The owner of a small to mid-sized business.

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You are the owner of a small to mid-sized business. You are currently developing your marketing plan for the upcoming year. The marketing plan will include both the tactical and strategic plan elements. You will also discuss the implementation and evaluation of the strategic marketing plan.

Answer the following:

Summarize your selected scenario and details about the firm and/or product line.
Assess which of Michael Porter’s basic strategies you will use to market this product and why.
As you know from your reading, consumers https://keenessays.com/main-topic-is-autograph-hotel-case-study-work-describing-what-would-you-do-to/ have different product needs and use products differently. Segmentation seeks to group different demands and needs into clusters with similar demand patterns. Using the dimensions of market segmentation, determine and defend which markets you will target with your marketing plan. Outline your target market in detail.
Justify the stages in the consumer decision making process for your selected product or service. Be sure to discuss how consumers evaluate alternatives and what mediums they use in the information search stage.
Conduct research to determine where improvements should be made to your product or service line. Discuss these improvements and the estimated cost in developing and launching these enhancements.

Sample Solution

Marketing Plan for a Small-to-Mid-Sized Business

Scenario:

I am the owner of “Green Goods Garden Supply,” a small-to-mid-sized business specializing in organic gardening supplies and services. Our target market consists of environmentally conscious homeowners and hobbyists in the surrounding suburban area. We offer a wide variety of organic seeds, fertilizers, pest control solutions, gardening tools, and educational workshops.

Competitive Strategy:

According to Michael Porter’s basic strategies, Green Goods Garden Supply will adopt a differentiation strategy. We will focus on providing high-quality organic products and services that are differentiated from our competitors based on:

  • Unique product selection: We will offer a wider selection of niche organic gardening products, including rare heirloom seeds and specialty fertilizers.
  • Expert advice: Our staff will be knowledgeable and passionate about organic gardening, offering personalized advice and support to our customers.
  • Educational workshops: We will host regular workshops and seminars led by experienced organic gardeners, providing valuable information and hands-on learning opportunities.
  • Commitment to sustainability: We will prioritize environmentally friendly practices throughout our business, such as using recycled packaging and offering sustainable gardening solutions.

Market Segmentation:

Green Goods Garden Supply will target the following market segments based on demographic and psychographic factors:

  • Age: 35-65 years old
  • Income: $75,000+
  • Education: College educated
  • Interests: Gardening, sustainability, healthy living
  • Lifestyle: Active, family-oriented

Consumer Decision-Making Process:

Consumers seeking organic gardening supplies and services typically follow these stages in the decision-making process:

  • Need recognition: They identify a need for specific gardening supplies or services.
  • Information search: They research available options online, visit garden centers, and seek recommendations from friends and family.
  • Evaluation of alternatives: They compare different brands, price points, and product features.
  • Purchase decision: They choose the product or service that best meets their needs and budget.
  • Post-purchase evaluation: They evaluate their satisfaction with the purchase and may provide feedback to the seller.

Consumers primarily use the following mediums in the information search stage:

  • Online searches: Search engines (Google, Bing) and online reviews (Yelp, Google Reviews)
  • Social media: Facebook groups, Instagram influencers
  • Gardening websites and blogs
  • Local garden centers and nurseries

Product Improvements and Enhancements:

Based on customer feedback and market research, the following improvements should be made to Green Goods Garden Supply’s product line:

  • Develop a mobile app: This app will allow customers to browse products, order online, schedule delivery, and access gardening tips and tutorials. (Estimated cost: $20,000)
  • Expand online resources: Create a comprehensive website with detailed product information, educational articles, and a blog featuring expert gardening advice. (Estimated cost: $10,000)
  • Offer subscription boxes: These boxes will deliver curated seasonal organic gardening supplies and seeds to customers’ doorsteps. (Estimated cost: $5,000)
  • Increase social media presence: Create engaging content on Instagram and Facebook to connect with potential customers and share gardening tips and inspiration. (Estimated cost: $3,000)

These improvements are expected to increase customer engagement, brand awareness, and ultimately, sales. They will also allow Green Goods Garden Supply to better compete with larger online retailers by providing a more convenient and informative shopping experience.

Conclusion:

This marketing plan provides a roadmap for Green Goods Garden Supply to achieve its goals in the upcoming year. By focusing on differentiation, targeting the right market segments, understanding the consumer decision-making process, and implementing strategic product improvements, the business can continue to thrive in the competitive organic gardening market.

 

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