Evaluate product and brand characteristics unique to an entrepreneurial business.
Part 1. Answer the following questions, within 100 words minimum
1. Specify the components of an overall value proposition as it relates to total product.
2. Perform and explain a competitive analysis for (Electrical Contractor).
3. Evaluate product and brand characteristics unique to an entrepreneurial business.
4. After reading through Ch 8, specifically on the 5-step market research approach, explain how you will tackle each of the 5-steps as it relates to a new small business you are interested in starting at some point. (Electrical Contractor). Be detailed and brief bullet points is also o.k. here.
5. After reading Ch 9 on market segmentation, kindly explain briefly but specifically how you will go about segmenting your target market for either a small business you are currently running or one you wish to start someday. (Electrical Contractor). Be sure to incorporate some guidelines from the market segmentation process discussed in Ch 9.
6. We all know familiar brands, from Nike to McDonald’s to Chevrolet to Apple. However, can a small business like the one you are running or want to run someday (Electrical Contractor) have the ability to establish a brand? Explain.
7. Please explain how you will go about doing that and bring in some information from this video that will be helpful to you in establishing a brand. ( https://library.phoenix.edu/MKT431r4/w3)
8. O.k. so your business is up and running, humming along, consumers love your product and identify with your brand but oh no….Something goes terribly wrong at some point. Don’t worry, it happens to the best of companies! So, with that in mind, discuss one possible problem that could come along and tarnish your brand as it relates to your small business or one you will want to establish at some point. Using the tips from this article, disucss first the potential problem that will tarnish your brand and then how you will “repair” it. http://www.personalbrandingblog.com/how-to-repair-a-tarnished-brand/
Part 2: Brand Management, Part I
The purpose of this assignment is to help you create and maintain a brand image that appropriately reflects your small business.
Write a 1,050-word paper in which you address the following:
· Answer the following questions:
· What makes your product or service unique?
· What is your market niche?
· How would you describe your company?
· How strong will your presence be on social media?
· Outline the perception that you want consumers to have about your brand when they first see it, and explain your reasoning.
· State the top three specific challenges to your business.
· Describe how you plan on meeting and exceeding potential challenges to the creation of a good brand for your business.
· Explain how your closest competitor’s brands are similar or different.
· Evaluate how effective your brand is against your competitor’s brands through an analysis of strengths and weaknesses.
Part 3: Brand Management, Part II
The purpose of this assignment to have you craft your brand and share the branding message.
There are many ways to share your ad whether in print, in person, on the Internet, through networking, or on-the-air.
In an effort to get to know your market and community, you recently attended a networking function in your geographic area and bumped into a radio producer that features small businesses on a local AM channel. His show focuses on new and upcoming businesses in the area.
This generous radio producer has given you a free-of-charge opportunity with a short, radio commercial to discuss your company brand and what it means to your customers.
Create a 60-second branding commercial using an audio or video program of your choice.
Include the following in your commercial:
· The name of your small business. (Team Power Electric)
· Your company’s product(s) or service(s).
· Your brand and what it means to you.
· What you want your niche market to see and feel when the market is exposed to your brand.