Question

I am so confused as to what i am supposed to do... This is all the directions the professor gave us but i am confused.

TERM PROJECT: Marketing Plan

The term project consists of developing a marketing plan for establishing a new boutique gift shop in the Champlain Valley This project enables you to integrate the many dimensions of marketing that make up the marketing plan. You will acquire the planning discipline, understand the role of more specialized marketing courses (i.e., advertising, consumer behavior, marketing research, etc.) in marketing planning, and develop an applied practical as well as theoretical understanding of marketing.n

Please note that the project is an individual assignment and not a group assignment.

Marketing Plan Part 1: Situation Analysis (Uncontrollable elements)

1.1 Company analysis of objectives and resources

• Objectives
• Resources
• Other marketing strategies and programs
• Opportunity analysis
• Ethics and social responsibility
• Gathering company information

1.2 Customer analysis

• Learn more about customers and customer behavior
• Define the Product market
• Apply this information for segmentation and targeting
• Gathering customer information

1.3 Competitive market analysis: Competitor matrix

• What companies are our main competitors
• What is the marketing strategy for each of these firms (TM + 4Ps)
• What is each firm’s positioning
• What are each competitors’ strengths and weaknesses
• How would the competitor react to changes in our marketing strategy

1.4 External Market environments

• Economic environment
• Technological environment
• Political and legal environment
• Cultural and social environment

1.5 SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)

1.6 Marketing plan objectives (emerge from company objectives)

1.7 Differentiation and Positioning

Answer 1

Answer

1.1 company analysis of objective & Resources is to develop a marketing strategy for its newly boutique gift shop  may be to:

a. to keep stock and area for boutique gifts.

b. Working capital required for daily expenditures.

c. Opportunity we can secure that others competitors not providing in our area .

d corporate social responsibilities and ethics towards its stakeholders.

e. before entering in this market we should gather information regarding risk & return ratio.

1.2 customer analysis

a. develop a plan that may give direction to aware and provide knowledge to local customer about the boutique gift shop and its products.

b. way through we may able to attract more and more customers.

c. we should collect customer taste and trends to provide them accordingly.

d. we should define different segments for different age group,gender, and new arrivals .

1.3 Competitive market analysis: Competitor matrix

a. our main competitors companies are those which are already doing business related to boutique gift shop.

b. market strategy for this firm regarding PRICE ,PROMOTION ,PLACE & PRODUCT

i. Price - should be set to attract customer and to be competitive .

ii. Promotion- should be regularly and consistently to attract and retain customers.

iii. Strength - is to sale good and new products because it is a new firm

iv .weakness- is to risk of outdated of products if not sold in timely and this market is less attractive because of ready made cloths.

v. competitors may react by changing their strategies after seeing and analysis of our strategies.

1.4 External Market environments

a. economic environments may effect firm with respect to following factor:

i inflation

ii government change

iii. election

iv war

b technical environments is to risk of change in technique of doing business

c. political & legal environment is to change in government policies and political instabilities.

d. Cultural and social environment is to see cultural and social beliefs and practices.