Objective: This analysis provides an opportunity to learn about how one would go about assessing a business opportunity or evaluating an opportunity that one is interested in. For example, when a business is presented a product it is interested in marketing in Edmonton, it would need to find out whether this product would find acceptance among people the product would appeal to, how large is this group of potential consumers, where are they located, how much would they spend on this product, would they buy this product regularly, and does this product meet various government and environmental regulations. After having answered these questions, a business would then be able to calculate potential revenues and expenses, identify substitute products and potential competition (current and future). The purpose of this exercise is for students to select a product or business (fictitious or real) and try to find our whether this business is a viable or attractive one by answering the above questions. Answers should be based on research (primary or secondary) and analysis of relevant business factors. Once the target market is identified, the four Ps of marketing and the Porter’s Five Forces could be used as an analysis for your analysis.
Guiding Questions: Specifically, if one was interested in selling compact luxury cars in Edmonton, one would look at the following questions:
1. Who would be interested buying a car in this category (demographic factors)?
2. What are these people like i.e. age, gender, income, lifestyle and location?
3. What are the most important features they would be looking for and can I provide them with a profit?
4. How many of these people are there in Edmonton?
5. Where do they live in Edmonton?
6. What is my competition i.e. are there similar cars in the market, how much are they selling for, how are they marketing?
7. How can or would I compete with them?
8. Can I make a profit selling this car i.e. what are my projected revenues and expenses?
9. What is the long –term trend in car consumption? What is the prospect for small luxury cars?
10. Is this a viable business? Will it be around in 5 to 10 years?
(To answer these questions, you may need to conduct some research and make use of the databases available in the library).
Length of Exercise: 5 pages,double space.
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.Pet food represents a major industry in the Canadian Market. 57% of Canadian households, about 7.5 million, own one or more pets. It is estimated that over 38% of Canadian households own a cat and over 35% of Canadian households own a dog. Dogs and cats represent over 95% of the pet food market whose sales about $2 billion. Most of the remainder is spread, in order of size, across bird food, fish food, and food for small mammals and reptiles. Over many years, the market has experience continued growth at a compound rate of about 2.88% over 10 years. Industry expert note a trend in owner’s thinking increasingly of their pets as members of the family and, therefore, are becoming more concerned with the quality and nutritional value of what they serve their pets. 86% of dog owners and 89% of cat owners say they consider their pets as part of the family
The 4 P’s of Marketing is a framework used by marketers in marketing to describe the major sets of tools a company can employ to achieve marketing objectives by structuring its value proposition. It is synonymous with the Marketing Mix...
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