I need you to write a report for something. I UNDERSTAND THIS IS SHORT NOTICE, DUE TODAY AT 21:00 UK TIME, BUT PAYING GOOD MONEY!!
Wordcount: 2000 words maximum. No appendices or contents pages are required.
Assessment: Due 16th June 2017 at 2100.
Wordcount: 2500 words maximum. No appendices or contents pages are required.
Coursework set: 3rd April 2017
Coursework Due date: 16th June 2017
Marketing Report for a Local Entrepreneur planning to Invest in the fitness industry
Brief Assignment Description
Imagine you are hired as a consultant to a local entrepreneur that is planning to invest in setting up a business in the fitness industry. This entrepreneur would like to keep the business local within London and has £250,000 available to set up the business. You have been asked to carry out secondary research that will assist the entrepreneur in deciding what kind of product or service could be offered profitably in Hertfordshire. In order to do this you will need to look at the overall market environment in order to identify a specific market opportunity.
As well as carrying out the secondary research you will provide recommendations on what market segment to address; what product and/or service to offer; how the product and/or service will be positioned against the competition; how to price and promote the product or service; what channels to market will be used.
Keep in mind the fact that this is an individual who is investing, not a corporation, and so will be limited in which opportunities they can consider. You should consider specific target market segments and the importance of identifying a market positioning.
Your findings and recommendations will be written up in the form of a report.
PLEASE NOTE: YOU MUST NOT CARRY OUT PRIMARY RESEARCH. THIS PROJECT BRIEF SHOULD ONLY USE SECONDARY RESEARCH THAT IS ALREADY AVAILABLE.
Detailed Assignment Description
Describe the importance of market segmentation and positioning. Explain the role of secondary market research. Identify appropriate sources of secondary market research.
Carry out the secondary research and outline your key findings. You should consider obtaining secondary research relating both to the overall market for the fitness industry as well as that which relates to the demographics of London, and an analysis of existing competition.
From your secondary research analyse the data and present your interpretation of the opportunities that currently exist in this market using models such as PEST and SWOT, market segmentation and perceptual maps.
Based on your findings, analysis and interpretation, present your recommendations with regard to:
- The specific opportunity that you recommend
- The target market segment that you recommend is addressed
- Product and/or service offering
- Pricing strategy
- Integrated marketing communications – offline and online
You should ensure that you are able to gain information from sources such as Mintel or Keynote and Government statistics so that you have credible sources from which to base your report on.
You should back your recommendations up with reference to relevant theory for example with regards to segmentation, positioning, price, product, promotion and place.
Your report is expected to describe and explain the trends that affect your client’s business both at a micro and macro level. As such you may choose to use the PEST model in outlining your findings. Also consider the current trends with regard to the 4Ps.
Throughout the assignment it is VERY important to refer to research sources and academic texts that back up your argument. These must all be referenced.
This assignment should be max 2500 words.
To make your report logical and comprehensive you must focus on and include all the following sections in writing up your report:
Section 1: Introduction (about 100 words)
Explain the purpose of the report and what will be covered within the report.
Section 2: The Importance of Market Segmentation and Positioning and the Role of Secondary Research in Identifying Target Markets (about 250 words)
Explain the purpose market segmentation and the importance of identifying specific target market segments. Explain the importance of identifying a positioning within the market in relationship to competition. Describe how you can identify a market opportunity and target markets using secondary research. Describe which secondary research sources you will be using and why you have chosen these sources to answer the brief. In order to justify your approach you should also refer to academic texts.
Section 3: Secondary Research Findings (about 500 words)
Describe your key findings. Your findings should cover:
- General market trends with regards to participation in fitness activities, for example market size, market growth, consumer wants and needs
- Political, Economic, Socio-Cultural and Technological trends affecting local businesses and businesses in the fitness sector (PEST)
- The nature of the local competition
- Trends within marketing such as the growth of digital communications
Section 4: Interpretation and Analysis of the Findings (about 500 words)
Explain how the findings in Section 3 will impact upon the launch of the new business. You should highlight opportunities and threats that are posed by the information that you have gathered. You may consider using models from your theoretical learning such as market segmentation, perceptual maps and/or SWOT.
Section 5: Marketing Recommendations (about 500 words)
Based on your findings from section 3 and your knowledge of marketing theory provide recommendations to your client on:
- Which target market segment(s) to address
- Which market positioning to adopt
- What the product and/or service should consist of
- The location of the business and the nature of their online presence as part of the ‘place’.
- The pricing strategy and
- The integrated marketing communications message and media including both online and offline media.
Section 6: Conclusion (about 150 words)
Provide a summary of the above sections by highlighting the most important aspects of each section. Make sure NOT to introduce any new information in the conclusion.
· You are expected to include researched examples and justifications for any discussions and arguments you make. A report that is based solely on your own assumptions/ opinions will not be acceptable. You are therefore expected to have references throughout your report.
· The due date for this assignment is 16th June 2017.
· Your coursework will be in the form of a report and must follow the order given above (please include the section headings as they appear in this outline).
· Failure to answer a section will result in a mark of 0 (zero) for that section.
· The word counts provided at the top of each section, in brackets, are to be used only as a guide. You therefore do not need to stick to these precisely.
· The coursework must have your coursework title, module leader, module code and word count on the front cover.
· Include a reference list at the end of the body of your report. All sources of information must be acknowledged in the body of your work. You are expected to use the Harvard Referencing protocol consistently throughout your report. The reference list is not included in the word count.
· Demonstrate an appreciation for the importance of market research, segmentation and positioning in the overall marketing process.
· Demonstrate understanding of how to identify appropriate sources of reliable secondary information.
· Demonstrate an ability to interpret the information found and relate these to the micro and macro environments.
· Demonstrate the ability to apply the outcome of the analysis and interpretation in order to make appropriate marketing recommendations.
· Demonstrate an understanding of the marketing mix (4Ps) and how to apply these to the launch of a new business in a specific market
· Evidence of wider reading – reading the core text book alone is not sufficient. You must provide references from additional text books, academic journal articles, databases such as Mintel, Keynote and ONS and/or information sites such as the BBC, FT, CNN, etc.
· You must show ability to describe the theoretical concepts and then use examples as illustrations. So for instance if you recommend that the product is targeted at a specific market segment, then you should be able to demonstrate the needs of that segment using an appropriate report, article and/or book which supports your argument.
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