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Posted: April 13th, 2023
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Respond to below post to further the dialogue by providing more information and clarification. two paragraph two scholarly article intext citation and reference.
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Consider the following -
How well was the competitive advantage analyzed?
In your opinion, would the marketing work? Why or why not?
What else would you propose to help your peer market his/her product or service?"
post
My business I proposed is a wedding and entertainment venue, targeted to anyone looking for a place to hold a wedding or event that is interested in a rustic farm venue. More specifically those who cannot afford the higher end venue settings. Our competitive advantage is the affordability since we are not using our venue as an income but retirement.
We will use the five elements of the marketing mix: product, price, place, promotion, and people. Our product is our price point for the quality of venue we are offering. According to Gitman (2018, para. 2) “marketing strategy typically starts with the product”. Our product is high quality venue settings at lower than market cost. Our pricing will be focal point of what attracts our market, we want to cater to those who otherwise could not afford what we offer. The place we will be conducting the venue is on our personal property that includes settings to include:
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Rustic Barn with seating and dance floor area
Chapel and seating
Outdoor area with fireplace and seating
Concert area
Arena
Rental cabins
Our promotion strategy will be social media and word of mouth. According to Wolf (2015) “If your brand is present on multiple social networks, your potential users and customers can become better acquainted with your product or service - this in one of the main benefits of social media”. We feel that the people will come because of our uniqueness, we do not want to limit anyone from enjoying what our business will have to offer. It is more than just a business it is a life mission for us to others.
References
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Gitman, L.J., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B., & Hyatt, J.C. (2018) Introduction to business. Retrieved from https://openstax.org/details/books/introduction-business (Links to an external site.)
Wolf, D. (2015). The Real Power of Social Media Marketing. B2B Marketing. https://www.b2bmarketing.net/en/resources/blog/real-power-social-media-marketing#:~:text=Social%20media%20allow%20business%20to,a%20certain%20level%20of%20transparency
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