...How to Conduct Target Market Analysis ShareThis Every successful business plan includes target market analysis because you have to know who your customer is before your business can succeed. The 6 steps below guide you through the process of conducting target market analysis so you can properly assess the market your company appeals to. Step 1: Identify Your Target Market When you identify your market, you ask yourself a series of questions about your potential customers. When you think about who will buy your product, decide on their: •age •gender •annual income •what they do for a living •what they do in their leisure time •whether are not they have children Then, get more specific to your product. Find out how many of your type of product they already own or tend to own and how often they replace the product. Step 2: Divide Your Markets Your target market may include several different segments in terms of: •demographics •geographic location •attitudes and beliefs •purchasing trends If this is the case, divide your target markets along these lines in order to reach them more effectively. Step 3: Conduct Market Research You can use printed information collected by the federal government at practically no cost including the U.S. Census or the annual Statistical Abstract of The United States, published by the U.S. Department of Commerce. Given the sheer volume of information in these publications, though...
Words: 511 - Pages: 3
...College and university students, business people, kids and even adults. Basically, Apple targets all age group people. Apple targets all kind of people who want new technology. They research about people’s needs and wants. I phone targets consumers who need to store information and communicate or people who want entertainment on the go. Apples target segments consist of professionals, students, corporate users, entrepreneurs. The main target market is young children as well as business man. MICRO ENVIORNMENT: Micro environmental factors include those factors that affect the operations and decision making process of an organization. Some of the micro environmental factors include suppliers, market in intermediaries, public and competitors. Customers – • Teenagers – Teenagers are considered as one of the main customers of Apple products. Teenagers use iPods for a number of reasons such as listening to music, socializing with friends or using social networking sites such as MSN, Facebook, Twitter, Google etc. They may also use gaming apps. IPods has become a trend with...
Words: 1933 - Pages: 8
...research, Exhibit 12a and 12b show the segmentation and descriptor variables used to collect data for the segmentation analysis. Comment on the appropriateness and comprehensiveness of these attributes. What would your team change in this questionnaire and what other segmentation and descriptor questions would you recommend to ask to respondents for a better segmentation and targeting strategy? 1.) The comprehensiveness and appropriateness in the data from exhibit 12a and 12b for the segmentation analysis are very accurate and on point. The questions asked in exhibit 12a, the segmentation variables, are really right to the point and they are getting as much information as possible form customers about their knowledge of fashion. Also, exhibit 12a segmentation variable questions are very helpful because they are finding out important information from the customers to help target their preferences with bras, as well as great information on how to better market for their bras. Exhibit 12b, descriptor variables, is also appropriate because it helps with targeting different segments of customers specifically. Also, this information helps to specify how to market, when/where to market, and to whom to market different information to different segments of customers. - My team would change from the questionnaire a few things that could help impact the segmentation analysis. The questions from exhibit 12a were great, but exhibit 12b the questions could be tweaked a little. The level of education...
Words: 2013 - Pages: 9
...Description……………………………………………………………………………………………………. 2 3. Strategic Focus and Plan……………………………………………………………………………………………….. 4 3.1 Mission Statement………………………………………………………………………………………………….. 4 3.2 Goals………………………………………………………………………………………………………………………. 4 3.3 Core Competency and Sustainable Competitive Advantage……………………………………. 5 4. Situation Analysis…………………………………………………………………………………………………………. 5 4.1 SWOT……………………………………………………………………………………………………………………... 5 4.2 Industry Analysis…………………………………………………………………………………………………….. 6 4.3 Competitor Analysis………………………………………………………………………………………………… 6 4.4 Customer Analysis…………………………………………………………………………………………………… 7 5. Market-Product Focus…………………………………………………………………………………………………… 7 5.1 Marketing and Product Objectives………………………………………………………………………….. 7 5.2 Target Market…………………………………………………………………………………………………………. 8 5.3 Points of difference…………………………………………………………………………………………………. 8 5.4 Positioning………………………………………………………………………………………………………………. 9 6. Marketing Program………………………………………………………………………………………………………. 9 6.1 Product Strategy……………………………………………………………………………………………………… 9 6.2 Price Strategy………………………………………………………………………………………………………… 10 6.2.1Breakdown Analysis………………………………………………………………………………………. 10 6.3 Promotion Strategy………………………………………………………………………………………………. 11 6.4 Place (Distribution) Strategy…………………………………………………………………………………. 12 7. Financial Data and Projections……………………………………………………………………………………. 12 7.1 Past Sales Revenues………………………………………………………………………………………………. 12 7.2 Five-Year...
Words: 3130 - Pages: 13
...Table of Content 1. Executive Summary…………………………………………………………………………P.1 2. The Challenge………………………………………………………………………………..P.2 3. Situation Analysis……………………………………………………………………………P.3 3.1 PEST Analysis……………………………………………………………………………P.4 3.2 SWOT……………………………………………………………………………………..P.5 4. Market segmentation………………………………………………………………………P.6 5. Market Positioning………………………………………………………………………….P.8 6. Alternative Marketing Strategy…………………………………………………………….P.9 7. Product……………………………………………………………………………………P.10 8. Price…………………………………………………………………………………………P.10 9. Place (Distribution)………………………………………………………………………P.11 10. Promotion………………………………………………………………………………P.11 11. Short & Long Term Projections……………………………………………………….P.18 12. Conclusion……………………………………………………………………………….P.19 13. References……………………………………………………………………………….P.20 1. Executive Summary Improve brand awareness of Lee Jeans to Hong Kong young adults with a digital marketing plan that sustains to half year is the target of this project. Digital media is the best way to promote Lee Jeans products to our target customers, not only the result is measurable for evaluation to improve the marketing strategy in the future, but also the budget is controllable and not so costly as traditional medias. There are 2 stages of marketing events: Phrase 1: build up new customers database thru a photo taking competition for collecting primary and secondary data. Phrase 2: customer engagement thru Facebook platform, invite the...
Words: 3895 - Pages: 16
...Fashion Channel Case Study MKT 247 Pengxi Lv 10/26/2014 1.SWOT analysis: Strengths: 1. Fashion channel is the only network dedicated solely to fashion, with up-to-date and entertaining features and information broadcast 24 hours per day, 7 days per week. 2. Fashion channel also is one of the most widely available niche networks, reaching almost 80 million U.S. households that subscribed to cable and satellite television. 3. Fashion channel has a large loyal audience base with average 1,100,000 people watching at any point of time. 4. Fashion channel’s revenue and profit grows above the industry average since the founding of the channel. Weaknesses: 1. Fashion channel has never launched any detailed segmentation, branding, or positioning strategy before. 2. Fashion channel is less attractive to cable affiliates compared with CNN and Lifetime according to a recent Alpha research study on customer satisfaction with cable networks. 3. Fashion channel has to compete against networks in buying ratings and demographics as well as against other fashion oriented programs. 4. Although the leading team is aware of the necessity of changing, they may not be ready to take actions because they never changed since the founding of TFC. Opportunities: 1. Strengthen competitive position and secure Fashion channel’s position as a market leader. 2. Focus on specific target markets could bring more steady growth. 3. Increase average rating so that Fashion channel could have...
Words: 818 - Pages: 4
...J2 School Supplies Store Remnant International Christian School Feasibility Study “J2 School Supplies Store” Submitted by: Jessa Buan Jessa Mae Fuerzas Submitted to: Mr. Joseph P. Batingan March 11, 2015 J2 School Supplies Store Table of Contents Executive Summary Introduction Product/Service Description The promoter Market Assessment Questions in Market Assessment Competition Analysis Marketing Strategy Technical or Production Analysis Prototype or Sample Product Management Capability Financial Analysis Required Financing Economic Impact Conclusions and Recommendations Appendices J2 School Supplies Store Executive Summary This kind of business will be profitable when it comes to students and when the school year starts. We came up of this business because, as a student, we know the needs and wants of our fellow students also when it comes to school supplies. We want to give the customers’ desire so; we will do our best just to buy all the things that we think is really necessary. Having involved in this kind of business is not tasky, you just need to organize every little thing that is happening in your store/business. It could help you to be a better organizer and thinker when it comes to this. And also, you need to be updated about the things that are trending in present so that you can attract more customers especially when it comes to kids. Introduction Our school supplies store is like a mall open for everyone, self-service and you just...
Words: 1698 - Pages: 7
...focusing on its economic, social and environmental angles and contribute to its community development. Rowner Community Trust is a new initiative. Therefore, as any other organizations it is looking forward to grow its social business by developing new social ventures to support Rowner community and sustain its social business. * Rowner Community Trust next project Group 1 will focus on Rowner Community Trust next project. The Community Trust next project is to create an Events Management Social Enterprise. This new project will generate revenues by providing events management services such as catering, conferences and other events management services to the following target segments: * SME's * Large Corporates * Public sector * Non-profit organizations * Consumer markets in following geographic locations: * London * Regional organizations involving the following stakeholders * Rowner Community Trust * Rowner Community Trust community center * Rowner Community Events Group The revenues coming from the events management social enterprise services will help in sustaining Rowner Community Trust and will also provide benefits such as education, training and employment to the people living in Rowner community. * Group 1 – Main Task To develop an entrepreneurial feasibility study for Rowner Community Trust events management social business that provides services to different organizations and companies. For our entrepreneurial...
Words: 1559 - Pages: 7
...area and the other being a “dive-shop” product accessories line to consumers who love boating, scuba, and snorkeling in the Woodstock, Georgia area. A good retail location is a key determinate of the future retail success and determining demographics and lifestyle descriptions would help in finding and developing the right dealers or stores as customers in these two markets. Background of the Problem: First, it is important to understand the meaning behind marketing segmentation, targeting, and positioning. After reading an article, “Market Analysis,” it provides the definitions of each of the three main issues to consider, “Market segmentation involves grouping your various customers into segments that have common needs or will respond similarly to a marketing action. Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities. After segmenting the market based on the different groups and classes, you will need to choose your targets. No one strategy will suit all consumer groups, so being able to develop specific strategies for your target markets is very important. Positioning is developing a product and brand image in the minds of consumers. It can also include improving a customer's perception about the experience they will have if they choose to purchase your product or service. The business can positively influence the perceptions of its chosen customer base through strategic promotional activities and...
Words: 949 - Pages: 4
...2009) Oshima Tsubaki, Inc. has thus achieved to be the number one product for treatment category with Oshima Tsubaki Camellia Hair Care Oil. (Refer to appendix 1) Oshima Tsubaki Camellia Hair Care Oil is made from 100% Camellia Japonica seed oil from Japan. The oil is extracted from the seeds of Tsubaki or camellia flower. Oshima Tsubaki Camellia Hair Care Oil is packed with oleic acid which is extremely good for the skin. As Camellia oil is closest to the human skin's natural emollient, it could be use also for the body and hair. Thus, Japanese men and women commonly use Camellia oil to moisturize their skin, face and hair. Just a few drops are required to nourish dry hair. Upon which one can style as per normal. 1. OBJECTIVES FOR NEW MARKET Constantly the number one brand for hair treatment in Japan, Oshima Tsubaki Camellia Hair Care Oil is proven to be well formulated to reach the needs of Asian men and women. To date, besides Japan, only Hong Kong has this...
Words: 4555 - Pages: 19
...leading to different kinds of health complications. In the past, several manufacturers had introduced various weight loss products like over-the-counter (OTC) drugs, herbal products, supplementary fad diets, etc. All of these have proven to be unsuccessful because of their ineffectiveness, severe side effects and lack of credibility among consumers. At this juncture, Barbara Printup, the Senior Marketing Director of Cambridge Sciences Pharmaceuticals (CSP) wants to introduce CSP’s newest revolutionary prescription drug, Metabical. It is the only FDA approved prescription drug for overweight people, which has minimal side effects and long term benefits. PURCHASING DECISION MAKING PROCESS (Q1) The communication strategy of Metabical targets both the health care provider and the consumer. Depending on the initiators there are two different purchase decision processes in the purchase of Metabical for the overweight problem. 1. For Customer: a. Problem identification: The various health awareness programs, BMI table etc help a health conscious or beauty conscious individual to identify the overweight problem. b. Information search: Once the problem is identified the individual decides on the course of action. He/She may decide to either ignore the problem or work on it. Metabical is interested in the group of individuals who are ready to take action and reduce weight. These individuals are prospective consumers; they look out for ways to reduce weight. The advertisements...
Words: 4420 - Pages: 18
...with my plan. Please advise me regarding what my options are, the advantages and disadvantages of each option, and possible tax consequences for each scenario? Respectfully, John Owner Elements of a Business Plan 1. Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within. The Executive Summary must communicate to the prospective investor the size and scope of the market opportunity, the venture's business and profitability model, and how the resources/skills/strategic positioning of the Company's management team make it uniquely qualified to execute the plan. The Executive Summary must be compelling, easy-to-read, and no longer than 2-4 pages. 2. Company Analysis. This section provides a strategic overview of the company and describes how the company is organized, what products and services it offers/will offer, and goes into further detail on the company's unique qualifications in serving its target markets. 3. Industry Analysis. This section evaluates the playing field in which the company will be competing, and includes well-structured answers to the following...
Words: 1070 - Pages: 5
...Marketing Plan . Table of Contents 1. Executive Summary 2.1. Business Name: Ground Zero | Restaurant Bar 2.2. Business Description 2.3. Business Size: Micro 2.4. Business Activity: Service 2.5. Objectives 2.6. Mission, Vision, Values 2.7.1. Mission 2.7.2. Vision 2.7.3. Values 2.7. Strategic Focus 2.8. Location 2.9. Legal Entity: Partnership 1.10.Ownership 1.11.Competitive Advantage 2. Situation Analysis 3.10. Market Research 3.11.4. Competition 3.11. Research Findings 3.12.5. Competitors 3.12.6.1. Pier One 3.12.6.2. Gerry’s Grill 3.12.6.3. Fat Johnny’s Grill 3.12.6.4. Competitor Matrix 3.12. Target Market 3.13. Target Demographic 3.14. Target Market Strategy 3.15. SWOT Analysis 3. Market Strategy 4.16. Image 4.17. Promotion Strategy 4.18. Price Strategy 4. 8P’s 5.19. Philosophy 5.20. Promotion 5.21. Products 5.22. Price 5.23. Placement 5.24. Personnel 5.25.6. Demographic Profile 5.25. Process Management 5.26. Physical Facilities 5. Demographic Profile 1. Executive Summary 1.1. Business Name Ground Zero | Restaurant Bar 1.2. Business Description Ground Zero’s main goal is to offer a high class experience to every individual especially for those who are cost-conscious. It’s a place where you...
Words: 1853 - Pages: 8
...comes to finding a cure for this morning ritual. Women on the other hand have already figured out a solution to this bed head problem, it is called The Chi Flat Iron. Now it is time for men to realize the benefits this tool can have for them as well. The Chi Flat Iron is a high-end salon model hair straightener that can turn the most brutal bed head into a work of art. Made in the USA, the Chi brand is designed by Farouk Hair Care Systems, a pioneer in the hair care industry. Farouk prides themselves on their ability to make quality hair care products utilizing some of the best technology available. The Chi Flat Iron is a prime example of one of their lines of hair care products their company currently offers to the hair straightening market. The Chi line was created by Christine Shiraz, a family friend of Farouk Shami, the CEO of Farouk Hair Care Systems. She envisioned a hair straightening tool that not only provided heat at an exceptionally fast rate, but provided heat that was safe for all hair types in order to prevent hair damage. Christine went a...
Words: 1826 - Pages: 8
...Case Analysis Questions for Case 7-2 (pp. 222-223): Cosmetics Giants Segment the Global Cosmetics Market 1. What product lines do L’Oreal offer in its home market (France) and other developed markets (USA, UK, etc.)? How does L’Oreal segment and target in these established markets? (You need to visit L’Oreal website and conduct additional online research to find relevant information and answer this question.) France: • Makeup (tint/tone, lips, eyes, nails) • Facials (organized by type of care and skin type, age, brand, benefits) • Body care (beauty and body, sunscreen, sun care, brand) • Coloring (organized by color and brand) • Hair care (routine care, hair type, brand) • Styling (organized by benefits, brand and studio line) • Men’s products (care/cleaner, shave, styling, deodorant, shampoo/hair care, brand, hair color) • Makeup and hair accessories. USA: • Makeup (eyes, face, lips, nails, etc) • Hair • Skin care (moisturizers, treatments, cleansers and makeup removers, sun care, self tanner) • Hair color • Hair styling • Hair care UK: • Skin care (product type and brand) • Makeup (face, eye, lip, nails, brands) • Hair color (color, permanence, brand) • Hair care (hair type, product type, brand) • Hair Styling (desired effect, product type, brand) • Self tan (tanning type, product type, brand) • Gifts • Men (face, deodorant, hair, product type...
Words: 862 - Pages: 4
