|University||National University of Ireland (NUI)|
As either an entrepreneur or as part of a larger organization, you are expected to:
- create/develop and market a new product/service or
- revise and reposition an already existing product or service
Note: Where possible you should apply the project to the company you work for or a company you are familiar with.
As part of the project you will carry out the following:
SECTION 1: MARKETING
Part (a). Market Audit and SWOT Analysis
The first section of the report should provide an audit/assessment of the marketing environment in which you plan to operate.
You are expected to use a mix of both Secondary and Primary research to complete this section of the report.
This research should provide insights into:
- The customer landscape, the major segments in the market, and the needs and factors that might affect purchasing behavior. Customer Analysis.
- The competitors, their strategy and their strengths and weaknesses
- Examine existing Suppliers and Distributors if relevant.
- The relevant political/ legal, economic, ecological, social, and technical factors that might impact your choice of the market (PEEST) Macro forces and trends at play.
This section should end with a SWOT analysis summarising what you see as:
- Your company or product’s Strengths and Weaknesses
- The major Opportunities and Threats that your product might face.
Part (b). Marketing Strategy
This section should provide details on:
- Specific marketing objectives.
- Market segmentation, targeting, and positioning strategy. Students must clearly outline theirs chose target market(s) and their positioning strategy to achieve their objectives. Clearly outline your value proposition.
- Apply the marketing mix framework /FOUR Ps (Product, Price, Place, Promotion, People, Process, Physical Evidence) to deliver on your strategy. Detailed discussion on how you intend to use the approaches and tactics offered by each ‘P’ that you’ve explored as part of your course.
- Product & Brand Strategy | PRODUCT
- Pricing Strategy | PRICE
- Distribution / Channel Strategy | PLACE
- Marketing Communication (Advertising & PR other IMC elements) & Sales Strategy | PROMOTIONS
Part (c). Conclusion & Recommendations
A brief summary of conclusions and recommendations based on your market audit and strategy.