March 2023 Online Individual Internet Assignment Due Date

Mar 3023 Onlineindividual Internet Assignmentdue Date Refer To Sylla

For this assignment, you will search the internet for information that helps an entrepreneur or small business owner understand the importance of evaluating their organization’s marketing strategy along with their customer and product portfolios. You will create a simple, yet effective step-by-step instruction manual in a double-sided bi-fold or tri-fold brochure format, describing how these entrepreneurs and small business owners can implement various business models into their organization’s strategy. The brochure must include the concepts of Customer Lifetime Value, Porter's 5 Forces of Competition, and Breakeven Analysis. Additionally, you should select two concepts from the following list to complete your brochure: PESTLE Analysis, Unique Selling Proposition, Product Life Cycle Analysis, SWOT Analysis, Sustainable Competitive Advantage, Environmental Scan. Creativity and professionalism in presentation are important. Be sure to list all website links and sources used, and submit your final document in MS Word or PDF format via Canvas by the due date.

Paper For Above instruction

Creating an effective business strategy is essential for entrepreneurs and small business owners aiming for sustainable growth and competitiveness. Understanding key marketing concepts allows business leaders to make informed decisions, optimize their resources, and maintain a competitive edge. This paper outlines a step-by-step guide to developing a comprehensive brochure that integrates critical concepts such as Customer Lifetime Value, Porter's 5 Forces of Competition, Breakeven Analysis, and additional strategic tools, providing a practical framework for implementing these concepts into a business's overall strategy.

Introduction

The dynamic nature of the modern business environment necessitates a thorough understanding of various strategic marketing tools. Entrepreneurs and small businesses often lack the resources to employ extensive analyses; hence, a simplified, visual, and accessible instructional brochure can bridge this gap effectively. The purpose of this brochure is to provide a clear, concise, step-by-step guideline that encapsulates fundamental concepts—Customer Lifetime Value (CLV), Porter's 5 Forces, Breakeven Analysis—and supplementary analysis tools, tailored to the needs of entrepreneurs seeking to evaluate and refine their marketing strategies.

Step 1: Understanding Customer Lifetime Value (CLV)

Customer Lifetime Value (CLV) quantifies the total revenue a business can reasonably expect from a single customer throughout their relationship. Entrepreneurs should begin by analyzing purchase frequency, average transaction size, and customer retention rates. Companies can utilize simple formulas to estimate CLV, which helps in identifying high-value customers and refining marketing efforts to improve retention and lifetime revenue. Incorporating CLV into strategic planning allows business owners to allocate marketing resources more efficiently, customize customer engagement strategies, and enhance long-term profitability.

For example, calculating CLV can be done using the simple formula:

• CLV = (Average Purchase Value) x (Purchase Frequency) x (Customer Lifespan)

By focusing on increasing either purchase frequency or customer retention, a business can boost its CLV, leading to more sustainable revenue streams.

Step 2: Applying Porter's 5 Forces of Competition

Porter's 5 Forces framework enables entrepreneurs to assess the competitive landscape of their industry. The five forces include the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and industry rivalry. To apply this model, small business owners should evaluate each force specific to their industry niche, which will inform strategic decisions such as pricing, differentiation, and market positioning.

For example, if the threat of new entrants is high, entrepreneurs might focus on establishing strong brand loyalty or creating barriers to entry, such as patenting innovations or developing customer relationships. Conversely, understanding supplier power can guide negotiations and cost management strategies.

Step 3: Conducting Breakeven Analysis

Breakeven analysis helps entrepreneurs determine the sales volume required to cover all fixed and variable costs, ensuring the business does not operate at a loss. This calculation is crucial for setting sales targets, pricing strategies, and assessing the feasibility of new products or services.

The basic formula for breakeven point in units is:

• Breakeven Units = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)

By understanding their breakeven point, entrepreneurs can make informed decisions about scaling operations, adjusting pricing, and managing costs effectively.

Additional Concepts: Selecting Strategic Tools

Besides the three core concepts, a brochure for entrepreneurs can include two additional strategic analysis tools to provide a deeper understanding of market conditions and internal strengths. The two selected tools should complement the core concepts to give entrepreneurs a holistic strategic perspective.

• SWOT Analysis: Helps identify the company’s internal strengths and weaknesses, as well as external opportunities and threats. Conducting SWOT encourages entrepreneurs to leverage strengths, address weaknesses, seize opportunities, and mitigate threats, which collectively supports strategic planning.
• Sustainable Competitive Advantage: Focuses on developing unique capabilities or assets that cannot be easily copied by competitors, such as brand reputation, proprietary technology, or efficient supply chains. This concept assists entrepreneurs in building long-term differentiation in the marketplace.

Design and Presentation

The brochure should be designed professionally, ideally in a double-sided bi-fold or tri-fold format, utilizing clear headings, bullet points, and visuals to enhance readability. Use consistent color schemes, fonts, and icons to make the information accessible and engaging. Including website links and source citations enhances credibility and provides additional resources for readers.

Conclusion

Developing a strategic brochure that combines core marketing concepts and analysis tools equips entrepreneurs with practical knowledge to evaluate and improve their marketing strategies. Such a resource can serve as a quick-reference guide for implementing data-driven decisions, fostering business growth, and achieving competitive advantage. Combining clarity, professionalism, and strategic insight ensures that small business owners can effectively utilize these tools to navigate complex market environments.

References

• Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction (13th ed.). Pearson.
• Porter, M. E. (2008). The Five Competitive Forces That Shape Strategy. Harvard Business Review.
• Clifton, J. (2012). Customer Lifetime Value: The Basics. MarketWatch.
• Kim, W. C., & Mauborgne, R. (2005). Blue Ocean Strategy. Harvard Business Review.
• Hill, C. W. L., & Jones, G. R. (2012). Strategic Management Theory: An Integrated Approach. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
• Procter, M., & Stead, B. (2004). Strategic Marketing. Routledge.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic Management: Competitiveness and Globalization. Cengage Learning.
• Chaffey, D., & Ellis-Chadwick, F. (2016). Digital Marketing. Pearson.
• Sherman, E., & Cherven, K. (2019). Understanding the Role of SWOT Analysis in Developing Strategy. Journal of Business Strategy.

This strategic brochure, incorporating critical marketing analysis tools, offers entrepreneurs an actionable framework for evaluating and adjusting their business strategies effectively in competitive markets.