This is an exciting time as your business is now up and running. You are ready to start production of your product, but you have many unanswered questions. You believe that you have a great product, and you feel that it should appeal to a broad group of people. How do you determine who this group of people will be?
How will you price your product to ensure that you make enough profit and that people can afford to buy it? Where will you advertise your product? Where will your customers be able to purchase it? In order to address these questions and more, you will need to create a Marketing Strategy to describe your Target Market and determine the Marketing Mix (4 Ps).
When writing your Marketing Strategy, you will need to address the points below:
Describe the Target Market for your product using the four types of Market Segmentation:
Using the 4 Ps of the Marketing Mix, describe the Product, Pricing, Promotion, and Placement of your product.
Product: Describe and differentiate your product. Focus on the benefits your product will offer your customers. How is your product different or better than those offered by your competitors?
Price: Discuss the things you will need to consider when establishing a price for your product.
Promotion: Based on your Target Market description, discuss the types of promotion you will use to attract your Target Market. Where will you place those promotions?
Placement: Where will you make your product available for purchase? Which channels of distribution will be used to transport that product?
Explain the relationship between the Target Market and the Marketing Mix. Discuss how they work together to create the Marketing Strategy for your business.