Part_1_wkst (8) Hughes

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Lamb Hair McDaniel Your Product or Service Offering MKTG Part 1 The World of Marketing Worksheet O RIENTATION What best describes your firm’s orientation? Production Sales Market Societal List ways your firm follows the marketing concept: 1. Customer-Centric Approach: Ensuring that products and services are designed to meet the needs and preferences of customers. 2. Market Research: Conducting thorough research to understand customer behaviors, preferences, and market trends. 3. Customer Feedback: Actively seeking and responding to customer feedback to improve products and services. 4. Segmentation and Targeting: Identifying specific market segments and tailoring marketing strategies to target those segments effectively. 5. Value Proposition: Communicating the unique value and benefits of products or services to customers. 6. Relationship Building: Focusing on building long-term relationships with customers through effective communication and customer support. Our firm’s primary goal for business is: To provide people with good and operational vinyl M ISSION Write your business mission: To Improve around every twist and turn and provide proper vinyl records Part 1 Marketing Plan Worksheet:The World of Marketing 1

Lamb Hair McDaniel Your Product or Service Offering MKTG O BJECTIVES List objectives of your business marketing plan: (i.e. increasing revenue, profits, or market share, customer awareness, higher volume of sales etc.) Objectives need to be realistic, measurable, time specific and compared to a benchmark (see page 25) Objective Person responsible Completion date 1.Increasing; inventory Phil Hicks Within 2-3 months 2.Increasing profits Phil Hicks Within 2-3 months 3.Customer awareness Phil Hicks Within 2-3 months 4. 5. 6 . SWOT Identify strengths of business offering:  Provides a product that many people enjoy  Only vinyl store in town besides Walmart  A very sizable inventory  Niche market   List keys to success: 1. Advertise Part 1 Marketing Plan Worksheet:The World of Marketing 2

Lamb Hair McDaniel Your Product or Service Offering MKTG 2. Keep popular stock 3. Better pricing 4. 5. 6. Describe competitive advantage of business offering: Like I said only one in mount Vernon besides Walmart List advantages of operating in the Internet space: Advantage How will you leverage the advantage? Get more clientele Sell more product Shopping online Sell more product Better advertisement’s Get your name out their more Identify weaknesses of business offering:  Niche market  Not a massive inventory  Not a lot of advertising    Part 1 Marketing Plan Worksheet:The World of Marketing 3

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Lamb Hair McDaniel Your Product or Service Offering MKTG List disadvantages of operating in the Internet space: Disadvantage What steps will you take to overcome it? Not a very good website Web designer or a complete redo Possible shipping cost I do not know yet Bad reviews / trollers (people that like to mess with small businesses by leaving bad reviews on small businesses to see them fail) Admin seeing if they are valid responses or trollers E THICS Will you integrate social responsibility into marketing plan? Yes No Rationale: Describe any ethical problems your firm faces: NA Part 1 Marketing Plan Worksheet:The World of Marketing 4

Lamb Hair McDaniel Your Product or Service Offering MKTG Part 1 Marketing Plan Worksheet:The World of Marketing 5

Lamb Hair McDaniel Your Product or Service Offering MKTG E XTERNAL E NVIRONMENT Demographic: Older men and women as well as college attendees and trend setters Ethnic: white Economic: Price of vinyl is expensive Legislative: NA Part 1 Marketing Plan Worksheet:The World of Marketing 6

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Lamb Hair McDaniel Your Product or Service Offering MKTG Social trends: It varies depending on the trend but we do have ups in downs when the trend is on older stuff and music Political: NA How is the Internet used in this type of business? To order or search for cool vinyl’s List emerging technologies affecting your business offering: 1. Any music streaming device 2. Vinyl type music online 3. I Phones 4. 5. 6. List laws regulating your business offering: 1. Licensing 2. 3. 4. Part 1 Marketing Plan Worksheet:The World of Marketing 7

Lamb Hair McDaniel Your Product or Service Offering MKTG 5. 6. Identify key competitors in your industry:  Walmart  Amazon  Best buy    Identify companies working on the same market as yours:  Tower record  Amoeba Records  Banana Records    How can you leverage Internet to beat your competition? Advertise more then them as well as getting the entire local market and expanding from their Part 1 Marketing Plan Worksheet:The World of Marketing 8

Lamb Hair McDaniel Your Product or Service Offering MKTG Identify ways to handle global marketing for your offering:  NA      Part 1 Marketing Plan Worksheet:The World of Marketing 9

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