<\/p>\n
Overview: This section of the marketing plan addresses the organizational objectives and the target market plan for your company. This milestone is due in
\nModule Four.
\nYou need to develop at least five marketing objectives as part of your planning process. These answer the question, \u201cWhat do you plan to accomplish?\u201d
\nObjectives should be realistic, measurable, and time specific. Objectives must also be consistent, and indicate the priorities of the organization.
\nThe target market strategy identifies which market segment or segments to focus on in light of what the competition is doing. For this assignment you need to
\nidentify segmentation data and determine your target market. The process begins with a market opportunity analysis, or MOA, which describes and estimates
\nthe size and sales potential of market segments that are of interest to the firm. In addition, an assessment of key competitors in these market segments is
\nperformed. After the market segments are described, one or more may be targeted by the firm.
\nYour target market section should address the following:
\n\uf0b7 Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics,
\npsychographics, geodemographics, geographies, behavioral segments, or other segmentation criteria.
\n\uf0b7 Describe your rationale for selecting the target market(s) that you did. State why these markets are attractive to you as a marketer.
\n\uf0b7 Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. Utilize our author\u2019s criteria for segmentation
\nto demonstrate that your target market(s) suggest the likelihood of success\u2014the market needs to be identifiable, measurable, sustainable,
\naccessible, and reachable.
\nIf your segmentation is too general, you will find that your subsequent promotional mix will be equally general, as you will not have described your market with
\nsufficient specifics. Thus, have you provided measurable segmentation variables or have you described your market as \u201ceveryone who needs PC storage\u201d or
\n\u201ceveryone in Smithville who likes Italian food\u201d?
\nIn order to be effective, you need to know what your competition is up to. Therefore, a competitive analysis is helpful here. This analysis will be highly
\ndependent on your extensive research into the competitive arena. You want to know what is out there and what the competition is doing. When you enter the
\nmarket you will either a) already have competition or b) your success will likely invite competition. Regardless, any successful business venture usually results in
\ncompetition entering the market and reacting accordingly. Your competitive analysis should focus on two key competitors. This may also include potential
\nsubstitutes if competition is not currently perceived. Your competition might be organized along several tangents\u2014by industry, company type, or firm.
\nFor your top two primary competitors:
\n\uf0b7 Indicate why you have selected these two competitors. Offer a SWOT analysis that focuses on the strengths and weaknesses of each competitor.
\n\uf0b7 Describe each company, its current market share, its product or service set offerings, its financials (e.g., revenues, profitability, etc.), current
\npositioning within the market, target market that it seeks to reach, recent history (how are they doing?), and how they market themselves to the
\ntarget market that you also wish to reach.
\n\uf0b7 Do a comparison of your product or service with that offered by the competition. How will you differentiate your product\/service from that which is
\noffered by the competition? Inherent in your presentation will be why your target market would likely select your offering over that of the
\ncompetition. If you do not have a differentiator, your target market will not see one either.
\n\uf0b7 Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in
\nwhich competition already exists. What response should you anticipate? What do you think their likely response will be to your entry into the
\nmarket, and how will you respond to that?
\nBe sure to address substitutes. Are there any substitutes for your service or product offering? Identify any key substitutes, discussing the strengths and
\nweaknesses of those substitutes when compared to your offering.
\nGuidelines for Submission: Short paper assignments must follow these formatting guidelines: Microsoft Word document with double spacing, 12-point Times
\nNew Roman font, one-inch margins, and APA formatting. Page length requirements: 4\u20136 pages. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Overview: This section of the marketing plan addresses the organizational objectives and the target market plan for your company. This milestone is due in Module Four. You need to develop at least five marketing objectives as part of your planning process. These answer the question, \u201cWhat do you plan to accomplish?\u201d Objectives should be realistic, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/273683"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=273683"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/273683\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=273683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=273683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=273683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}