What are the critical needs of your potential customers

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Reference no: EM133240772

Assignment - Target Market Paper

Description - You are a member of a new start-up transportation logistics company specializing in a market niche to compete with UPS and FedX. However, since January 2020, your company, like thousands of others across the world, has been severely impacted by the effects of Covid-19, also known as the Coronavirus. In order to survive your organization has to adapt and change the way, it does business. You have to develop a sound business plan to effectively compete in the logistics business during these troubling times and attract investors when current conditions are making everyone re-consider how or even IF they will be investing their money. A business plan is an essential roadmap for your business' success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.

Information About Your Target Market - Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market:

Distinguishing characteristics- What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical trends that may impact your business?

Size of the primary target market- In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group?

How much market share can you gain?- What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation.

Pricing and gross margin targets- Define your pricing structure (Links to an external site.), gross margin levels, and any discount that you plan to use.

When you include information about any of the market tests or research studies you have completed, be sure to focus only on the results of these tests. Any other details should be included in the appendix.

Reference no: EM133240772

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