Reference no: EM131136386

Complete the given Marketing Plan:

MARKETING PLAN

1.1 Target Market

1.1.1 Are your customers consumers or businesses/resellers?

1.1.2 What are the demographic factors that best describe your primary target market?

1.1.3 What are the psychographic factors (attitudes, beliefs, emotions) that best describe your primary target market?

1.1.4 What are the behavioural aspects of your customers that best describe your primary target market?

1.1.5 What do your customers value about a typical product or service found in your industry? (Example: price, quality, features, ease of use, etc.). These are called, "Value drivers." Make a list of 4 value drivers that affect your customer's buying.

1.1.6 Rank the value drivers in terms of importance from the list you created.

1.1.7 Group consumers with similar sets of purchasing values and priorities to create 3 consumer segments.

1.1.8 Rank the sizes of these 3 consumer segments from largest to smallest.

1.1.9 Rank the growth possibilities of these 3 segments largest potential to smallest.

1.2 Product Information & Competitive Advantage

1.2.1 Describe your product or service and its function.

1.2.2 What is the competitive strategy you will use to get consumers to buy your product/service over a competitors'? Cost leadership, product/service differentiation, or niche market strategy?

1.2.4 Are your unique characteristics hard to copy? If so, explain.

1.3 Pricing

1.3.1 Describe how your company will make money through its major activities (Business Model).

1.3.2 How much does it cost to produce one unit (variable cost as a % of selling price) of your product? List each cost ( ie. Labour, materials etc.) below.

1.3.3 How do competitors price their product? Explain why they charge what they charge?

1.3.4 How much does it cost to keep your operation running for an average month (fixed costs like rent salaries, insurance etc)?

1.3.5 From your SWOT analysis, how might your strengths support your pricing decision?

1.3.6 How might your weaknesses affect your consideration of the price you want to charge?

1.3.7 How might the threats affect your pricing decision?

1.4 Promotion Strategy

Main Question: What is your promotional/advertising strategy?

How do you intend to gain market share?

How will your promotional/advertising strategy be different from your competition?

1.4.1 How will you be measure the success of your Marketing strategy?(Eg. by sales)

1.4.2 What methods do you intend to utilize to reach this target market? (Some examples include local newspapers, radio, magazines, internet, fliers, billboard advertisement, word-of-mouth, product samplers, and sales people).

1.4.3 How is your promotion strategy consistent with your pricing strategy?

1.5 Distribution Strategy

1.5.1 How do you expect to get your product to consumers? List the types you intend to use. Examples: retailers, wholesalers, mail order, phone order, internet order, agent.

1.5.2 Can your distribution channels help you market your product? Explain.

1.6 Growth Strategy

1.6.1 After startup, at what point would you consider developing an expansion strategy? Will your expansion be through increasing your market share or through the introduction of new products?

1.6.2 If you choose to increase market share in your current market with your current product, what challenges might you face? What might need to change so that your operations can handle the extra load?