Marketing Plan: Part IV In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part IV, including the sections listed be
Marketing Plan
Principles of Marketing
MKT 3301
Unit VI
Casidy Landry
Columbia Southern University
Marketing Plan
There are several different types of segmentation strategies that I will apply to meet my firms target advertising and marketing efforts. The most common segmentation categories are behavioral, geographic, psychographic, and demographic.
Geographic segmentation is the method of dividing a market into diverse geographic regions. This type of segmentation can be helpful for companies selling regionally specific products or services (Januario, 2015). For example, a company that sells snowboards would likely use geographic segmentation to target its marketing efforts toward consumers in regions with snow.
Demographic segmentation is the method of dividing a market into various groups based on demographic characteristics. This type of segmentation can be helpful for companies that sell products or services that are geared towards specific demographic groups. For example, a company that sells baby clothes would likely use demographic segmentation to target its marketing efforts toward new parents.
Psychographic segmentation is the process of dividing a market into multiple groups based on psychological characteristics. This type of segmentation can be helpful for companies that sell products or services that are geared towards specific psychographic groups. For example, a company that sells luxury cars would likely use psychographic segmentation to target its marketing efforts toward affluent consumers.
Behavioral segmentation is the process of dividing a market into different groups based on consumer behavior. This type of segmentation can be helpful for firms that want to target their marketing efforts toward specific consumer behaviors. For example, a company that sells fitness equipment would likely use behavioral segmentation to target its marketing efforts toward consumers who are interested in staying fit and healthy.
Age: A population's age is one of the most vital demographic variables that my online business must look into. It is often used to identify target markets for products and services,
Gender: Gender is another important demographic variable. I will use it effectively to know the structure of the market.
Income: Income measures a person's or household's purchasing power. This is an essential factor for my small online business.
Ethnicity: Ethnicity measures a person's or household's cultural identity.
Marketing Strategy
The 4Ps marketing strategy is a proven and effective marketing strategy that can be used by my online businesses to increase sales and brand awareness. The 4Ps marketing strategy is based on the four fundamental marketing principles: product, price, place, and promotion. Using these four fundamental marketing principles, my online business can create a comprehensive marketing strategy to help me achieve t sales and brand awareness goals.
Product
My small online business needs to offer a high-quality product that meets the needs and wants of its target market. When selecting a product, my online business will consider the features and benefits of the product, as well as the price. It will also consider the shipping and return policy of the product to ensure that the product is delivered to the customer in a timely and efficient manner.
Price
My online business needs to set a competitive price for its product. When setting the price, I will consider the cost of the product, the shipping and handling fees, and the return policy. In addition, my online business will also consider the product's perceived value. The perceived value is the customer's perception of the worth of the product (Abdullah, 2015). Any businesses should set a price that is in line with the product's perceived value.
Place
My online business needs to ensure that its product is available in the places where its target market shops. When selecting a place to sell their product, I will consider the type of customer we are targeting. For example, my business will target a younger demographic selling their product on a website or online store. On the other hand, businesses that are targeting an older demographic may want to sell their product in a brick-and-mortar store.
Promotion
My online business needs to use various marketing and advertising techniques to promote its product. When selecting a promotion strategy, I will consider the type of customer we are targeting. For instance, businesses that are targeting a younger demographic may want to use social media marketing to promote their product. On the other hand, businesses that are targeting an older demographic may want to use television or radio advertising to promote their product.
Positioning
Positioning is creating a unique and differentiated image for a product or service in the minds of the customer. Positioning is based on the belief that the customer will make a purchase decision based on their perception of the product or service.
There are three main elements to positioning that my online business will consider:
The target markets.
The competition.
The unique selling propositions.
The target market is the group of individuals that the product or service is designed for. The competition is the other products or services that the customer may consider. The unique selling proposition is the feature of the product or service that sets it apart from the competition. The positioning statement is the statement that articulates the position of the service or product in the minds of the customer. The positioning statement should be clear, concise, and easy to understand (Kim et al., 2014).
Here is an example of a positioning statement:
Our product is designed for busy professionals who want a quick and easy way to get their daily dose of vitamins and minerals. Our product is the only one on the market that is specifically designed for this target market. This positioning statement articulates the competition, the product's unique selling proposition and the target market.
The benefits of a product or service are the features that offer value to the customer. The benefits should be based on a thorough understanding of the target market and the customer's needs.
Some examples of benefits that our product or service might offer are:
Convenience
Quality
Value
Selection
Service
Strategy
The sales strategy is the set of decisions about the sale of a product. The sales strategy should be based on a thorough understanding of my online business's target market and customer needs.
Some examples of sales strategies we will apply are:
Direct sales
Indirect sales
Channel sales
Online sales
The sales strategy will be designed to meet the target my company’s market's needs. The sales strategy should also be prepared to maximize the product's profitability.
The decision of whether to focus on business-to-business (B2B) or business-to-consumer (B2C) markets is an essential one. The choice will be based on a thorough understanding of the target market and the customer's needs.
Some factors I will consider when making this decision are:
The type of product or service.
The price of the product or service.
The target markets.
The sales strategy.
References
Abdullah Saif, N. (2015). How does Marketing Strategy Influence Firm Performance? Implementation of Marketing Strategy for Firm Success. International Journal Of Innovation And Economic Development, 1(3), 7-15. https://doi.org/10.18775/ijied.1849-7551-7020.2015.13.2001
Januario, A. (2015). Multinational Firms' Geographic Segmentation and Exchange-Rate Dynamics. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2606197
Kim, M., Park, K., & Won, J. (2014). Development and Positioning Accuracy Assessment of Precise Point Positioning Algorithms Based on GLONASS Code-Pseudorange Measurements. Journal Of Positioning, Navigation, And Timing, 3(4), 155-161. https://doi.org/10.11003/jpnt.2014.3.4.155
