Question

Product is Audi A3

Part 1: Marketing Goals/Expected Outcomes – Briefly describe what the important results your product/service/offer is expecting to achieve (increased sales, etc.) How will you measure your success (monetary amount/value of sales, etc.)

Part 2: Target Market Description – You must provide a detailed profile of the demographics of your intended target market – who will you be attracting? You should include at least the following information about your intended target market. • Age • Social status • Family status • Income • What does the customer what from you product/service/offer? • Unique needs, attitudes, behaviors • What needs will your product/service/offer satisfy? How will you meet those needs? • Attitudes (budget conscious, tight budget or easy spender) • Information needs (what do your investors need to know about your business? Where will you provide it? • Media preferences (TV, social media, print).

(300 words)

Answer 1

Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define your vision, mission and business goals, and outlines the steps you need to take to achieve these goals.

Your marketing strategy affects the way you run your entire business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that:

Identify your tactical marketing mix using the 7 Ps of marketing. If you can choose the right combination of marketing across product, price, promotion, place, people, process and physical evidence, your marketing strategy is more likely to be a success.

describes your business and its products and services

explains the position and role of your products and services in the market

profiles your customers and your competition

identifies the marketing tactics you will use

allows you to build a marketing plan and measure its effectYour well-developed marketing strategy will help you realise your business's goals and build a strong reputation for your products. A good marketing strategy helps you target your products and services to the people most likely to buy them. It usually involves you creating one or two powerful ideas to raise awareness and sell your products.

Developing a marketing strategy that includes the components listed below will help you make the most of your marketing investment, keep your marketing focused, and measure and improve your sales resultSpecific — state clearly what you want to achieve

Measurable — set tangible measures so you can measure your results

Achievable — set objectives that are within your capacity and budget

Relevant — set objectives that will help you improve particular aspects of your business

Time-bound — set objectives you can achieve within the time you need tList your target markets and devise a set of strategies to attract and retain them. An example goal could be to increase young people's awareness of your products. Your corresponding strategies could be to increase your online social media presence by posting regular updates about your product on Twitter and Facebook; advertising in local magazines targeted to young people; and offering discounts for studentshem.s.iveness.

Part2

This Business Builder will take you through a step-by-step process that will help you identify specific target markets within your industry and provide you with the know-how to create a customer profile.

In order to market your product or service, it is imperative that you tailor your marketing and sales efforts to specifically reach the segment of population that will most likely buy your product or service. It is critical that you first determine or clearly identify your primary market. Your energies and funds then can be spent more efficiently.

If you don’t know who your customers are, how will you be able to assess whether you are meeting their needs? Since success depends on your being able to meet customers’ needs and desires, you must know who your customers are, what they want, where they live and what they can afford.

We’ve all heard a business owner say, "My product is terrific! It appeals to everyone." Many of us have also seen small businesses that try to be all things to all people. This is a difficult, if not impossible, bridge to cross.

Targeting your market is simply defining who your primary customer will be. The market should be measurable, sufficiently large and reachable.

For example, a printer’s target of mid-sized firms with mid-size projects is not a measurable definition. However, a target market of firms within a radius of 20 miles, with annual revenues of $10 to $25 million and a need for four-color printing runs of approximately 5,000 pieces is a clear definition.

Identify Why A Customer Would Want To Buy Your Product/Service

Segment Your Overall Market

Research Your Market

Step One — Identify Why A Customer Would Want To Buy Your Product/Service

The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your product or service’s features and benefits. A feature is a characteristic of a product/service that automatically comes with it.

For example, if a toothpaste has a stain-removing formula, that’s a feature. The benefit to the customer, however, is whiter teeth.

Geographic. Potential customers are in a local, state, regional or national marketplace segment. If you are selling a product such as farm equipment, geographic location will remain a major factor in segmenting your target markets since your customers are located in particular rural areas. Or, if you own a retail store, geographic location of the store is one of the most important considerations.

Climate is a commonly used geographic segmentation variable that affects industries such as heating and air conditioning, sporting equipment, lawn equipment and building materials.

Decide if your business is going to do business on a local, regional, national or international level. Identify the geographic region where your market is located. Identify specific boundaries within which you will do business.

Demographic. Potential customers are identified by criteria such as age, race, religion, gender, income level, family size, occupation, education level and marital status. Choose those characteristics of your demographic target market that relates to the interest, need and ability of the customer to purchase your product or service.

For example, a target market for a real estate developer selling luxury vacation homes near Walt Disney World would include professional married couples approximately 30 to 45 years old with young children, and with incomes of more than $100,000.

Psychographic. Many businesses offer products based on the attitudes, beliefs and emotions of their target market. The desire for status, enhanced appearance and more money are examples of psychographic variables. They are the factors that influence your customers’ purchasing decision. A seller of luxury items would appeal to an individual’s desire for status symbols.

Business customers, as well as consumers, can be described in psychographic terms. Some companies view themselves as cutting edge or high tech, while others consider themselves socially responsible, stable and strong. Still others see themselves as innovative and creative. These distinctions help in determining how your company is positioned and how you can use the company’s position as a marketing tactic.

For example: Southwest Airlines has positioned itself as an innovative and fun airline that takes passengers on short, inexpensive excursions, whereas Delta chooses to promote reliability and safety.

If you pursue one segment of your target market and the demand for your product decreases, so will your financial strength. In essence, you are putting all your eggs in one basket.

When your firm becomes well established in a particular market segment, it may be difficult for you to move to another segment. This may occur due to your market reputation or popularity.

For example, if Career Options becomes known for helping college graduates find jobs, unemployed professionals may perceive them as only having the expertise to serve that market.

After you have mastered one particular segment, you can then begin to develop another. Directing your firm’s marketing efforts at more than one market segment by developing a marketing mix for each specific segment is known as multi-segment strategy. An example of a product that was traditionally targeted at women and is now being targeted with variations in strategy at men is hair coloring.

The marketing mixes for multi-segment strategy may vary by product feature, price, promotional material and distribution methods. If product variations requires additional work, you may incur higher production costs. Additionally, different promotional plans and distribution efforts will result in higher marketing costs. Plan carefully, to make sure the costs don’t outweigh the benefits.