Question.843 - Design a Marketing Strategy and Develop a Marketing Mix. Use the outline and table below to make sure you cover all areas needed for your planning. Table 8.5: Outline for a Marketing Plan Situation analysis Background of venture Strengths and weaknesses of venture Market opportunities and threats Competitor analysis Marketing objectives and goals Marketing strategy and action programs Budgets Controls
Answer Below:
Marketing Plan Armon Love St. Thomas University BUS 536: ENTREPRENEURSHIP Professor Justin Peart February 21st, 2023 Marketing Plan Executive Summary: With a staff of 5 to 10 professionals, our content writing firm seeks to deliver high-quality writing services to customers wishing to improve their internet presence. By targeted marketing initiatives, we intend to broaden our reach to potential consumers, raise brand awareness, and increase revenue. Analysis of the Situation: Our content writing firm is in a highly competitive market with a strong demand for high-quality material. As businesses continue to migrate to digital platforms, the need for online content is likely to rise. Small to medium-sized enterprises, entrepreneurs, and people in need of high-quality content for their websites and blogs comprise our target market. Our content writing firm was launched in 2022 and has since established a good reputation for offering high-quality writing services. Our objective is to provide well-researched and entertaining material to assist businesses and people in developing a strong internet presence. Venture's Strengths and Weaknesses Strengths: A skilled writing staffContent of high quality Excellent client service Pricing that is competitive Concentrate on developing long-term client connections. Weaknesses: Minimal marketing and advertising resources; little market recognition Opportunities: Rising online content demand A growing number of firms are going online There is a high likelihood of repeat business and referrals. Increased industrial competitiveness poses a threat. Price wars and downward pressure on pricing are possible. Study of Competitors: Our primary rivals are other article writing organizations and freelance authors. While many of our rivals provide comparable services, we distinguish ourselves by providing individual service and high-quality material that is targeted to each client's unique demands. Marketing Targets and Goals: In the following 12 months, increase brand recognition by 50%. For the following six months, increase website traffic by 25%. For the following six months, acquire ten new consumers every month. Raise sales by 30% in the following year. Marketing Strategies and Action Plans Product Development: Create a variety of content bundles to meet the demands and budgets of your customers. Provide reduced product packages that incorporate numerous content offerings. Pricing Strategy: Provide competitive price that matches our services' excellent quality. Discounts are available for new customers and big buys. Location Strategy: Promote our services and raise brand awareness through social marketing channels. Use email marketing to reach out to new clients and establish long-term relationships. Promotion Strategy: Create a content marketing strategy that portrays our organization as a content writing specialist. Use paid advertising networks to reach out to potential consumers. Budgets: Budget for marketing: $10,000 per year. Website development and upkeep costs $2,000 each year. Content creation costs $50 per hour for each writer. Sponsored advertisement costs $500 per month. Controls: On a monthly basis, review website analytics and social media data to assess progress toward goals. Do customer surveys on a regular basis to get feedback and discover areas for improvement. To maximize effectiveness, examine and update the marketing plan on a regular basis. Conclusion: The marketing plan for our article writing firm intends to broaden our reach to potential clients, raise brand awareness, and generate income. We want to reach our marketing goals and establish ourselves as a prominent provider of high-quality content writing services by concentrating on producing a variety of content packages, delivering reasonable pricing, and using social media and email marketing.More Articles From Business Management
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