Business plan Research Paper Example | Topics and Well Written Essays - 2250 words

Business plan - Research Paper Example Under Knowledge Store’s strategic marketing plan/approach, it will continuously monitor potential benefits/opportunities offered by the new line of products/books, tapes and DVDs to ascertain its financial viability (Zanoni, 2011). Ansoff Model In order to meet the above objectives, Knowledge Store can use Ansoff matrix/model to make decisions regarding the books, tapes and DVDs marketing growth strategies. It will used to ascertain strategic priorities regarding the launch of this new product line to attract more customers, expand the existing market share and to increase sales revenue earnings (Grewal & Levy, 2011). It helps in creating a logical platform on which the above objectives are developed, following different mix categories shown in the diagram below. Fig. 1.0: Ansoff Model Moreover, Ansoff’s matrix is employed to determine the books, tapes and DVDs e-marketing strategies that will help in meeting the objectives of increasing the customer base and market sha re. This will be facilitated by the use of internet services, which reach more customers segments in different geographic markets across the globe (Kerin, Hartley & Rudelius, 2010). Knowledge Store Marketing Mix The 7Ps of marketing that the store applies currently include, people, product, price, promotion, place, process, and physical evidence. They determine the success of the business if well articulated. In business, the 7ps are called the marketing mix and are available to the authority managing the store affairs. Primarily, the marketing mix combines the product and service aspects, thereby making the 7ps. For the case of Knowledge Store Store, the marketing mix is considered in the situation of books, tapes and DVDs products marketing. The report outlines the various ways, in which the store has used the elements in improving the books, tapes and DVDs products and marketing plan for the business operations (Shimp, 2007). People In reality, the people are the most important a spect of the marketing mix, an issue that the store had recognized. For instance, the use of books, tapes and DVDs products is capable of altering the dynamics, which surround those delivering the books, tapes and DVDs products. Product Through improved books, tapes and DVDs technology, the store has provided a means of delivering new and unique products, which are intended to match many other available products. Besides, the purely new products are presumed to develop new business opportunities for the store. Some of the products they make are in line with the technological development Price Pricing of the books, tapes and DVDs products that Knowledge Store intends to supply is very significant in determining the overall sales volume. Promotion Carrying out promotion is one of the means through which Knowledge Store can create awareness on its new products line. For Knowledge Store Store, the books, tapes and DVDs products provide them with many opportunities for doing promotion to sensitize the public on the products. Place Knowledge Store can create a new interaction place for their consumers so that the communication between them could be cordial, easy and with maximum efficiency, especially on its new product line/ books, tapes and DVDs. Process The issues relating to the process involve the channel through which