Unit 1 Assignment: Marketing Strategy
MT219-1: Summarize the basic components of a marketing strategy.
Examine the four marketing strategies and read about the importance of doing viable marketing research before you begin planning strategy.
Based on what you learn, you will begin this assignment by examining the mission statement, and then move on to address the situation analysis based on where you live in.
You will first address the background marketing research based on the business type that will be provided by your instructor.
Read the scenario and respond to the checklist items based on the reading and learning activities.
Scenario: Lee is the owner of Lee’s [ Health and Fitness Industry ] which is located in the city closest to where you live in Hartford, Connecticut. Lee has now hired you to design the basic components of a marketing strategy for her business. You must use the Health and Fitness industry. Examples are here in this Link http://www.franchiseinterviews.com/id314.html
Market penetration strategy
A strategy to increase market share by providing additional services and advantages for existing customers.
Market development strategy
A strategy to bring in new customers using existing products.
Product development strategy
A strategy to produce new products for existing markets.
Diversification strategy
A strategy to introduce new products to new markets thus increasing sales.
