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It is an internet based contest so if you are viewing and voting you need access to an internet connection to do so. Why this Point of Difference: Marketing Strategies Considered: Use of social media in a more productive way. The contest is mostly an online contest so why not make better use out of other online, or social, outlets. Bigger and better banners about the contest taking place on the weapon for The Laugh Factory. (Also when you search The Laugh Factory in Google, maybe have a link or extra piece pop up about the contest there) Adding a prize drawing for participants.
Maybe adding a perk for the people viewing and voting, such as a trip to watch the winner perform at the Laugh Factory in California, may increase the amount of initial voters and potentially the longevity of current voters. Promotions about the contest done by other outlets such as television or radio. Promotions about the contest through famous, world known, comedians. Perhaps the panel of judges for the contest. Marketing Strategy Used: Financial Projections: implementation Controls: PEST analysis: political factors are basically to what degree the government intervenes in the economy.
Specifically, political factors include areas such as tax policy, labor law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or be provided (merit goods) and those that the government does not want to be provided (demerit goods or merit bad). Furthermore, governments have great influence on the health, education, understructure of a nation. Economic factors include economic growth, interest rates, exchange rates and the inflation rate.
These factors have major impacts on how businesses operate and make decisions. For example, interest rates affect a firm’s cost of capital and therefore to what extent a business grows and expands. Exchange rates affect the costs of exporting goods and the supply and price of imported goods in an economy. Social factors include the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends in social factors affect the demand for a company’s products ND how that company operates.
For example, an aging population may imply a smaller and less-willing workforce (thus increasing the cost of labor). Furthermore, companies may change various management strategies to adapt to these social trends (such as recruiting older workers). Technological factors include technological aspects such as R&D activity, automation, technology incentives and the rate of technological change. They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Furthermore, technological shifts can affect costs, quality, and lead to innovation.
SOOT analysis: Strengths: characteristics of the business or project that give it an advantage over others. Weaknesses: characteristics that place the business or project at a disadvantage relative to others Opportunities: elements that the project could exploit to its advantage Threats: elements in the environment that could cause trouble for the business or project Company analysis is a process carried out by investors to evaluate securities, collecting info related to the company’s profile, products and services as well as profitability. It is also referred as ‘fundamental analysis. A company analysis incorporates basic info about the company, like the mission statement and apparition and the goals and values. During the process of company analysis, an investor also considers the company’s history, focusing on events which have contributed in shaping the company. Also, a company analysis looks into the goods and services proffered by the company. If the company is involved in manufacturing activities, the analysis studies the products produced by the company and also analyzes the demand and quality of these products.
Conversely, if it is a service business, the investor studies the services put forward. How to do a company analysis It is essential for a company analysis to be comprehensive to obtain strategic insight. Being a thorough evaluation of an organization, the company analysis provides insight to rationalize processes and make revenue potentials better. The process of conducting a company analysis involves the following steps: The primary step is to determine the type of analysis which would work best for your company.
Research well about the methods for analysis. In order to perform a company analysis, it is important to understand the expected outcome for doing so. The analysis should provide answer about what is one right and wrong on the basis of a thorough evaluation. It is, therefore, important to make the right choice for the analysis methods. The next step involves implementing the selected method for conducting the financial analysis. It is important for the analysis to include internal and external factors affecting the business.
As a next step, all the major findings should be supported by use of statistics. The final step involves reviewing the results. The weaknesses are then attempted to be corrected. The company analysis is used in concluding issues and determining the possible solutions. The company analysis is conducted to provide a picture of the company at a specific time, thus providing the best way of enhancing a company, internally as well as externally. Customer Analysis In many ways customer analysis is the most important piece of your business plan.
In order for your business to be successful, you must be able to demonstrate who will buy your products or services. Be sure to identify your customer segments, and how your business will meet their specific needs. STEP 1: Begin with a concise overview of your industry (you can reiterate this from your Industry Analysis). STEP 2: Define your prospects on a measurable level. Describe the demographics of your customers including their age, sex, race, occupation, household income, rent vs.. Won, postal code, population, spending habits and number in household, where they are located, etc. Be sure to cite all of your sources. STEP 3: Describe changes over time and projected changes in the future. STEP 4: Describe their behavior. Consider how they make decisions and who in the household makes which decisions. Determine whether they respond to price, loyalty, quality, technology, reliability or trends. Divide your market into segments, sign value to each segment, and decide how to best approach each segment. Be sure to cite all of your sources.
STEP 5: use your Competitive Analysis to provide an overview of your competition. STEP 6: Use this information about your industry, customer prospects and competitors to identify gaps in the market. STEP 7: If partners are critical to your business success be sure to use this same process to identify them in this section. Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive tragic context to identify opportunities and threats.
Profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. [l] Competitor analysis is an essential component of corporate strategy 12] It is argued that most firms do not conduct this type of analysis systematically enough. Instead, many enterprises operate on what is called “informal impressions, conjectures, and intuition gained through the tidbits of information about competitors every manager continually receives.
As a result, traditional environmental scanning places many firms at risk of dangerous competitive bloodspots due to a lack of robust competitor analysis Collaboration in business can be found both inter- and intra- organizational] and ranges from the simplicity of a partnership and crowd funding to the complexity of a multinational corporation. Collaboration between public, private and voluntary sectors can be effective in tackling complex policy problems, but may be handled more effectively by committed boundary-spanning teams and networks than by formal organizational structures. 2] Collaboration between team members allows for better communication within the organization and throughout the supply chains. It is a way of coordinating different ideas from numerous people to generate a wide variety of knowledge. Collaboration with a selected few firms as opposed to collaboration with a large number of different firms has been shown to positively impact firm performance and innovation outcomes. [23] The recent improvement in technology has provided the world with high speed internet, wireless connection, and web-based collaboration tools like blobs, and wish, and has as such created a “mass collaboration.