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Marketing plan evaluation UNIT 20 BTEC IT
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D2- Evaluate a comprehensive and well-reasoned marketing plan for an IT product or service, based on effective research and an appropriate idea selection process.
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Marketing Plan evaluationOur business is going to be successful because we have our plan, we know
what we have to do, In order to achieve our goals. Also our product is very
useful for people. People will have lots of benefits from it. For example it will
reduce food wastage and also saves their time from going to the store and
doing grocery shopping.
Research has shown that it is important to plan for business success because it
creates a focus for employees, uniting them toward common goals. When
everyone works together, it is easier to manage time and resources, thereby
positioning the company for success. However it also shows that it grows
exciting business management can expand their business through proper
planning. With a plan in place, a leader is able to easily review their strengths
and weaknesses. By doing this, they can map out areas of potential expansion.
And it makes it easier to identify opportunities for business.
https://smallbusiness.chron.com/planning-important-74858.html
At first we had 8 ideas. We also did the SWOT for all of them, then we broke it
down to top 3. Furthermore we did cost analysis for our top 3 ideas, then we
all decided “A set of cameras that monitor the amount of different foods you
have, if you are running low on something it will add it to your shopping list
on your phone and to shopping website” is our best idea. Also, we conducted a
lot of market research to make sure it would benefit people in their daily life,
people will buy from us. I believe this is a good idea, and we will be able to
accomplish it.
The benefits of SWOT analysis is it enables us to assess our organization's
Strengths, Weaknesses, Opportunities, and Threats. It gives us steps to
improve on what we're already doing, address weakness, so that we are aware
of our weaknesses so that we can deal with them, seize new opportunities, and
minimize risks.
Also each element of the marketing plan is included such as objectives of the
business, Smart target, Current business market positioning, Market research
for example- customer needs, target market demographics, who are our
competitors, Marketing mix the 4p’s, our budget, We have our own logo as
well.
These are all important because
Customer needs- Knowing what customers need is essential to ensuring
customer satisfaction. Making assumptions based on previous customers may
drive the customer away. Knowing customer needs opens up the opportunity
, to cross-sell related products.
https://simplifytraining.com/course/identifying-customer-needs/
Target market demographics- Importance of target market demographics is
defining a target audience helps you determine who your business will serve
and why they need the goods or services you offer. This information also helps
you keep the size of your target audience manageable. It provides more
information about our target audience.
https://smallbusiness.chron.com/importance-target-audience-consumers-
37173.html
Knowing your competitors- Understanding your competitive advantage helps
you target your efforts on the market where you hold that advantage.
Understanding the specifics of the market where you hold that advantage
helps keep you on top of your competitors.
https://www.bizjournals.com/bizjournals/how-to/growth-strategies/
2016/05/6-advantages-to-knowing-your-competition.html
Marketing mix- 4p’s- Importance of this element is in marketing, the 4Ps
represents different ways to enhance the components of your "marketing mix"
- the way in which you introduce a new product or service to customers. By
doing this, you can define your marketing options, such as price, product,
promotion, and placement, so that you are meeting a specific customer need
or demand. Also, it plans a successful product offer. Assists businesses with
planning, developing, and executing effective marketing strategies, enabling
them to avoid unnecessary costs and make efficient use of strengths.
https://creately.com/blog/diagrams/elements-of-marketing-mix/
Logo- You need a logo for your business because it conveys ownership, quality,
and values. It's on your business cards, website, social media, and, most
importantly, in the minds of your customers. Your logo gives people a glimpse
into who you are, what you do, and how that benefits them.
https://www.designpowers.com/blog/why-a-good-logo-is-important-for-
your-small-business
In addition, Business success relies on SWOT analysis by building on
strengths, fixing weaknesses, and protecting against weaknesses and threats.
Additionally, we will take advantage of new opportunities faster than our
competitors. In order to improve. It’s a good way to do SWOT in order to find
out what our weaknesses are, so we know what to improve on. Also we can use
our opportunities to fix weaknesses. As a result, we are able to design
measures to improve and control our weak points, which will help the
company to grow.
The importance of SWOT analysis is SWOT analysis helps organizations
understand and measure overall business performance by providing a sense of
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