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Wednesday, December 16, 2020

Business Project for Class 12 Marketing Management


Business project for Class 12 Marketing Management

Business project for Class 12 Marketing Management- Marketing Management means to strategize, conceptualize, and launch any product or service. The ultimate goal of marketing management is to generate profit and create brand value in the market.

In marketing management, firstly you need to need to identify the opportunities in the market, create a successful launch strategy and ultimately, generate profit from the product or service launched with successful business model.

Business project for Class 12 Marketing Management involves step by step guidance to create a successful brand strategy and if implemented successfully, you can also launch your own brand, and generate profit out of it.

Business Project for Class 12 Marketing Management: Leather Shoes

Let us select “Leather Shoe” as the product. The reason for selecting is that the product is always in need of irrespective of the gender, geographical area, and age of the target customers.

Business Project for Class 12 marketing Management, Here we will be giving you a brief on launching a business and steps involved in the Marketing of Leather Shoe Business.

  1. Need Identification:

To launch a leather shoe brand, the first step is to identify the target market. To select the target market, you need to conduct a market survey and understand the need for the product that you are offering.

You need to identify the need in the area keeping in mind multiple points:

  • What is the demand for your product in the target market?

  • What all players are available in the market already?

  • How are you going to create the need for your product?

  1. Identifying the Audience/ Target Customers:

The second step for Marketing Management is “Identifying the audience-”- which means “Selecting the right target customers for leather shoe Brand”

To create a successful Business Project for Class 12 Marketing Management, you need to understand target audience identification, which includes the following steps:

  • What is the geographical location of my audience?

  • What is the age of my target audience?

  • What is the gender of my target audience?

  • What are my offerings basis the audience type?

  1. Marketing Mix:

The marketing mix is the set of tools/activities that are used by any company to strategize the launch of any product, considering various parameters. 

The 4Ps of Marketing are: Product, Place, Price, Promotion

  1. Product: 

Product is the deliverable that is being provided to your end customer. Here, the product is the leather shoe which you are providing to your customer. Some of the factors that needs to be considered for the product are:

  1. Design

  2. Brand Name

  3. Brand Logo

  4. Variety

  5. Service

  6. Packaging

  1. Place :

Place or distribution channel means the hierarchy in order to provide the end product to the customer. Deciding the place consists of many decisions. When launching the leather shoe brand, the following factors decide the place or channel:

i.  Distribution Network

Ii. Warehousing

Iii. Transport

Iv. Inventory

V. Order Processing

Vi. Market Coverage

  1. Price:

Price is one of the factors which decide the success of your product. Also, you need to consider the pricing very carefully, as it shouldn’t be too high or too low, so that neither it impacts your target customers, nor the profit part.  

If you are considering leather shoe as your end product, you need to consider the following points before deciding the price:

  1. Raw material and manufacturing cost

  2. Transportation and warehousing cost

  3. Decision on the pricing policies and strategies

  4. Discount strategy

  5. Payment period

  6. Credit policy

  1. Promotion: 

Business Project for Class 12 Marketing Management can not be completed until you have understood the promotions part. Promotion means using multiple ways for the better visibility of your product and creating demand in your target market. 

There are multiple variables that need to be considered while selecting the promotional strategy of the leather shoes, such as :

i. Advertising

Ii. Personal Selling Network

Iii. Public Relations (Press releases etc)

Iv. Digital marketing ( SOcial Media Promotions)

  1. Profit Analysis:

Each business when initiated, has one common goal- How to generate profit out of the business. “Business project for Class 12 Marketing Management” also needs to be focused on the profit analysis part of the product- Leather shoes. 

Profit means what are your savings starting from the manufacturing till the sales of your shoe. The factors that need to be considered while calculating the profit are:

  1. Production cost

  2. Raw material cost

  3. Manufacturing cost

  4. Transportation & warehousing cost

  5. Manpower/Labor cost

Promotional cost:

  1.  Advertisement spends

  2. Discounts/promotional schemes

  3.  Digital marketing 

So, the profit for your end product- leather shoe can be calculated by:

Profit=Total Revenue- (Production cost+Promotional Cost)

  1. SWOT Analysis:

Business Project for Class 12 Marketing Management cannot be understood without analyzing the SWOT. SWOT Means:

  1. Strength: What is the strength of your product. In the case of your leather shoe brand, it can be:

    1. Price

    2. Quality

    3. Range

    4. Discounts

  1. Weakness:  Weakness means the area where you need to focus upon. In the case of a leather shoe brand, the weakness can be:

    1. Distribution Network

    2. Marketing 

    3. Workforce

    4. Experienced workforce

  1. Opportunities: Opportunities denotes where your leather shoe brand can get benefits from. Some opportunities that can be in your favor when launching a leather shoe brand are:

    1. Government policies for startups

    2. Benefits being provided to leather makers which will can result in reducing raw material cost

    3. Expansion of the leather sector in your area 

    4. Development of a special economic zone

    5. Your access to the latest technology in the market.

  1. Threats: Threat means where you can lag behind in the market or behind your competitors. Being a new brand, you can have multiple threats in the market. Some of them can be:

    1. Experienced Sales team 

    2. Huge advertisements by the competitors

    3. Better relationships with the existing players in the market

    4. Better visibility of the competitors on social media and other mediums.

  1. Conclusion 

Business Project for Class 12 Marketing Management, in itself, holds multiple other approaches apart from the marketing management techniques mentioned above. Here we have tried to take the example of Leather Shoe. In the same way, you can explore other products/services and try designing your own marketing strategy to create and launch a successful brand. 

All the Best!

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