Question: Course Learning Outcomes: Marks: 15 Demonstrate a solid understanding of the potential of entrepreneur in today's competitive business world. (Lo 1.2) Demonstrate ability to think
Course Learning Outcomes: Marks: 15
- Demonstrate a solid understanding of the potential of entrepreneur in today's competitive business world. (Lo 1.2)
- Demonstrate ability to think independently and systematically on developing a viable business model (Lo 1.3 & 3.7)
- Understand the place of small business in history and explore the strengths and weaknesses of small business. (Lo 1.1).
- Utilize strong analytical skills and tools to formulate an effective Bootstrap Marketing Plan on which a small business can build a competitive edge in the marketplace. (Lo 1.8, 4.3 & 4.5).
- Deliver and communicate marketing massages in coherent and professional manner. (Lo 4.4).
Project yourself as an entrepreneur of a small-scale business in Saudi Arabia.
Assignment Objectives & Requirements:
THE COMPANY NAME : name of the business: AR cosmetics,
Saudi Arabia, Jeddah.
ARcosmetics.com
4. Marketing Plan (300 500 words)
a. Market Research- Why?
b. Market Research- How? Primary or Secondary Data?
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the allimportant sales projection.
Facts about your industry
What is the total size of your market?
Current demand in target market.
Trends in target marketgrowth trends, trends in consumer preferences, and trends in product development.
Growth potential and opportunity for a business of your size.
What barriers to entry do you face in entering this market with your new company?
How will you overcome the barriers?
How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.
Product
Describe the most important features. What is special about it?
Describe the benefits. That is, what will the product do for the customer?
Customer
Identify your targeted customers, their demographics
Competition
What products and companies will compete with you?
How will your products or services compare with the competition?
Strategy
Outline a marketing Strategy.
Promotion
How will you promote your Product?
What will be your promotional budget?
Method of setting prices
Compare your prices with those of the competitors. Are they higher, lower, the same? Why?
How important is price as a competitive factor?
Do your intended customers really make their purchase decisions mostly on price?
What will be your customer service and credit policies?
Distribution Channels
How do you sell your products or services?
Legal Environment
Licensing and bonding requirements
Health, workplace, or environmental regulations
Special regulations covering your industry or profession
Insurance coverage
Trademarks, copyrights, or patents (pending, existing, or purchased
Personnel
Number of employees
Type of labor (skilled, unskilled, and professional)
Where and how will you find the right employees?
Quality of existing staff
Pay structure
Training methods and requirements
Who does which tasks?
For certain functions, will you use contract workers in addition to employees?
Inventory
What kind of inventory will you keep: raw materials, supplies, finished goods?
Average value in stock (i.e., what is your inventory investment)?
Rate of turnover and how this compares to the industry averages?
Seasonal buildups?
Leadtime for ordering?
Suppliers:
Identify key suppliers.
Credit and delivery policies
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