You are developing a retail store that sells clothing (you select the type of clothing) in a selected region of Mississippi (you select the city). Prepare a 4 Page Double Spaced Report. Discuss the product and target market planning, distribution strategy, promotion strategy and pricing strategy.
CAVEAT: You can develop the strategic plan for an existing business or your own business idea instead of the hypothetical retail store.
Product and Target Market Planning
Conduct Research
PRODUCT CONCEPT
Identify the physical attributes, customer benefits, and competitive advantages of the product (or service) to be offered by the organization. Analyze geographic, economic, cultural, and legal factors that would influence offering a standardized or an adapted product for this market. (A product concept should list as many characteristics as possible to better communicate attributes and benefits within the organization as well as to potential customers.)
PRODUCT LIFE CYCLE
Discuss economic, cultural, political, or technological factors that might affect the speed of movement of the product (or service) through the stages of the product life cycle (introduction, growth, maturity, decline). (For example, the presence of several competitors may result in faster innovation and move a product quickly through the product life cycle.)
BRANDING AND PACKAGING
Suggest a brand name that would create a distinctive identity for the company (or specific product). Analyze cultural and legal factors that could influence packaging of the product.
TARGET MARKET
Describe the characteristics of potential customers in terms of geographic location, demographics, media habits, consumer behavior patterns, lifestyle activities, and psychographics.
Prepare 1 Page Summary
A description of the product concept for the proposed enterprise, including attributes, customer benefits, and competitive advantages.
An overview of branding and packaging activities in relation to needed cultural or legal adaptations.
Recommend actions related to a standardized or adapted product (or service) along with detailed descriptions of consumer and business target markets. Provide evidence for your recommendations.
Designing a Distribution Strategy
Conduct Research
INFRASTRUCTURE ANAYLSIS
Describe transportation, communication, and utility facilities in the region that might enhance or deter your organizations ability to move goods from one destination to the end-user of the item. (In many regions, a lack of roads combined with mountainous areas make truck shipping very difficult and expensive.)
DISTRIBUTION BARRIERS
Discuss cultural, political, or legal hurdles that might slow or block distribution in the region. (For example, import duties and documentation might add to the cost of selling products shipped from another region.)
INTERMEDIARIES
Analyze the costs and benefits associated with using wholesalers, brokers, and agents for your global business operations.
DISTRIBUTION CHANNEL
Identify a channel of distribution for getting a product from the production site to the ultimate customer. (A common channel of distribution may include a wholesaler and retailer; global operations are likely to involve additional intermediaries.)
Prepare 1 Page Summary
An assessment of the infrastructure in the region (or regions) being considered for the proposed global enterprise.
A synopsis of trade barriers or other restrictions that might be encountered.
Recommend a distribution channel and intermediaries that could be appropriate for the proposed international enterprise. Provide evidence to support your proposal.
Planning a Promotion Strategy
Conduct Research
PROMOTIONAL GOALS
Identify specific objectives related to the promotion of your global business operations and product (or service). (Promotional goals vary. Some organizations need to create awareness of their products benefits compared to competitors. Other promotional goals may involve communicating new uses for an item, or informing customers of lower prices.)
BUSINESS ENVIRONMENT
Discuss cultural and legal factors that might influence promotional decisions. (In some regions, certain information is required in television commercials selling products aimed at children.)
MEDIA PLAN
Analyze media availability in the region to determine cost-efficient methods of communicating with potential customers. (While television, radio, newspapers, magazines, and the Internet may be common in industrialized regions, developing economies may require other different media. In some regions, advertising messages are broadcast through large speakers mounted on moving trucks.)
PROMOTIONAL STRATEGY
Compare the benefits of push and pull promotions for your global business operations. (A pull strategy is aimed at the end-user of consumer goods and services. A push strategy is aimed at intermediaries, such as retailers, and is more common among firms selling industrial products or services.)
Prepare 1 Page Summary
An overview of promotional goals for the proposed global business venture.
A description of the economic, cultural, and political-legal environment that might affect promotional messages and media.
Recommend a promotional strategy for your planned global enterprise. Suggest company actions related to promotional goals, needed adaptations due to cultural or legal factors, and a media plan. Provide evidence to support your proposal.
Selecting a Pricing Strategy
Conduct Research
THE ECONOMIC ENVIRONMENT
Identify economic factors (personal income level, inflation rate, taxes) that might influence pricing decisions in this region. (In many regions, people may not be able to afford products that are considered minor purchases in industrialized nations.)
COST ANALYSIS
Estimate production costs and other business expenses that would be encountered when offering this product or service. (The total cost of providing an item must include both direct production costs as well as administrative and overhead expenses.)
DEMAND ANALYSIS
Analyze the potential demand for this product (or service) based on the current and expected market. (As a product gains in popularity or a regions economy improves, demand for various items is likely to expand.)
COMPETITOR ANALYSIS
Compare your pricing plans with those of any competitors that may be providing identical or similar products or services.
Prepare 1 Page Summary
An overview of economic factors that could influence pricing strategies.
A synopsis of costs that would influence the price of the good or service being proposed for global business operations.
A description of demand factors, competitor actions, and government regulations that might affect pricing activities.
Recommend a pricing strategy (including specific prices) for the proposed enterprise. Provide evidence to support your proposal.
RESOURCES TO HELP YOU STRUCTURE YOUR PLAN
Sample Marketing Plan Preview the document
Sample Industry Analysis https://www.clarion.edu/sbdc/what-we-do/research-assistance/4SampleIndustryAnalysis.pdf (Links to an external site.)
Try SizeUp for Business Intelligence https://www.westfieldinsurance.com/resources/sizeup-competitive-analysis-tool (Links to an external site.) (for more info on size up https://company.sizeup.com/products/for-small-businesses/ (Links to an external site.))
American Factfinder www.factfinder.census.gov (Links to an external site.)
(Links to an external site.)BizStats www.bizstats.com (Links to an external site.)
City-Data.com www.city-data.com (Links to an external site.)
Country Business Patterns (www.census.gov/econ/chp/index.html (Links to an external site.)) – you can find the number of dry cleaners (or any other business in a specific zip code or city)
ReferenceUSA (www.referenceusa.com (Links to an external site.)) Free if accessed through the library.
Sample Business Plans https://www.entrepreneur.com/article/247599 (Links to an external site.)
These are free resources. You can check with the JSU library to see if premium/upgraded versions of these sites are available.
