06 Feb A good model to help in focusing
Strategic Online Marketing
Question
Think of a new business idea and write a business proposal for theoretical investors. In your proposal you should:
1. Outline your business idea, develop your brand mission and purpose drawing from your knowledge of Why-How-What framework
2. Use a relevant business framework to define your business, which should include all the main features, including your value proposition, customers, activities, channels, resources, revenue streams and cost structure
3. Drawing from your knowledge of SOSTAC framework, produce a marketing plan for the year 1 of your business. As the business is in the idea formation stage, not all elements within the SOSTAC framework will be relevant for you. However, you need to demonstrate your ability to evaluate your current situation in the market, set clear objectives, recommend relevant strategy (including clearly describing your target audience), tactics for achieving the objectives as well as your ability to manage actions and understand the key metrics
4. Suggest opportunities for scaling the business up in the future
Word Count – 2500
Essay Structure
Introduction
This introduces the business and describes what you’re going to look out within the assignment then you can outline your business idea, develop your brand mission, and propose drawing from your knowledge of the What-why-how framework.
Think of the mission as the route you’ll follow to achieve your vision and something that you want to accomplish. So when thinking of the why, you could consider the reason for this new product or service so simply why, why are we, introducing this. Why is this is it, is it going to be helpful. And why is it needed. The How can be the product to help fill the gap. How is our product going to fill the gap in the market.
Part 2
A good model to help in focusing the business idea is the Business Model Canvas. Includes How are we going to relate to our customers with this business idea and the channels, what online channels are we going to use. Revenue streams and how we would generate revenue.
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