How important is your target market to your competitors

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Reference no: EM133297773

Marketing Plan :- Target Market - Narrow your target market to a manageable size using one or more of the segmentation methods listed in Research and include the following information about your market: Distinguishing characteristics - Identify the consumers who are most likely to buy your product - your primary target market. What are the critical needs of your potential customers? Are these needs currently being met? What are the demographics of the group and where are they located? Visit www.city-data.com to gather information and detailed synopsis about the regional market in which you plan to open you business. Are there any seasonal or cyclical purchasing trends that may impact your business? If your marketing plan involves reaching global customers outside the United States, a) in which countries do potential customers live and b) what special marketing issues are involved in trying to reach them? Size of the primary target market - In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group? What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculations.2) Competitive Analysis - Elaborate on the competitive analysis you did in Building Block 2. Your competitive analysis should identify your competition by product

Question: How important is your target market to your competitors?
Are there any barriers that may hinder you as you enter the market?
What is your window of opportunity to enter the market?
Are there any indirect or secondary competitors who may impact your success?
3) Product - for the product offered in your business plan identify its stage in the
product life-cycle and key marketing mix actions that might be appropriate.
Develop branding and packaging strategies.

Explain your method or methods of setting prices. Does your pricing strategy fit with what was revealed in your competitive analysis? Compare you prices with those of the competition. Are they higher, lower, or the same? How important is price as a competitive factor? Do the intended customers make their purchase decision based mostly on price? Use your research (e.g., rent, maintenance, utilities, payroll, inventory, etc.) to compute your fixed costs and unit variable costs; calculate the break-even point.

If necessary, elaborate on your location analysis.

If relevant to your business, evaluate channels and intermediaries based on coverage of your target market, profitability, and other service factors (e.g., time, dependability, communication and convenience). Select your channel(s) and intermediary(ies).
6) Promotion - How will you get the word out to customers? Design a logo for your company, business, product and/or service. There are many free logo websites on the internet that you may use. You should use this logo in your business plan presentation.
Explain at least one promotion that you will run for your business or product/service; for example, direct mail, advertising, contest, sweepstakes, samples, coupons, etc. If you will use advertising, what media will you use? How often? Have you identified low-cost methods to get the most out of your promotional budget? You may want to include a sample of a brochure, flyer, point of sale display or other sample in your business plan.

Reference no: EM133297773

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