04 May Before a business can effectively create and implement a marketing plan, it must first determine it
Before a business can effectively create and implement a marketing plan, it must first determine its target market. No matter how amazing the product, good, or service may be, not everyone is a potential customer! In this assignment you will consider a new product and then define the market you would target with your marketing efforts.
- Select one of the following products, goods, or services as the basis for your written assignment:
- An energy drink that uses all natural ingredients to boost energy levels and metabolism. This drink eliminates all of the harmful side effects that competitors’ products have.
- An “intelligent” home system that monitors the residents’ movements through the house and sends information to family members, caregivers, and medical providers. For example, handrails on the stairs contain heart rate monitors.
- A wireless virtual-reality headset that allows the user to experience 3D virtual reality programs including travel and games.
- A “smart bed” that monitors each partner individually and makes adjustments on its own to keep people sleeping soundly. As sleeping positions change throughout the night, the bed self-adjusts to optimize the sleep surface and comfort level.
- A chain of luxury hotels that offer luxury on-site pet accommodations for their guests’ dogs and cats. Pets can receive massages, pedicures, chef-prepared gourmet meals, and outings to local parks, beaches, and lakes.
- For the product or service you chose, prepare a Target Market Report that includes the following information:
- Identify the customer need(s) that the product/service addresses. This should include who the product/service is designed for, the unique features of the product/service, and who would you want your customers to be.
- Separate the large market you identified into smaller segments. After creating these smaller subgroups, determine which ones you believe would be the most profitable or productive to target.
- Create a profile of your target segments as described in your text.
- Now that you have identified a market segment to target, is it large enough to sustain the product/service in both the long and short term? You may want to look at demographic information from your state or federal databases, such as the United States Census Bureau.
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