Research the economic environment analysis of Bon Beachie’s Watertight Wristband Phone Pouch, which is a start-up project that needs the funds to start the business (link: The Unique New Watertight Wristband Phone Pouch | Indiegogo).
The group task involves first creating a situation analysis, followed by a marketing plan. Currently, we are only required to complete the situation analysis. The group has divided the work into different sections, and your task is to expand on the Economic Environment analysis. Your goal is to provide additional information on the economic environment and complete all the parts needed for the interim presentation, particularly those related to the economic environment section of the situation analysis. Below, you will find the instructions for the interim presentation and your partial Economic Environment analysis.
This is a group work and these are the following things that the group needs to cover for the presentation of the Situation Analysis on the Wristband.
1. Gather your group together to discuss and synthesize your research findings. Focus on the following key questions:
What does your research tell you about who your target segment should be? What marketing objectives are reasonable, given the target segment? What prices, distribution channels, and marketing communications would be most effective for that target segment? (Remember, you are not targeting yourselves—tailor everything to your potential customers.)
2. Decide on your positioning and marketing strategy as a group. Ensure that all parts of your marketing mix (product, price, place, promotion) work together cohesively. Don’t delegate these aspects independently—coordination and synergy are key for an effective strategy.
3. Set a marketing budget based on your planned activities. First, develop your ideal plan—one that best appeals to your target customers on their terms. Then, prioritize the components of that plan. Begin removing the least important or least interdependent elements until you reach a spending level that fits within your budget while still being able to generate enough sales to cover it.
4. Remember to balance creativity and feasibility in your strategy and spending plan.