Reference no: EM133215343

Demographic Description

Likely users are female and males with a small business between 18- 60 years of age. They will also earn between $45K to $120K a year. Education level does not matter because anyone can start their own company.

Geographic Description

My organization has determined that the most fruitful customers for its products and services would be local firms in the Alabama area that require transportation and brokerage services. However, we will expand to surrounding states, Tennessee, Georgia, Florida, and Mississippi. Therefore, eventually, I will provide services across the United States and foreign countries.

Lifestyle Description

My target market will have various styles, so they will shop at multiple stores: Target, Walmart, Amazon, etc. For leisure, they would like to travel, read, enjoy movies, and enjoy life.

Psychographic Description

My target market will be socially responsible trendsetters. They are looking for self-improvement and are interested in helping others and improving their overall life.

Purchasing Pattern Description

My customers will require same-day delivery, expediting, distribution, and fulfillment. They need my services every day as their customers purchase from them daily. They can call my company or go online to acquire my services. Therefore, they can pay online or in the office by cash, card, money order, or paying applications.

Buying Sensitivities Description.

Customers in this market are concerned about money, so they will be looking for deals and can't afford to spend much. They want their packages to be delivered safely and efficiently, so they are looking for a company that can guarantee that the services provided to them must comprise package deals, discounts for multiply packages, customer loyalty discounts, package safety, and fast deliveries.

Please narrow down the demographic information. For example, the income range is too broad. People with a $45,000 income have different buying capabilities, habits, and preferences than people who may earn $90,000. Same with the age range, etc. You want to narrow down your target market so that you can focus on the needs of a specific category and target your marketing message. Once you serve these well, you can expand.

See if you can add more demographic characteristics as you revise this for Assignment 2. Check out Chapter 7 in the textbook for more information.

Defining a target market is needed because people are at different life stages, affecting their purchasing behavior and buying process. A business starts because it identifies a need in the market. As a result, the company will need to determine who has the greatest need for your product. If people do not need or want your product, you will waste time and money marketing to that segment. Defining your target market allows you to craft your marketing message (think words, colors, images, etc.) to a particular audience.

1. Revise the company's target market based on the feedback received in the Week 3 discussion thread.
   • Include demographic, geographic, lifestyle, psychographic, purchasing patterns, and buying sensitivities in the target market description.
2. Assess your chosen company's market competition.
   • Use the factors listed in the graphic in your textbook labeled "Assess the Competition" (page 125) to assess the company's market competition.
     • When assessing the competition, specify the exact company and particular product or service you are competing against. For example, Coca Cola offers a portfolio of products, such as water, fruit juice, and cola. Are you competing against Coca Cola's fruit juice product? Or its cola product?
   • Be sure to detail your plan to differentiate yourself from the competition.
3. Outline the company's value proposition and create a marketing slogan/tagline for the product.
   • The value proposition tells your customers why they want to do business with you.
   • You need to know what message you want to convey in your marketing slogan before selecting the marketing vehicles in the next step.
4. Specify the marketing vehicles you will use to build your chosen company's brand and justify the key reasons they will be effective.
   • Marketing vehicles are ways to promote your product. Examples include social media, sponsored events, trade shows, and sampling. You will use a combination of these tactics.
   • Planning to use online marketing tactics? Consult the "Online Marketing Tactics" worksheet on page 177 of your textbook to guide your response.