Homework Question on Developing A Marketing Strategy
- For this project you will develop a marketing strategy for shoes. Develop a creative, cohesive marketing strategy. Your marketing strategy should include the following:
- Preliminary Marketing Research Report research findings
- Target Market Describe your target market. Use at least 3 segmentation variables
- Marketing Environment Identify at least 2 relevant forces in the marketing environment
- Marketing Mix
A. Product Identify product classification Identify Stage of Product Life Cycle Develop a product mix Create a brand including brand name and brand mark Identify brand strategy
B. Price Identify pricing objective Identify pricing method Identify at least 3 pricing objectives
C. Place (Distribution) Identify your channel of distribution. Identify level of market coverage Identify at least one type of wholesaler or retailer
D. Promotion Describe your promotional mix Provide an example of at least one promotional tool from your promotional mix
- Title page 1 inch margin all sides,
- 12 font
Homework Answer on Developing A Marketing Strategy
- Marketing Research Report
Professional full-time women and housewives represent the majority of people purchasing shoes. The full-time professional women earn over $45000 and tend to buy shoes for both leisure time and workplaces. These women work on a full-time basis, and hence have the need for various pairs of shoes for an array of outfits. These women have sufficient funds to buy shoes and always tend to take advantage of this reality since they love many shoes.
The research also found out that housewives possess plenty of disposable income given to them by their husbands. They like shoes and utilize a considerable amount of these earnings to shop for shoes (Akhter et al. 2014). They are appealing prospective buyers since they have adequate time and funds to buy shoes. This adequacy of money and time eliminates their limits to the number and variety of shoes they wish to possess.
- Target Market
This will majorly be women who are either housewives or full-time professionals. It is also based on whether they will have adequate time and money to shop for the shoes. This target group owns sufficient funds for purchasing shoes. The women who work on full-time basis buy shoes for both workplace and leisure for all the outfits. On the other hand, housewives have enough time and disposable income from their husbands to buy an unlimited number of shoes and varieties.