1. Suppose you are launching your new business, and you want to start the market

Question

1. Suppose you are launching your new business, and you want to start the marketing plan of your business. Describe and discuss briefly the following points:

a) What is the type of business of your choice?

b) Market segmentation (identify 3 to 4 segments)

c) Environment (who are your competitors?)

d) Promotion/ Communication strategy ( for example: how to promote, which media to use, fit promotion to each market segment selected above)

e) The difference between skimming and penetration strategy for your business?

Explanation / Answer

A)What is the type of business of your choice?

I would choose running a Mobile restaurant.

A mobile restaurant would be supplying food in a vehicle which is also termed as food truck.

b) Market segmentation (identify 3 to 4 segments)

1.     Demographic: I would choose students and working class people under demographic segmentation.

2.     Geographic :Location would be vehicle in front of Colleges and Corporate organizations

3.     Behavioral: Would increase the quantity and emphasize on quality thereby providing value for money

4.     Psychographic: Saves time for busy scheduled working class people and students

c) Environment (who are your competitors?)

My competitors would be the nearby located restaurants
- who sell quality foods
- at competitive prices

d) Promotion/ Communication strategy ( for example: how to promote, which media to use, fit promotion to each market segment selected above)

Methods: To advertise in social media and local radio stations.

·          First Target for promotion would be Social Medias. Since my demographic segmentation covers students and working class people social media would be accessed by all frequently and would be much helpful for promotional activities

·          To provide pamphlets in front of organizations and colleges

·          To advertise in the local radio channels

e) The difference between skimming and penetration strategy for your business?

Skimming Strategy

Penetration strategy

Means to start with high price and then gradually decrease the price for food

Means to start with Low price and then gradually increase the price for food

I would not opt for skimming strategy reason being it would create negative impact in the minds of customers who may think that reduction in price is due to low quality

I would opt for penetration strategy as business grows

Skimming Strategy

Penetration strategy

Means to start with high price and then gradually decrease the price for food

Means to start with Low price and then gradually increase the price for food

I would not opt for skimming strategy reason being it would create negative impact in the minds of customers who may think that reduction in price is due to low quality

I would opt for penetration strategy as business grows

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