Marketing Plan Assignment 1

You will first complete the Target Market/Customer Strategy section of your marketing plan. This section includes detailed information about your customers for your business. Here you will be specific about who you will pursue and then why and how you will pursue those groups of people.

III. Target Market Strategy

A. Customer Objectives

You should include customer objectives (goals) for the company. You should write objectives related to your customers across categories of multiple time periods (for example: 1 year, 5 years, or 10 years). AT A MINIMUM, you must list a category of short-term objectives and long-term objectives (or goals). ALL objectives MUST be 1) measurable (you need a specific number to achieve which could include specific ranges of numbers for minimum acceptable level and high-end achievement) AND 2) time specific (you must set a date for EACH goal by when you will measure whether you have achieved your goals). For more information on your goals view the Forecast information in the Budget and Forecast video under Writing a Marketing Plan on the Lynda.com videos. (These are best written in bullet point format as a separate bullet point with a clear time frame and a specific quantitative point to measure for each objective).

B. Market Analysis

What is the overall market you are serving with your products/services? This does not mean who is your target customer, this means what different customer groups can reaps benefits from your product offerings. What is the customer potential for your business and is this a growing need? What is the geographic location of your business? Are there unique characteristics of that location that sets your business apart from others? (This section should be written in paragraph format with complete sentences).

C. Customer Analysis

Who are your customers, generally, and what benefits can you provide them with your business? What do you think their perceptions will be of your company’s offerings? This should not be about specific different target groups because you will go into more detail about that in the next two sections, however an overall understanding of the expected main customer and how you benefit them will be helpful for the rest of this section. (This section should be written in paragraph format with complete sentences).

D. Product Segmentation

You will identify the different variables that you will use to create target groups. If you think gender is an important variable in defining your customers, then GENDER would be one of your variables. Once you identify the variables you will use, you will then identify the level of those variables that are relevant. For Gender, the levels would be MALE and FEMALE.

Finally you will tell me why you think those variables are useful for segmentation. Understand that THIS section is not who YOU will pursue as target markets in your company, it is merely which variables you will use and how you will divide those variables to create meaningful segments to pursue them with marketing. (You could start this section with bullet points listing the variables and their levels you want to include and then discuss each of those variables in detail in paragraph format with complete sentences).

E. Target Markets

From the groups created in the previous section, you should now be able to tell me which of the previous segments you will pursue? Also, why do you think those particular segments would be profitable for your business? In completing this and the previous section I expect you to consider specific demographic groups of customers that you would pursue with your marketing efforts. I want you to be specific here. (This section should be completed in paragraph format with complete sentences).

F. Company Positioning

How will you communicate your competitive advantage(s) to your target market? This is NOT about the promotional outlets you will use for your company but instead about the place you hope to hold in your customers’ minds. What is your unique selling proposition? What sets your company apart from the competition? What is your brand? How will you build a consistent brand image? (This section should be completed in paragraph format with complete sentences).

A thorough understanding of your different customer segments (both core/target customers and any additional customer groups that generate some revenue for the business) is crucial to your business’s success. Ultimately if you don’t make money you will fail and if you can’t serve customer needs you won’t make money. The next three sections will focus on the 4 P’s of the business and it is very important to have a strong understanding of your desired customers as you think about your marketing mix strategies.