Target Audience & Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.
PART 1: General Research
PART 2: Application to Product/Service
(NOTE: this section of the assignment will become part of your Final Strategic Marketing Plan)
o Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau’s American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
o Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover’s Pro in the Library is a good tool for this section; it may be accessed under “Find Web Resources”