the company has been choose as Virgin credit card belongs to Virgin money ltd.
please rewrite the content using different ways, but don’t loose any of the information and ideas, and make it into 4000 words, thanks…
only stage 1 of the assignment need to be covered, the presentation need to cover as the following points:
As a guide you should include the following:(please use headings and subheadings)
1. Company Mission.
The overall guiding vision of the company, or what this company stands for.
2. Company Objectives.
Corporate objectives to be achieved over the next 12 months. (These are different to product objectives – refer to the Assignment description if you are still unsure what is required).
These objectives help to set the scene that your product operates within. They will show whether the company is looking to grow or consolidate, be innovative and take risks or be reactive and conservative in its approach.
3. Market overview.
Describe and analyse the market place and the trends and forces operating within it. Include analysis such as:
• Definition of the market or category
You need to very clearly define and describe the market your product operates in. The broader the definition of your market the more competitors there are likely to be and the narrower the definition the less scope there is for market segmentation and finding new users for your product.
Ask yourself whether you are analysing the ‘confectionary market’ or only the Chocolate Bar’ category. If you are concentrating on the Chocolate Bar category , it is very worthwhile to show where it fits in to the overall market. You can do this by describing the confectionary market and defining the various product categories that fit into it, such as, chocolate bars, boxed chocolates, children’s treats (Kinder Surprise), confectionary bags and so on. You could then go on to describe what proportion of the confectionary market it represents and
compare the growth trends of the total market and this particular category. For instance, it would be significant to know that the chocolate bar market represents 25% of the confectionary market and although the confectionary is stagnant, Chocolate Bars are still growing at 7-8% per annum. (You should also specify the types of products included in your definition of the market/ category).
• Market Size
What is the size of the market? Quantify the size of the market in volume (000’s cases/ kilos) and/ or value ($000) terms.
• Market Potential
Is this a growth market? Can you estimate next years growth rate? Is this an attractive market to be in? What stage of the life cycle is this market in?
• Market Structure
What is the competitive nature of this market? Is it a monopoly? Oligopoly?
• Trends
Analyse the macro environmental trends effecting this market place. Include only those issues that are relevant to your market. Consider the demographic, economic, natural, cultural, technological and political/ legal trends.
4. Competitors
Consider both direct and indirect competitors in your analysis.
Include information in your analysis that helps to identify not only what your competitors are doing but how they think, how innovative they are and how they may respond to a competitive threat. You should consider issues such as:
market share
corporate culture
strategic alliances
international links
financial strengths
marketing expertise
innovativeness and so on ..
You may even like to do a SWOT analysis on your key competitors.
5 Segmentation and Buyer Behaviour.
In this section of the plan you are trying to understand the various customer segments in the marketplace.
You should attempt to divide the market into discrete segments and describe these segments using a segmentation table. (Ask your tutor what this is!)
Your aim is to build ‘profiles’ of each segment to aid in our understanding of what, where, when, why and how often these customers buy products in this market.
You may even identify a segment that is currently not being served and in doing so you have uncovered a major opportunity.
Discuss in this section the type of buying process involved in your market place, how decisions are made, who influences these decisions and any other issues that are important to the decision making process.
6. Internal Analysis
The internal analysis is a review of the products performance and current marketing strategy.
The purpose of this review is to establish how well the current marketing strategy is working to achieve the objectives set for the product. It is a review of performance against targets such as market share, sales, profitability and so on. It also evaluates specific product, price, promotion and distribution strategies to identify areas of strength and weakness for the firm.
Identify the firm’s existing strategies and analyse their effectiveness, with a view to developing new refined strategies in Assignment 2. Your analysis will also help to identify Strengths, Weaknesses, Opportunities and Threats for the SWOT analysis.
7. SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. The SWOT analysis is a summary of the external and internal analyses, highlighting the critical issues that must be addressed by the marketing plan. When the SWOT analysis is completed, the firm has a clear idea of its:
• Strengths What do we do better than competitors?
What advantages do we have over competitors?
• Weaknesses In what areas do we need to improve marketing mix in order to be more competitive?
• Opportunities What new opportunities exist in the market place for our product?
• Threats Can we anticipate any threats to our business from the external environment that may challenge or weaken our position?
The total is 7 main area.
references: at least 10, maximum 3 from website, the rest of them must be academic references.
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