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Preliminary market research indicated that target market for IPT has the following characteristics:Age groups: young adults, middle-age adultsIncome levels: from lower middle-class and upwardConsumer groups: individual consumers and businessesBuying method: currently, 35% would buy from a storefront, 30% would buy "from a catalog or on the Web", and business buyers would direct orderGeographic distribution: research indicates that if IPT markets appropriately, they could increase sales outside the Philadelphia area by as much as 50% the first year. This is based on an anticipated contract with the floral company and the appeal of the Amish products to people from Philadelphia now living in other states and countriesNow it's time to start thinking about "the 4 P's" - product, price, promotion, and placement (distribution). Once again, IPT's owner and financial advisor want to know what you're thinking about before you prepare the entire marketing plan. Document your ideas in a memo. Your memo should address the following points at a minimum:
Promotional strategy you'll use to reach your target markets and how these strategies may vary based on the target marketsPricing strategy based on the different target markets and plans for the futureNew distribution strategy and impact on suppliers and manufacturing
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