3.4 Identification of Target Market Segment(s)
Who are the customers that you want to win? Who makes the decision to buy? When do they purchase? What factors influence their purchase? Research their buyer criteria and hierarchy. Do they make repeat purchases? Remember also that no company tries to build their products/services for everyone they tend to focus on special groups of customers with particular needs that we call segments. So in this section you will also need to segment the market for your product/service and then evaluate each of those segments in order to find out which one(s) are the most attractive. Think about car companies building a new car what groups of customers (segments) are they targeting and what impact will that have on the design and capabilities of the car? The target segment(s) that you identify in this section will then become the ONLY FOCUS for your marketing plan.
3.5 Company Gap Evaluation
When a company undertakes any business venture, it needs to consider whether it has the expertise and experience required to (at least on paper) make the venture successful. This analysis very often results in the company identifying gaps in its capabilities which obviously then need to be planned for. For example, the company might identify that to fund an expansion it needs $11m of working capital, which it does not currently have and so the gap would be the $11m required and how to get it. Other gaps might be knowledge of new markets, or detailed knowledge of new laws and regulations, or senior management without relevant market experience etc. So, evaluate what you consider to be the important gaps and make sure that you plan for them in your project
5.2.3. Distribution and Logistics
A brief evaluation of all realistic distribution options is required. These options should be discussed, covering advantages and disadvantages, how they might work and reasons for adopting or discarding each one, within the context of your firm and the chosen market.
You should reduce the options down to the ones that would be realistically implementable by your firm. Explain this strategy in detail – how and why will it work for your firm?
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