started to achieve them at once (Schaper, Volery, Weber & Gibson, 2014).
Forecast is a method to determine the possible errors and estimate the costs at an early stage so that all the budgetary activities are Aligned accordingly and to ensure that the resources are also allocated to destined locations.
Assessment tool 2
Marketing mix is an intensive tool of brand proportioning where creative brand image of a competitive marketplace is understood. The effective market plan enables to optimize the business result in order to achieve a collaborative market plan.
In order to create an effective market plan, a proper budgetary allocation is very much needed to allocate the resources to destined locations. The Budget determines the areas of considerable investment in achieving a controlled growth (Hatten, (2015).
It is very essential to communicate with the customers as the business is totally dependent on the customer’s needs. Therefore, the urgency of the customers must be understood and their feedbacks should be taken in a valuable way.
Market Research is opted to carry out creative marketing activities in a definite way to attain maximum number of customers in shorter period of time. It is also done to gain a competitive advantage.