That is to say, that even before a strategy is developed; it has to focus on these factors. In essence, it is at this stage that business owners normally analyze the current situation of the business concerning the aforementioned areas. A SWOT analysis is normally created at this point with an aim to give the overview of the company including its competitors, social and legal environment.
The second step involves market profiling whereby the owner focuses on a number of issues including the revenues, market-share, and the expected profitability. In order to create this step effectively, a business owner has to be focused primarily on the customer1. Often, business people tend to introduce products in the market with little, if any, regard as to the customer’s need. It is through understanding the need of the customer that the development of a product and its subsequent marketing ought to take place. It is at this level that one sets targets for the products and rolls it out to the intended market, which has already been analyzed.
Once market identity is complete and the projections of revenues and profits are set, the business owner has to create a market segment strategy. Here, the business has to decide the mode of making marketing and sales. That is to say, options such as direct or indirect sales ought to be analyzed, mass marketing and so forth. Business owners will have to set up product, pricing, promotional, distribution and marketing strategies. The essence of this step is to ensure that the targeted market has been reached, revenues projected is realized as well as guaranteeing market share.
Concerning how this plan could benefit Disney, the company ought to take a few steps in its quest for expansion in the areas of Shanghai. Firstly, Disney has to follow the steps outlined above with the first one being aware of the behaviour of the local people.