This week, you will create and write your Marketing Strategy Paper. In essence, a marketing strategy is the basic plan of how you are going to succeed in your entrepreneurial endeavor. Areas of concern include (but are not necessarily limited to) the following.
The Marketing Mix
For your endeavor’s marketing mix, you should determine if you will be dealing with a product or a service. Once that determination is made, include in your paper the precise configuration of each marketing mix element. (Product, place, promotion, price and people for a product-based endeavor or product, price, promotion, place, people, physical evidence, process, and productivity for a
Positioning addresses the issue of where your product or service resides in the market when compared to your competition.
The Target Market
Within the target market area, additional factors include customer analysis, market value, and the intended capture of the market, expressed as either a percentage or a whole-dollar amount.
For this paper, your goal is to create a cohesive and cogent strategy with all components supporting one another. Review the appropriate sections in the textbook as well as the sample plan in the appendix.