Marketing Conference - Marketing Strategy Essay Example | Topics and Well Written Essays - 500 words

Marketing Conference - Marketing Strategy - Essay Example Interaction, responsibility to the community and employee satisfaction Competition analysis: Understanding where our products rank in the market place is important to better determine how to improve our market share among consumers thus improve our revenue. A comprehensive analysis of the activities of our potential competitors is an ever going business objective. Government grants are funded by tall money. They therefore require very strict compliance and reporting measures to ensure that the money given is well spent. Unfortunately grants are never given away indiscriminately. However, other sources of funding are available. Nonetheless, it is still important that to research the target market, in order to ensure that customers will pay for the product. The cost of starting up of a business can be mitigated through: Bank Loan: This is another option for funding once target market is ascertained. The bank will need a realistic cash flow forecast, and proof that the loan will be paid back with interest. The bank may require provision of securities against the loan such as a house or car in case you don’t pay. This requires stringent risk analysis. The targeted market is often defined in terms of demographics and psychographics. In demographics, the target market is considered using variables such as gender, age, education, house-hold income, marital status, employment status, residence and the number of children in the house-hold. For example, Kick Covers could target consumers aged between 26-to-50 years old with yearly house-hold income of $50000 or more, or house-holds with children aged six years or younger. Psychographic: This is a general term for consumer’s personality traits, beliefs and attitudes about social issues (opinions) personal interests (sports, music or movies),and shopping orientations(price sensitive shoppers, recreational shoppers, convenience