Marketing Plan:
Week 3 Assignment: Situation Analysis
Yuxing Zheng
Trine University MKTG 6943
November 16, 2016
Section 4. Situation Analysis
The customer base for Better Student Banking (BSB) is the student population of New York City, which is approximately 197,000 people as of the 2000 census. A snapshot of the age demographics of the customer base is presented in Table 1 below. The age ranges that should be most highly targeted should be the 18-24 demographic, members of which are most likely opening their first bank account or get their first student loan; the 25-44 demographic, members of which are likely to have less established, loyal relationships with other banks; and the 65 and over demographic.
The next demographic to consider in the marketing strategy is the target population income. Because of the rapid gentrification of New York City and the influx of residents from a more affluent socioeconomic status has increased substantially since 2000. Strategies of capitalizing on the higher income demographic of the customer base follow in the SWOT.
a. SWOT
Right now non-profit banking such as student credit unions have significant opportunities to maximize their customer base and increase brand awareness amongst potential consumers. Due to the financial meltdown of 2008, commercial banks ' reputations have been decimated, which represents a chance for BSB to educate consumers whereas previously loyalty to commercial institutions precluded BSB from effectively communicating crucial decision-influencing information to potential customers.
Strengths. There are no fees associated with account services; we offer referrals to low interest rates on personal loans as well as student loans; and we offer students more...
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...eaknesses, opportunities, and threats to provide a solid foundation, which is the springboard to identify subsequent actions the marketing plan.(see Chapter 2)
(b) Industry Analysis–Provides the backdrop for the subsequent, more detailed analysis of competition, the company, and the company’s customers.(see Chapter 2)
(c) Competitor Analysis–Demonstrates that the company has a realistic understanding of its major competitors and their marketing strategy.(see Chapters 2,3, 8,and 9)
(d) Company Analysis–Provides details of the company’s strengths and marketing strategies that will enable it to achieve the mission and goals identified earlier.(see Chapter 2 and 8)
(e) Customer Analysis(customer characteristics, etc.)–Identifies who the customers are and insights into any major trend that may have a potentially large impact on the company.(see Chapters 5, 6, 7, 8, and 9)
... There are a lot of competitors in the market selling dancewear on a much bigger scale than Karolina does right now. The three potential competitors mentioned in the case have a different distribution strategy as compared to Karolina. They sell their products through retailers and are international businesses selling across the border of Canada as well. Their scale of business is very large, selling in numerous retail stores and thus obviously producing a lot more than her, and although not stated, it is safe to assume that their revenues are way bigger than Korra Dancewear’s. The implication and analysis of this data is that the three given competitors- Ainsliewear, Mondor and Bloch cannot be considered a direct competitor to Korra Dancewear. Their scale of business, their distribution channels, their sales and the amount of capital invested by them in the business and the amount of human resource investment is huge - they have been in business for years and have tons of valuable experience over Korra Dancewear. Karolina works all alone with no proper office set up or a business plan or any dedicated retail store, so her competition is different, like the online store DANSHUZ , who just like Korra Dancewear only sell through their online
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
• Discussing the two forces of competition, which are threat of new entrants and threat of substitutes, and identifying the most significant of those forces for McDonald’s Corporation.
4 company’s skills and objectives, the customers they were trying to attract, the competitors they
Competitive rivalry examines how intense the competition currently is in the marketplace, which is determined by the number of existing competitors and what each is capable of doing. (Arline, 2015).
Discuss an assessment or evaluation strategy which may be used to help determine the marketing potential of an organization.
Research industry, target market, and competition. Indicate at least one positive and one negative factor for the current state of the industry, target market, and your competitors.
Rivalry among established firms is fierce. There are several factors that illustrate this: established market players (6.1). The product is highly standardized and the switching costs of the customers are low. Players are aggressive (6.2)
Target customer is pertaining to whom the product or service is marketed to and sold. (Wharton, 2006) Much of a company’s demand research goes into studying who is interested in and purchasing their product or service. Consumer groups are constantly being identified so that new markets can be breached that haven’t yet been accessed. Age, gender, and ethnicity are all major identifiers for subsets of consumers to be studied and marketed to. (Rigby, Christenson, & Johnson, 2002) Finding a target consumer group can result in a new product line, sales ads and audience which in turn can drastically change a company’s profit as well as reputation.
First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.
It does involve grouping of people (customers) into segments that do share common needs or will give a common reaction to a marketing event by the business. Toyota’s third generation Prius has created a new segment for hybrid cars along with its competitors. This segment caters to the need of the environmentally conscious buyer. This has opened up a whole new ...
...d to learn from the chess game in terms of the ground rules and specific strategic management points of views. There are three common strategic principles and management expertises that the corporations need to be aware of and follow. First of all, it is highly advisable for them to conduct a macro environment evaluation through resorting to the PESTLE Analysis and the Porter’s Five Forces Model. Second, it is of significance to carry out self evaluation analysis with a view to better understanding the firms’ own advantages and capabilities through using SWOT Analysis. Last but not least, the corporation is advisable to conduct an all rounded competitor analysis in order to gain a detailed acknowledgement of the current circumstance possessed by the major competitors so as to assist them to generate a better corresponding strategies in the future business operation.
...lopment industry as well as the strengths and weaknesses within the company. The Business Strategy should reflect the main issues that determine the long-term
Able to make valid and clear conclusions about the competition faced by the business, based on the analysis.
In order for a firm to compete within its industry, it must plan and relate to the industry