Target Market & Positioning
Selection of Target Market
Identify the target market chosen for this plan and justify why?
• Identify the targeting strategy adopted by your company. This will determine which market segments you will focus on (e.g., mass marketing, differentiated marketing, concentrated etc.);
From here, identify the selected target market.
• Provide the profile of your target market addressing such as the following:
o Demographics (e.g., age, gender, social status, occupation, religion, ethnicity, income, social class);
o Psychographics (e.g., lifestyles, attitudes and beliefs, perceptions, personality, adopter categories such as innovators, early adopters, early majority, late majority, laggards).
o Consumption and use patterns (i.e., Behavioural): Buying motives, when, where and how they buy, usage rate, how often they buy, who makes the buying decision and who does the buying.
o Geographic (e.g., location, region, state, zip codes, countries, cities, urban, climate, market size etc.)
o Marketing and brand dimensions (e.g., specific responses to marketing campaigns, familiarity to the brand, do they select a product based on brand/attributes, brand loyalty, customer satisfaction etc.)
Describe the company’s unique selling proposition and how you differentiate yourself from competitors.
• Provide the company’s positioning strategy.
• Provide slogan or positioning statement for the company.
Positioning strategies can be based on the following:
• Product attributes;
• Product benefits;
• Meeting a need which is not being satisfied by competitors;
• Customer usage, occasions/patterns;
• Direct comparisons to competitors;
• Avoiding competitors;
• Product classes.
Construct a strategic group map of competitors in your industry.
• Ensure that you label the X and Y-axis.
• Ensure that you state where your company/brand is currently positioned and where you would like to be positioned based on your marketing strategy.
Marketing Mix Strategies
State the major elements of your marketing mix (detailed below). Justify and explain how they interact to create synergy.
• Identify main product line and sub-product lines;
• Identify key product attributes (e.g., features, quality, wide or deep product assortment, packaging, warranty etc.) that will be or have been implemented in response to target market’s needs and according to marketing strategy.
• Provide product name, description, functionality, features and benefits;
• Compare your product offering to that of your main competitors;
• Identify (if appropriate) changes to production process;
• Provide a 2-D image of the new product/s with descriptors.
Identify the cost of the product to the customer.
• Detail the new pricing structure (i.e., wholesale price, mark-up, retail price)
• Describe how the selling price will be determined;
• Describe pricing strategy (e.g., market-skimming pricing, market penetration pricing, lowest price provider, geographic pricing, bundling of products etc.) and how it relates to the overall marketing strategy;
• Provide discount schedules;
Justify your strategy based upon the overall objective of the marketing plan> Please note there are other pricing strategies you may apply.
Overview: Your promotional strategy must reflect your positioning strategy. This means that the message you are sending to the market be relative to the positioning strategy. Develop a 3-6 word sentence that can be used to portray this strategy. For instance, Toyota use “oh what a feeling”. Also the media chosen to communicate the message must be the same media that your target market consumes. As such the message must be the same across all the media used. Remember who you have chosen as your target market and how will this enable you to achieve your objectives.
• Explain the choice of media in combination with ad type (e.g., print, radio, TV, outdoors, online, social media, events, Public relations/publicity)
• Explain how each medium will be used in terms of timing, sequencing, and synergy. Explain and include the below table (but do so for 12 months). You may commence in any month of the year. This is essentially a smaller version of that seen in the implementation section, but this only shows promotions and how they may overlap.
• Describe any loyalty programs offered (e.g., reward programs, appreciation programs, partnership programs, rebate programs, affinity programs).
Now choose which of the following you could use for your promotional campaign and apply. There is no set number – choose only what you wish to apply in your plan.
2. Personal Selling
• Identify elements of personal selling (face-to-face) strategy if applicable;
• Identify sales force needed (i.e., number of sales persons required, type of sales people required, type of sales presentation to use).
3. Sales Promotion
• Refunds. Rebates
• Bonus packs
• Frequency programs,
• Event marketing
4. Trade Promotion
• Describe elements of trade promotions with distributors and/or partners (e.g., contests, trade allowances, point-of-purchase displays, trade shows etc.)
5. Public relations/Publicity
• Press release;
• Cause-related marketing;
6. Customer and Service Support
• Identify key elements of customer service and support that relate to the marketing strategy;
• Customer service hours;
• Level and method of customer service/support provided (e.g., telephone, website, live chat, email etc.)
• Response time to customer inquiries;
• Specify the role of distribution as it applies to the marketing strategy (e.g., exclusive distribution, penetrate the whole market, selective distribution);
• Identify geographical or sales territories to be covered;
• Specify the types of distribution channels (e.g., direct, indirect, number and type of intermediaries (retailer, wholesaler, distributors, agents);
• Specify whether middlemen are: promoting your product, adding a price mark-up, negotiating with customers or other middlemen, transporting and sorting goods, gathering market research information, providing market research/data information down and up the supply chain).
Evaluation and Control
Identify measures you will use to evaluate your marketing plan and also place in the table provided. Justify. Remember these evaluation measures must be relative to the objectives of the marketing plan. Refer to which provides a guide to the various metrics available to you relative to the objectives chosen. You should use more than one marketing metric to evaluate your plan.