New Marketing Plan
Overview of Company
Dawn is a startup company that plans on making the most of the prospect that is the entrance into retirement age of the Baby Boomer generation. The company perceives this as a business opportunity to offer services to this population. In particular, the company will serve as a housing community that offers the product package or services to active seniors who have attained 55 years of age and above. This will encompass assisted living that could be partial or full-time, depending on the needs of the client. Dawn intends to not only offer these services, but also other amenities that will make life comfortable for the adult patients. The company plans on setting up its premises in Boston. The following is a marketing plan that is purposed on creating a profitable business model for the company.
Market Research Strategies
The company will make use of several research strategies to not only understand its situational analysis, but also its business environment and the proper market strategies. One of these research strategies is the SWOT Analysis. SWOT Analysis is a beneficial and profitable approach used for determining and ascertaining an organization's strengths with reference to its strong suits and weaknesses, as well as flaws and faults. The approach is also helpful in determining both the opportunities open to the organization and the threats that the organization is vulnerable to (Ferrell and Hartline, 2014). Another research strategy that will be used by the company is competitive analysis. This strategy, in particular, is important and beneficial as it will enable the business to have an understanding of the competitive environment within the market place, sector and industry of operation. This will encompass analyzing the top companies that...
It is imperative for the company to seek out its target consumer market as it increases the efficacy and productivity of the business. Segmentation of the market encompasses aligning the different consumers of the company into segments or groups that have common interests and needs, and the same reactions to actions in the market. This includes segmenting the consumers demographically, geographically, psycho-graphically, and also behaviorally. Once this is done, the company will be able to select and point out its target consumers or markets (Pride and Ferrell, 2010). The company will also use the marketing mix strategy. In description, the marketing mix is a business strategy or approach used in marketing products, and is considered to be very significant when making attempts to determine the unique selling point of a product being offered by the company. The marketing mix approach is made up of four components, which include: product, pricing, promotional and place strategies. In addition, the company will also use marketing metrics in research studies to understand its marketing environment (Hanssens et al., 2014).
Analyzing Macro-environment-PEST Analysis
PEST analysis is a strategic research tool that is made up of four aspects, which are the…
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