Two assignments are listed in this section. I have included the
points for each section along with specific pages for examples and
expectations for grading. The total point allocation is for both
assignments. You may enter them as one document (multiple pages) or as
two separate files.
Create a PVP – 20 points
Read
Pages 27-38 in the 1-Page Marketing Plan Book. On page 32 & 33,
there is an example of a PVP(The gray table in the screenshot). To
create a good PVP and Avatar Profile, use your market research data.
Create your PVP, which stands for Personal Fulfillment, Value to the Marketplace and Profitability. I am looking for the following three things.
- An
acceptable number of options for your business or service. In the
example, the author listed 4 different types of photography business
(weddings, photojournalism, corporate photography and family portraits). - A numerical rating for each area of your PVP and a final
score. The numerical rating should be based on DATA (RESEARCH, most
likely secondary data). For example, the rating for profitability should
include data that identifies projected growth and sales for each type
of photography business. The numerical rating for “value to the
marketplace” may include a combination of data and what your business
will do that differentiates it from what others are doing in the
marketplace. You will include a written analysis after the PVP grid that
covers the rationale for your ratings. - Select one “target
market” for the rest of the course that will be your targeted customer.
As the book states, you may select other markets as time goes on, but
for our class you will select only one. This allows you to practice the
process and application of marketing principles and techniques.
Note:
A couple of people are considering franchises or businesses they
already own. Still walk through the exercise to confirm why you selected
this business. For example, if you own a remodeling business, you may
want to use the following areas: dry way, plumbing, heating and air
(HVAC), flooring, painting, framing, concrete, etc. You would then rate
these based on the PVP. If you a franchise type business (Jiffy Lube)
you may want to list other franchises you considered and use the PVP to
again confirm your choice.
Create a Customer Profile or Avatar -20 points
Chapter
1 in The 1 Page Marketing Plan provides an example profile or avatar of
a targeted customer. Create one of your ideal future customers. Again,
use research to back up attributes of your idea customer.
In
this section, I have included a number of resources to help in
conducting market research. Please review them and use the questions
that help you to become the expert on your customers and that fit your
industry and business.
This where your market research will come in handy. Use various types of data to create a comprehensive profile.
Cite resources where you found your information.
This is critical if you need to go back and reference information.
Create a grid or table to cite sources. You can include links,
references, etc. A minimum of 7 resources should be considered.
com/blog/50-free-tools-to-help-grow-your-small-business” class=”external” target=”_blank” rel=”noreferrer noopener”>(Types of data (identity, quantitative, descriptive and qualitative) (Links to an external site.) this is the link :(https://www.fundera.com/blog/50-free-tools-to-help…)
Note:
This is just one way simplified way to categorize different types of
data. You will conduct your own research to complete the profile and
remember to identify your sources.
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