Marketing Strategy for Your Business Plan During this lesson, you will be creati
ID: 424551 • Letter: M
Question
Marketing Strategy for Your Business Plan During this lesson, you will be creating the Marketing Plan section for your Course Project Business Plan. For this first class discussion Main Post, please ansver these four questions that can serve as an introduction to this section of your business plan. . Explain hov your marketing plan targets your market segment. . What percentage of the market do you feel you need to capture for your business to be profitable? . Write a positioning statement for your business. . How do you plan to grovr the organization (self-generated, franchising, acquisition)?Explanation / Answer
1 How your Marketing plan target your marketing segment –
Targeting the marketing is very important to achieve the focus on our target market, target segment, target customers. It implies the set of customers that we would like serve differentiating their unique characteristics and planning the strategy to serve them.
We can target markets like –
1 On base of Demographics like age, gender, marital status, religion, race, etc.,
2 Geographic’s like area code, location city, country, etc.,
3 Industry wise– Horizontal or vertical or similar.
4 Characteristics – Values, beliefs, Desires, preferences, Life style, standards.
2 What percentage of the market do you feel to capture for your business to be profitable
To get the true size of your target market, you need to know Total Addressable Market, Segmented Addressable Market and segmented obtainable market. To analysis this, determine the potentials questions first – Who will be in the need of your product/service, whether they are purchasing power and if yes, how will they identify your product and its availability, understand whether the purchasers would be from the business background or the residents. Understand whether the similar product is available in the market, if yes, how much it is famous and solving the purpose for which it was made for. How much money people are spending on such similar item. Who else can be your customer. Mostly business in their early years shoots up to 1 % of their Target market segment.
3 Write a positioning statement for your business
To write a positioning statement, four things to consider, It must contain its core value, Unique charactertics, Positioning statement as to what makes your product different from others, and its benefits.
Example – When the people were bored of ordinary gym, couldn’t woke up early in the morning for Jogging, and is typically bored and tired of Zumba and aerobics, here comes a Power Yoga Classes which is different then ordinarily Yoga and is specially organised for our youth to be fit and easy and become flexible to manage their normal sitting job and learn something which is going to help them in future at their old age slot.
4 How do you want to grow your organization –
At the start up level, I would like to opt for self-generation, as initially company must gain the market share, get the brand image, create awareness of its existence in the market and gain some loyal customers. Later, I may go for opening of branches or licensing the franchise. Acquisition is an opportunity which may be opted when the business is at its peak.