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Tracy, one of your friends, is in the early stages of conducting a feasibility analysis for a small business consulting company. Understanding the target audience and the marketing mix is a mandatory step for achieving success in her new venture. Branding is equally important. In this assignment, you will act as a consultant to Tracy to find the best answers to her problems related to understanding the market and planning and executing the correct marketing strategies.
Respond to the following questions:
How would you advise Tracy to approach the following topics?
- Market segmentation
- Selection of a target market
- Development of a positioning strategy
- You are familiar with the concept of branding and know that because her company is new, she will have to build a brand from scratch. What needs to be done in this case?