2023 Submit part two of your Marketing Plan which includes the following sections III | Assignments Online

 

Submit part two of your Marketing Plan, which includes the following sections:

III. Target Market
IV. Competitive Analysis 

 

III. Target Market

 

Your Target Market section should do the following:

 

·         Describe your target market, whether a business or consumer market, using segmentation variables.  These include the use of demographics, psychographics, geodemographics, geographies, behavioral segments, or other segmentation criteria.

·         Describe your rationale for selecting the target market(s) that you did. State why these markets attractive to you, as a marketer.

·         Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc.  Utilize our author’s criteria for segmentation to demonstrate that your target market(s) suggest the likelihood of success – the market needs to be identifiable, measurable, sustainable, accessible, and reachable. 

 

If your segmentation is too general, you will find that your promotional mix (IMC) will be equally general, as you will not have described your market with sufficient specifics.  Thus, have you provided measurable segmentation variables or have you described your market as “everyone who needs PC storage” or “everyone in Smithville who likes Italian food”?

 

IV. Competitive Analysis

 

This section of your marketing plan will be highly dependent on your extensive research into the competitive arena.  You want to know what is out there and what the competition is doing. When you enter the market you will either a) already have competition or b) your success will likely invite competition. Regardless, any successful business venture usually results in competition entering the market and reacting accordingly.

 

Your marketing plan Competitive Analysis section should focus on two (2) key competitors. This may also include potential substitutes if competition is not currently perceived.  Your competition might be organized along several tangents – by industry, company type, or firm. 

 

For your top two (2) primary competitors:

 

·         Indicate why you have selected these two competitors.  Offer a SWOT Analysis that focuses on the STRENGTHS and WEAKNESSES of each competitor. 

·         Describe of each company, its current market share, its product or service set offerings, its financials (e.g., revenues, profitability, etc.), current positioning within the market, target market that is seeks to reach, recent history (how are they doing?), and how they market themselves to the target market that you also wish to reach.

·         Do a comparison of your product or service with that offered by the competition.  How will you differentiate your product/service from that offered by the competition?  Inherent in your presentation will be why your target market would likely select your offering over that of the competition.  If you don’t have a differentiator, your target market won’t see one either.

·         Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in which competition already exists.  What response should you anticipate?  What will be your response to what you project will be their likely response to your entry into the market? 

 

 

Be sure to address substitutes.  Are there any substitutes for your service or product offering? Identify any key substitutes, discussing their strengths and weaknesses of those substitutes that you have selected, when compared to your offering.