Answer Happy

Part 1: First think of a good or service you would like to develop a marketing plan for in the marketplace. It doesn't have to be a new idea but don't select an existing product (e.g., Gatorade). However, if you would like to have an existing company market a new product (e.g.. Nike sports drink) that is okay. Ideas students have done in the past are restaurants, food trucks, photography business, inkjet cartridge refill business. Next, think of who you want to target for your product. What type of person would purchase your product. Go beyond a typical target market description and think in terms of the target's lifestyle, attitudes, interests and opinions. However, you will need to segment your target market in order to better whittle down the types of buyers to whom this opportunity will most appeal. Here's an article from Entrepreneur.com on "8 Ways to Come up with a Business Idea For this part, don't worry about the costs. That will come into play when you discuss Pricing later in the term.
Part 2: For any marketing plan, it is critical that a company understands its internal strengths and weaknesses and the external environment in terms of opportunities and threats. Be sure to find out what other local competitors offer this program (if any) or product/business concept. Use the information you find from your research to include in your SWOT analysis. To do this, develop at least three items for each area: . Strengths (3). • Weaknesses (3), . Opportunities (3), and • Threats (3). Make sure that your categories are easy to read and that you put enough information into each description so I can tell what you mean. Don't forget to identify your target market (make sure it is segmented) so that I can tell who your primary audience is. Tell me who you are targeting within the introduction to your SWOT analysis. Based on the SWOT analysis share three recommendations. Make sure to notate your sources. You should use the internet to research the competition in this area. Be sure to keep the correct citation of your source and use it in your paper where appropriate. You need to use an in-text citation whenever the information is not from your own head. Competitive information is NEVER from your own head - you found it online someplace. Notate it correctly using MLA formatting. You will also need a Works Cited page. See the OWL site at Purdue if you need formatting help. Save your work, as you will use this assignment again in your final paper.