Positioning Strategy: Develop a Digital Business and Marketing plan - Management Assessment Answer

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Management Assessment Answer

TASK: Background Your assignment is to develop a Digital Business and Marketing plan for a new business that utilizes digital means as part of its core business model. This could include web or mobile app, or an internet-specific business model. You must propose a new business model. I urge you to think beyond a simple e-commerce website that “sells something”, and think about a creative, realistic and compelling competitive advantage meeting a gap in the market. You may propose an app for example. If you do propose a consumer good retail model (e.g., a website that sells apparel), then I will expect a detailed description of your channel structure and how you intend to achieve competitive advantage through a superior supply and/or distribution system (or other advantages). In essence, you are proposing a ‘startup’. A startup business model is characterized by rapid growth and diffusion, often disruptive in nature. Problem: Describe what problem your product solves for this customer (and/or if it has a social element, how does it bring people together in a meaningful way?). How does your product solve this problem? Why and how is your product the best solution to solve it? Market segmentation and Target Market: Identify the most appropriate bases for segmenting the market and define relevant market segments. Most segmentation strategies consider geographic and demographic segments, and perhaps psychographic (lifestyle) segmentation and/or behavioral segmentation (e.g., benefits sought, usage occasions, etc.). Please justify your choice of segmentation bases. If you recommend segmenting the market on the basis of demographics (e.g., age and gender) and usage occasions, explain why. In identifying your target market, you would likely use insights provided by secondary and/or primary research. Are the benefits sought in each target market identified homogeneous? Are the targets measurable, accessible, substantial, differentiable, and actionable? Positioning Strategy: The positioning strategy captures how you want to target consumers to view your product offering, often relative to the competition on benefits that are important to them. Think about the value proposition you are offering within the competitive environment and how you can communicate points of difference. The aim is to identify and communicate a clear, distinctive, and desirable place in the minds of your target customer.

1. Industry Analysis: Describe the market you plan to enter. This section includes: Competitive analysis: Who are the major competitors? (Tip: Don’t ever say that there are none. There are always substitutes). Describe representative competitors. What are their businesses and strategies? Who are their customers? What is their value proposition? What benefits do they provide? How do their products/services, channels of distribution, and pricing deliver those benefits? How do they communicate the value to the consumers and potential consumers? What are their strengths and weaknesses?

Explain the structure of the market. What are the forces driving the market you plan to enter? Are there gaps in the market? If so, what are they? Are there significant barriers to entry or exit? Are there major buyers or suppliers that have a lot of power? Are there threats of or existing substitutes? How competitive is the market? Is it saturated? Is it growing? (Tip: Michael Porter developed a framework to analyze the attractiveness of Markets). Social and cultural factors: What social or cultural factors or trends impact this market? Are there societal trends in the culture or in possible target markets’ subcultures that may support or impede the acceptance of your product? Will reference groups or opinion leaders influence the consumer’s decision to buy/use the product? Explain. Technology: What technological trends will impact this market? Are newer products replacing older ones frequently? Could competitors readily duplicate your technology? In short, how does the technological environment impact the product? You might want to also investigate whether or not you have something that is patentable. SWOT Analysis: SWOT stands for strengths, weaknesses, opportunities and threats. This table summarizes your situation analysis in a visual form. Strengths and weaknesses are internal to the company, while opportunities and threats exist outside the company (e.g. due to competition, customers, or environmental trends).

1. Marketing Strategy

Pricing (Monetization): Recommend an overall pricing strategy, and develop a specific monetization strategy. Include a likely price given likely costs and size of market. The overall strategy should derive from an analysis of customer perceptions, competitor pricing, and estimated costs. Use secondary and primary research to justify your strategy. Describe the cost structure and resulting in profit margins. Promotion: Specify types of promotion. Try to think creatively here. Most startups have very little to no money for marketing, and PPC can get very expensive very quickly. Remember, you only have 30k. I recommend you try to motivate Word-of-Mouth. Analytics: Monitoring and Evaluation: How will performance be measured? What measures and data will be collected? When? How will it be analyzed and evaluated? How is success and failure defined?

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