This is an assignment that focuses on the situation analysis of small business marketing. The paper also contains two parts that have guidelines in how to do the assignment.
The situation analysis of small business marketing
MKT/431: Small Business Marketing
Wk 2 – Situation Analysis
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This assignment has two major parts. The first part is a Situation Analysis in which you will examine the competitors and also customers in your marketplace and discover the challenges and opportunities that exist in your target market. The second part involves the creation of your Value Proposition. You will submit for grading only Part II
Conduct a Situation Analysis for your selected business opportunity. Include the following details in your analysis:
Firstly, analyze competitors by using the Competitive Matrix and applying appropriate variables for your business.
Secondly, analyze the customers that you wish to attract including current and future customers.
Thirdly, compare the specific attributes of your product with those of competitors in your market niche.
Fourthly, explore aspects of your product/service that will attract your targeted customers.
Lastly, evaluate similarities and differences between your target market and that of your competitors to discuss in Part II.
The results of your Situation Analysis provide the basis for a distinct Value Proposition for your product/service that can help to generate brand and also name identity.
Write your Value Proposition as a 750- to 1,050-word paper that includes the following:
Define your Value Proposition.
Explain the Value Proposition for your product or service.
Discuss the evaluated similarities and differences between your target market and also that of your competitors(Part 1).
Discuss the major elements necessary for building a brand.
Identify 3 action steps that you will take to build the brand for your company and/or product.
Submit your assignment.