Market Segmentation and Targeting
- What problem does your product or service solve?
- Describe the total market for your solution: Who are potential customers?
- What are the key segments within this market?
- Identify and briefly describe 1–3 segments that this company serves.
- Which segment does this marketing plan focus on, and why? Why do you believe this segment will offer growth and profit opportunities?
Situation and Company Analysis Economic Environment
Discuss factors that affect your consumers' purchasing power and spending patterns. What is the economic environment that you are operating in? Is it a growth, recovery or recession? Will it be easy to find staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?
The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence you consumers and competitors. Industry environment What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?
How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one. What is your advantage over competitors? Is the market large enough to support you and competitors?
Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operate?
Instruction: Complete the table below with descriptive responses and explanation as you answer the questions below.
Mission, Objectives, and Goals
State the mission or business purpose: what the organization wants to achieve, in market-oriented terms. (Example: Disney's mission could be, "We create happiness by providing the finest in entertainment for people of all ages.)
List 1–3 objectives that move the organization a step closer to achieving the mission. (Example: A Disney objective could be, "To be the most popular theme park for international visitors.")
Convert objectives into specific marketing goals that are easy to measure and evaluate. (Example: Our goal is to increase market share of international theme park visitors by 10% in the next two years.")
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