Identify your company’s Target Market

by | Apr 13, 2022 | Other

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Continuing with your company’s marketing plan
Must be in APA format. Needs to include references
In 5 paragraphs identify your company’s Target Market
Answer the following questions
Target Market
What it the target market’s demographic, geographic, and psychographic?
Are the members of each market homogeneous or heterogeneous with respect to geographic, sociodemographic, and behavioral characteristics?
Is the size, growth rate, and national and regional trends in each of the organization’s market segments?
What are the evolving needs and satisfactions being sought by the target market?
Market Segments
Is the size of each market segment sufficiently large or important to warrant a unique marketing mix?
Are market segments measurable and accessible to distribution and communication efforts?
Which are the high- or low-opportunity segments?
Product/Service
What benefits does the organization offer to each segment? How do these benefits compare with benefits offered by competitors?
Is the business positioning itself with a unique product? Is the product needed?
How much of the business is repeat vs. new business? What percentage of the public can be classified as nonusers, light users, or heavy users?
Competition
How do current target markets rate the firm and its competitors with respect to reputation, quality, and price? What is the business image with the specific market segments it seeks to serve?
Does the firm try to direct its product only to specific group of people or to everybody?
Who buys the firm’s products? How does a potential customer find out about the business and product/service? When and how does a person become a customer?
What are the major objections given by potential customers as to why they do not buy the business’s products?
How do customers find out about and decide to purchase the product? When and where?
Obstacles
Should the firm seek to expand, contract, or change the emphasis of its selected target market? If so, in which target markets, and how vigorously?
Could the firm more usefully withdraw from some areas where there are alternative suppliers and use its resources to serve new, unserved customer groups?
What publics other than target markets (financial, media, government, citizen, local, general, and internal) represent opportunities or problems for the firm
*Use headings in your paper:
Target Market
Target Market
Market Segments
Product/Service
Competition
Obstacles

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