Design a marketing plan that will demonstrate entrepreneurial approaches to formulating product, price, promotion, and distribution strategies and action programs.
Introduction:
Market planning to define and develop niche markets is a start-up strategy that can bring to light attractive opportunities where small business can compete against large competitors and be profitable right out of the gate. However, niche marketing requires creative forward thinking managers, skills and a marketing strategic mindset to carve out unique revenue streams.
Research Lesson Readings attached- Write an introductory paragraph with a brief statement how a well-defined market niche plan can present attractive small business revenue stream opportunities.
Read the case study from the following documents:
Nicher Allegiant Air: Going Where They Aint from Armstrong, G., & Kotler, P. (2013). Marketing: An Introduction (11th ed., pp. 51-52). Upper Saddle River, NJ: Prentice Hall.
Nicas, J. (2013, Jun 04). Allegiant air: The tardy, gas-guzzling, most profitable airline in america; allegiant’s airplanes guzzle gas and are often tardy; but its strategy is working. Wall Street Journal (Online)
Step 2: Answer the following questions
While reading and researching keep in mind the following questions:
1. How can a well-defined market niche plan result in small business revenue streams?
2. Describe Nicher Allegiant Airs approach to the market and why they selected this approach.
3. Is their approach successful?
4. Compare the market/business strategy of Allegiant to a large airline company.
5. How did market research and planning make this a successful business?
