Describe the target market in which the product is solid

Assignment Help Marketing Management

Reference no: EM13726513

Market - Target Market & Competition: (April)

Describe the target market(s) in which the product is to be sold Size and characteristics of target market Rationale for target market choices

Calculation of Target market (How many people in the target market? Use at least 3 segmentation variables. How was it calculated?) 15-65 for age is too broad.

Competition

1. Direct and indirect
2. Summary
3. Based on your analysis of the market, briefly summarize the major problems and opportunities requiring attention in your marketing mix. (May use SWOT)

Marketing Strategy: This section is an action plan for marketing the product in your country. It should reflect, in your judgment, the most effective ways to overcome the problems described above and to produce maximum sales/profits. Be sure to explain your rationale.

Product (Use the topics that best apply to your product, in any order)

Evaluate the product's stage in the PLC

Analyze the innovative characteristics of the product as perceived by the intended market:

a) Relative advantage
b) Compatibility
c) Complexity
d) Trialability
e) Observability

How is your product better than the competition?

Product:

1. Product name and Logo
2. Product features (variations like flavors)
3. Warranties / Service
4. Major problems to product acceptance. Be sure to address these problems in your marketing strategy.
5. Does the product meet the needs of the target market?

Product - Logo & Package:

Package sizes/types (Include copies of labels and/or package mockups). Does your package comply with labeling requirements (especially food and liquor)? Are there warning requirements?

Distribution: Distribution of a Product. (How does your product get from the manufacturer to where customers buy it?). Do either B or C.

1. Retail outlets (What type and what are their names? How many are there and why are these appropriate? Where does a customer go to buy your product?). Does your distribution comply with distribution laws (especially liquor)?
2. Intermediaries (How does the product get to the retailer? How will they be paid and motivated?)
3. Will the target market's needs be satisfied? What are the costs?

Price:

Retail price (how was this determined? Estimate cost of goods sold and distribution costs, and compare to competitor's prices.)

Middlemen discounts or markups / Wholesale price / Relate to distribution methods - How is the distribution paid for? Be sure to explain price you sell to wholesaler, price to retailer and retail price.

Is the retail price a price that consumers are willing to pay? (Relate to per capita income, competition)

Promo - Ad:

Advertising (Include copy of ad (Print, radio or TV)-how does it reflect your message and your target market needs? Discuss ad in the paper. Ads can be in English but tell me which language they would be in.

a) Objectives
b) Message What is your emphasis in traditional ads?

Promo - Media Mix & Budget:

Media mix: Where are you placing ads? Which magazines, which TV shows, which time slots, what time of year, etc? Why? Does your advertisement comply with advertising restrictions (especially liquor)?

Budget- How many ads do you get for your money?

Be specific: How many ads per week / month? All budget information then needs to be used in the financials.

Promo - Internet & Social Media: Internet Advertising/ social networking/ mobile phone ads (if appropriate)

a) Objectives - Is this appropriate for your target market?
b) Message What is your emphasis in digital media?
c) Copy of& discussion of web page/social network page/mobile ad/internet advertising.
d) Copy of Web page. Copy of Social Media page.Copy of mobile ad. Copy of internet ad.
e) How are you using web page, internet ads, social media and mobile phone ads?Budget- How many ads do you get for your money?

Promo - Sales Promotion:
(Include copy of promotions)

a) Objectives
b) Message What is your emphasis?
c) Copy of the Coupons/Premiums/demonstrations/etc.
If you use coupons- you must justify their use in this country. Most countries do not use coupons-retail stores do not accept them.
d) Budget- How many promotions do you get for your money?

Promo - Personal Selling & Public Relations: How many salespeople do you get for your money? What are their roles?

1. Publicity - Objectives & Budget- What do you spend your money on?
2. How does this promotion plan reach and motivate the target market? How do the parts of promotion fit together?

Financials: Marketing objectives

Expected percentage of target market(s). Rarely as high as 2-5%.

Expected sales in the first five years. How is this calculated? Compare this number to your target market. How often do people buy your product or service in a year?

1. Marketing budget (How are these numbers estimated?)

Do not use % of sales to determine your marketing budget. Advertising/sales promotion/personal selling/publicity expense Distribution expense Product costs Pro forma annual profit-and-loss statement (show how this is calculated-what price are you using?- usually the wholesale price). Don't forgettaxes. Year 1-5.

Reference no: EM13726513

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