Target Market and Market • Primary target market • Secondary TM • Describe both above using: o Demographics o Psychographics o Behavioral (purchase) o Other target market segment variables (regionality, seasonality, attitudes, etc.) • How will you segment the market? • Write a description of your customer in story form (describe a day in the life of your customer to bring them to life) • Current buying behavior (how many do they buy, how often? • What price are they paying per unit (or range of prices) • Will the target prefer my product vs. alternatives? • What market segments will you target and why? (rationalize with data and facts) • What is the market potential for your product in terms of annual customers based on the customer data you uncovered in the competitive analysis and based on your research into your target markets? (we will build sales estimates later once costs and pricing is determined) Tools: SWOT Link: https://www.strategicmanagementinsight.com/tools/swot-analysis-how-to-do-it.html PEST Link: https://www.strategicmanagementinsight.com/tools/pest-pestel-analysis.html Part 2 – Marketing – 4 P’s Product • What is the product you are offering? • What is your initial product mix? Place (Distribution) • Distribution objectives (be specific using SMART Goals) • Draw channel Flow • Direct or indirect? • Who are your channel partners in the chain? • What is the timing sequence of each channel partner (draw a timeline and provide a description of channel roles by partner and timing • What target market(s) are served by each channel partner Price • What is your pricing objective and why? (Be specific/SMART) • What pricing strategy will you use and why? (Cost/Competitive/Customer/Strategy) • What specific pricing tactics will you use to launch your product – by target market and channel? Why? • What is your product pricing and outline your price and tactics for 1-3 pricing tactics from introduction to year three. Promotion • How will you position the product? (use the 5 box tool) Must be strong rationale based on your research • What is your positioning statement? • How will you be positioned vs. key competitors? • Who are your primary and secondary target market(s) you plan to reach with promotions? • What are your promotion objectives? (SMART) • Outline the promotion mix and provide rationale for each element? (Advertising mix, consumer and trade promotion, sales) • If you plan to have sales as a part of the mix, detail how this will work –what is your specific plan of action for sales? • Build a flow chart showing timing for each stage of your communication objectives and strategies (Awareness/Interest/Desire/Action) AIDA • Budget breakdown by promotion mix elements
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