Your task is to choose a failing / unsuccessful / unprofitable product, service, or business, and...

 

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Your task is to choose a failing / unsuccessful / unprofitable product, service, or business, and apply your understanding of Marketing Management to develop a plan that will make it successful in the market. The product can be local OR international and the business can be small, medium, or large. However, it is preferred that you select a small or medium sized business. This is a project with strategic, tactical, structured, and creative dimensions. Your chosen product will have its own unique reasons for failure, and therefore you have to think intelligently, and apply those concepts, tools, and techniques that you think are relevant to your problem. However, as a guideline, these are some of the questions that you should be thinking about when you plan your work: 1. What other products/services is the company selling? Are the other products successful or not? (hint: product portfolio analysis, BCG) a. It will be helpful to conduct a SWOT here as a starting point 2. What are the needs and wants that the product was developed to fulfill? Do you think these wants are important? Can the company focus on a new set of wants? 3. What are the external conditions of the market? (hint: Macro environment, PEST analysis) 4. What are the primary and secondary reasons for the product's failure? Some of the possible reasons could be: a Price b. Quality c. Availability 4. Company reputation e. Lack of Brand Awareness Poor Customer Service g. Better Competitors h. Weak Positioning DIE Your task is to choose a failing / unsuccessful / unprofitable product, service, or business, and apply your understanding of Marketing Management to develop a plan that will make it successful in the market. The product can be local OR international and the business can be small, medium, or large. However, it is preferred that you select a small or medium sized business. This is a project with strategic, tactical, structured, and creative dimensions. Your chosen product will have its own unique reasons for failure, and therefore you have to think intelligently, and apply those concepts, tools, and techniques that you think are relevant to your problem. However, as a guideline, these are some of the questions that you should be thinking about when you plan your work: 1. What other products/services is the company selling? Are the other products successful or not? (hint: product portfolio analysis, BCG) a. It will be helpful to conduct a SWOT here as a starting point 2. What are the needs and wants that the product was developed to fulfill? Do you think these wants are important? Can the company focus on a new set of wants? 3. What are the external conditions of the market? (hint: Macro environment, PEST analysis) 4. What are the primary and secondary reasons for the product's failure? Some of the possible reasons could be: a Price b. Quality c. Availability 4. Company reputation e. Lack of Brand Awareness Poor Customer Service g. Better Competitors h. Weak Positioning DIE

Answer rating: 100% (QA)

To address the given task lets consider a failing product in the market and develop a plan to make it successful For this scenario lets focus on a small business that produces and sells handmade leath... View the full answer