Apply a market audit, SWOT analysis, identify target markets, competitive markets, and competitive advantage to a product/service

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Question:

Apply a market audit, SWOT analysis, identify target markets, competitive markets, and competitive advantage to a product/service you choose either existing in the market or a product/service of your own creation.

Question 2: (25 marks) 400 words

Distinguishing between high & low involvement situations (10 marks) with some relevant example situations from the retailer’s point of view. (15 marks)

Question 3: (25 marks) 400 words

Buying decisions vary in complexity depending on size and type of operation of the retail business and the types of product on offer. Imagine your retail manager assigned you to buying task of a new product; apply the stages of the “New buying task” to your chosen product/service. Start by briefly explaining the product/service.

Question 4: (25 marks) 300 words

Retail buying is critical to success of marketing planning, and to succeed buyers have to ensure several guiding principles and objective criteria of buying are met. Discuss using your own words these criteria with relevant examples.