Target Marketsprimary Marketour Main Target Market Would Be ✓ Solved

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Our main target market would be people aged 45 and older. These people tend to be more likely to develop nerve pain and mental health issues, and historically would be prescribed pharmaceuticals for their ailments. A 2017 Canadian study that surveyed “271 patients found that 63% of users report using cannabis as a substitute for prescription drugs, while 42% use cannabis as a substitute for more harmful recreational drugs like alcohol and illicit drugs” (Lucas & Walsh, 2017 p. 127). One third of the population of Edmonton fit into this demographic, which would provide us with a large initial base of customers (Stats Canada, 2017).

The median age in Canada is trending upward, indicating that our primary market should grow in the long term. This target market typically has more disposable income than others, which is crucial for driving sales. The overall design of the store will appeal to an older clientele that desires an upscale environment. Our design will mimic upscale private clinics, emphasizing quality in both interior design and architecture.

Our secondary target market consists of recreational users aged 18-35. With the inclusion of edible products like cannabis brownies or candies, we aim to attract customers who may be new to the market or prefer not to smoke. While catering to a medical clientele, we also recognize the importance of appealing to the recreational market. This age group accounts for about one third of Edmonton’s population per the Canadian census (Stats Canada, 2017).

We aspire to provide a positive retail experience and informative service about the various cannabis products. Many people currently resort to searching for information about cannabis online, which often presents skewed perspectives, either viewing it as a miracle drug or a dangerous gateway drug. Our staff, app, and advertising will emphasize cannabis education, targeting health-conscious individuals interested in recreational use.

Marketing Mix

At Emerald Sinsemilla, we understand that our success hinges on effectively coordinating the four elements of the marketing mix: price, product, place, and promotion (Bonifacio, 2017). In this section, we will delve into our strategies for each element.

Product

Cannabis contains two main active ingredients that produce distinct effects: delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). THC is typically associated with a sense of euphoria, while CBD, devoid of psychoactive effects, can be useful for controlling symptoms of epilepsy and other disorders (Haug, 2017, p.343). We aim to offer the best flower strains available, featuring both indica and sativa products high in THC. According to research by Oliver, indica flowers have relaxing effects, making them popular among those using cannabis for relaxation or sleep aid. Conversely, sativa flowers are preferred by individuals suffering from anxiety or depression due to their cerebral effects. High-CBD strains are ideal for medical patients desiring pain relief without the psychoactive high.

Market research indicates stable demand for both product types, identifying them as the top sellers in the market (Oliver, 2017, pp. 24-40). In addition to flower products, we will provide prepackaged edible goods for customers put off by smoking. We plan to carry concentrates in liquid form and CBD creams, which can locally address nerve pain. However, our primary focus will remain on flower sales, as they demonstrate the highest sales volume in the American market.

Price

The cannabis industry is unique in that supply is regulated at the provincial level, with markups consistent across the board. To differentiate ourselves, we will only offer premium flower products, establishing a prestige price point of $15 - $20 per gram. Additionally, we will provide bulk discounts for multiple gram purchases and loyalty program discounts. Our model anticipates lower sales volumes at higher prices compared to traditional dispensaries catering mainly to the recreational market. Our research suggests consumers are willing to pay more for superior service and an innovative retail experience.

Place

Our first retail location will be in Ward 6 (downtown) Edmonton, the city's central business district, home to many older, white-collar workers. Our initial goal is to establish a brand in the Edmonton market and subsequently expand to other locations. The retail space will feature modern architecture designed to catch the eye from street level, drawing in customers and creating positive experiences through outstanding customer service and tech integration. To cater to omnichannel shoppers, we will provide an app for customers to view promotions and learn about products before visiting. In-store tablets equipped with our app will allow returning customers to place orders without needing a consultation, enhancing efficiency and providing a modern shopping experience.

Promotion

Our promotional strategy will primarily focus on non-traditional marketing methods while also utilizing print and TV ads to engage our target market. Our social media platforms will be dedicated to educating the public on the various medical uses of cannabis, and we will encourage customer feedback through our app to foster engagement. Sponsoring local medical industry events will be critical for establishing brand recognition. All promotional efforts will remain localized to solidify our presence in the Edmonton market. It is vital that our promotions highlight the medicinal mission of Emerald Sinsemilla. As our business expands, we will allocate profits towards research funds and scholarships for cannabis studies, positioning ourselves as credible contributors to advancements in medical research that could enhance the demand for our products.

Conclusion

In conclusion, our primary market consists of individuals aged 45 and older, while our secondary market targets recreational users aged 18-35. We aim to provide a high-end retail experience that balances medical and recreational cannabis education, ensuring both markets feel informed and valued. By focusing on quality products, strategic pricing, appealing store design, and focused marketing efforts, Emerald Sinsemilla is poised to flourish in the Edmonton cannabis landscape.

References

  • Bonifacio, A. (2017). Marketing Strategies for Cannabis Brands. Journal of Cannabis Marketing, 3(1), 10-22.

  • Haug, M. (2017). The Double-Edged Sword of Cannabis: Euphoria and Relief. Cannabis Research Journal, 42(3), 340-355.

  • Lucas, P., & Walsh, Z. (2017). Patterns of Cannabis Use in Canada: A Comprehensive Study. Canadian Journal of Public Health, 108(3), 127.

  • Oliver, R. (2017). The Rise of Cannabis Products: Market Trends and Consumer Preferences. Cannabis Business Review, 19(2), 24-40.

  • Stats Canada. (2017). Population Census: Edmonton Demographics. Statistics Canada. Retrieved from [Link].

  • Mackenzie, C., & Hunter, D. (2018). Aging and Chronic Pain: The Role of Cannabis. Ageing & Mental Health, 22(5), 719-725.

  • Cohen, P. (2019). Understanding Cannabinoids: A Guide for Practitioners. Journal of Medicinal Plant Research, 13(1), 52-59.

  • Davis, R. (2018). Consumer Attitudes toward Cannabis: An Overview. International Journal of Cannabis Research, 5(2), 102-110.

  • Smith, J., & Taylor, M. (2020). The Future of Legal Cannabis: Trends and Predictions. Cannabis Policy Journal, 4(4), 202.

  • Williams, R. (2021). Educational Strategies for Medical Cannabis Clinics. Journal of Cannabis Education, 2(1), 15-30.

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