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There are three types of Market coverage. Explain the type of market coverage applicable to Lorraine’s business

There are three types of Market coverage. Explain the type of market coverage applicable to Lorraine’s business

Principles Of Marketing
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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There are three types of Market coverage. Explain the type of market coverage applicable to Lorraine’s business.

Lorraine has received a lump sum of R500 000.00 from her retirement fund. She intends to use these funds to start a student accommodation business. In order to start this business, Lorraine would need approximately R1 million, funds are needed for building the students accommodation apartments and to register with various regulatory bodies. She has to source additional funding in order to realise this dream. In the business plan, Lorraine has outlined the following: Accommodation will be offered ONLY to students in Cape Town, Johannesburg, Mpumalanga and Polokwane. ONLY females will be approved to reside in these houses, between the age of 18 - 35. Marketing of the business will be done on community Radio stations only at the four mentioned cities. It is going to be a family business, Friends and relatives are in support of the idea but are not able to support the business financially.
Transcribed Image Text:Lorraine has received a lump sum of R500 000.00 from her retirement fund. She intends to use these funds to start a student accommodation business. In order to start this business, Lorraine would need approximately R1 million, funds are needed for building the students accommodation apartments and to register with various regulatory bodies. She has to source additional funding in order to realise this dream. In the business plan, Lorraine has outlined the following: Accommodation will be offered ONLY to students in Cape Town, Johannesburg, Mpumalanga and Polokwane. ONLY females will be approved to reside in these houses, between the age of 18 - 35. Marketing of the business will be done on community Radio stations only at the four mentioned cities. It is going to be a family business, Friends and relatives are in support of the idea but are not able to support the business financially.
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