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In the final project, you will develop a marketing plan for a new venture of your choice. You may also choose an existing business you own or are...
In the final project, you will develop a marketing plan for a new venture of your choice. You may also choose an existing business you own or are involved in. When developing the plan, keep in mind these constraints:First, the business idea should be realistic. Do not choose a product that is far beyond the current level of technology. The idea may be based on a new version of an existing product (a business converting hybrid automobiles to plug-in hybrids) or a new product (a new type of shoe or tool). You may also choose a traditional business, such as a hair salon, an auto repair shop, a small retail outlet, or the latest Internet-based business that produces and sells goods in a virtual world.Second, your annual budget and marketing budget should not exceed $250,000 and $125,000, respectively. The purpose of a budget is to keep your business realistic and focused. For example, keeping in mind budget constraints, you can consider contacting local media outlets to determine the cost of advertising through them or purchasing services such as creative design.This week, research and define the market for your business, service, or product idea. Describe your idea, the consumer need it satisfies, and the potential size of the market. Your objective is to demonstrate that the demand exists to justify the creation of a business based on your idea. Research your idea and the market opportunity for it using the Internet, the South University Online Library, or personal interviews, as appropriate. Write your business idea in a 3- to 4-page Microsoft Word document. Cite any sources using the APA format on a separate page.
