Marketing Plan Identifying Target Markets Resources Project

Marketing Plan: Identifying Target Markets

Resources: Project Scope, VegemiteWebsite ( visit the Website : http://www.vegemite.com.au)

Complete the Marketing Plan : Identifying Target Markets Worksheet.

Worksheet Format given below :

Marketing Plan Chapter 6 Activity 6: Identifying Target Markets Worksheet

Write a short answer on the target markets for your product, including responses to the following questions:

·         What segmentation approach(es) do you recommend? Justify your response.

·         How closely do your proposed segments match the four criteria for effective segmentation? What does this evaluation lead you to conclude about the best way to proceed?

<Compose answer here>

Create a list of at least three potential target markets based on the segmenting approach or approaches decided on in part 1. For each target market on your list, identify the following using the following chart:

·         Segment sizes and growth potential

·         Segment competitive forces (competing products)

·         Strategic fit of the segment

·         Profiles of each potential target market

·         The basic levels of priority (primary, secondary, tertiary, and abandoned)

·         Target marketing approach for each primary target, including rationale (undifferentiated, differentiated, concentrated, and customized)

Target Market Profile (1pt each)

Segment Size

Growth potential

Competing products

Strategic fit

Prioritization* (pg 178)

Target Marketing approach (with rationale) (pgs 179-180)

Working moms

(Describe the market you are targeting for segmentation)

(number in US)

High – population growing at rate of XXX, more families, increasing in size

Nutella, peanut butter

Behavioral – moms looking for nutritional value in food for children

Primary

Customized

Concentrated

What are the likely sources of differential advantage which could aid you in developing your positioning strategies?

<Compose answer here>

Target Market Profile (1pt each)	Segment Size	Growth potential	Competing products	Strategic fit	Prioritization* (pg 178)	Target Marketing approach (with rationale) (pgs 179-180)
Working moms (Describe the market you are targeting for segmentation)	(number in US)	High – population growing at rate of XXX, more families, increasing in size	Nutella, peanut butter	Behavioral – moms looking for nutritional value in food for children	Primary	Customized Concentrated

Solution

The differential advantage which could aid you in developing your positioning strategies are as follows:

Product differntiation; IF the product has any unique feature or has something different to offer, which the other competitors like Neutella and peanut butter dont offer, it can be Advertised in a grand way to attract people towards the brand.

Price competitions; To pull in a mass of people to buy a product it needs to be offered at a price which people would not mind spending. You can also go forward and give products at different sizes like satches, jars etc. at different prices, to make people try the brand first and then become regualr buyers.

Value for money; The quantity offered at the price at which the product is being sold for is should be such that customers think it is worth their money, or its a steal for their money, in other words they should think they are the winners in the purchase.

Segmentation for the population can be done by:

Demographics:- if you are targeting the youth, or the professional people who dont have time to cook early in the morning, working morther etc.

Behavioural:- Customers who want value for money etc.

Phychographic:- if you say your product has natural food or organic food the population can be segmented in this manner also