Entrepreneurs Must Determine What To Sell, To Whom, And How

Entrepreneurs Must Determine What To Sell To Whom And How Often On

Using the business from Assignment 2, write a three to four (3-4) page paper in which you: Identify its primary target market. Specify three (3) methods you will use to research customer needs and wants. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity. Include at least two (2) references outside the textbook.

Paper For Above instruction

In developing a comprehensive marketing plan, understanding the core elements—target market identification, customer research, marketing mix, and advertising strategies—is essential for the success of any business. For the purpose of this assignment, we will assume the business from Assignment 2 is a boutique fitness studio specializing in personalized wellness programs. This paper will explore its primary target market, methods for researching customer needs, a detailed marketing mix, and an advertising plan with an appropriate budget.

Primary Target Market

The primary target market for the boutique fitness studio consists of health-conscious individuals aged 25-45 who seek personalized fitness and wellness services. This demographic is typically middle to upper-middle class, with disposable income that allows for regular gym or fitness class memberships. They are likely to be professionals or young entrepreneurs who value convenience, quality, and personalized attention in their health routines. Additionally, this group is motivated by aesthetic goals, stress management, and overall wellness, often seeking a community-oriented environment that fosters motivation and accountability.

Research Methods for Customer Needs and Wants

Understanding customer needs and wants is pivotal in tailoring marketing strategies effectively. The following three methods will be employed:

1. Surveys and Questionnaires: Distributing online and in-person surveys to potential clients and existing customers will help gather quantitative data on customer preferences, fitness goals, and service expectations. This method allows for collection of straightforward, scalable insights on what customers prioritize in a fitness service.
2. Focus Groups: Conducting focus groups with diverse members of the target demographic provides qualitative insights into customer motivations, perceptions, and barriers to engagement. Facilitated discussions will unveil deeper preferences and unmet needs which might not surface through surveys alone.
3. Competitive Analysis: Analyzing competitors’ offerings, pricing, and customer feedback will reveal market gaps and opportunities. Reviewing online reviews, social media feedback, and industry reports will help understand what customers appreciate or dislike in similar services.

Marketing Mix

The marketing mix combines product, price, promotion, and placement strategies tailored to the target market.

Product

The studio offers personalized fitness programs, including strength training, cardio, flexibility, and wellness coaching. Additional services include nutritional advice and stress management workshops. Membership plans range from drop-in classes to monthly packages, emphasizing customized, high-quality service.

Pricing Strategy

The pricing will adopt a value-based approach, emphasizing the premium, personalized aspect of services. Memberships will be competitively priced within the local market, with introductory discounts for new clients and loyalty discounts for repeat customers. Tiered pricing structures will cater to different client needs, promoting flexibility and value.

Promotion

Promotion efforts will include social media marketing, partnerships with local health brands, and referral incentives. Regular promotional events and free trial classes will attract new clients. Content marketing, such as blog posts and success stories, will enhance engagement and credibility.

Placement/Distribution

The location will be strategically situated in a busy, accessible commercial district to maximize visibility and convenience. Services will primarily be delivered on-site, with consideration for online booking systems, mobile apps, and virtual classes to extend reach and flexibility.

One-Year Advertising Budget and Plan

The advertising budget for the first year will be $50,000, allocated across various media channels and publicity efforts to maximize reach:

• Digital Advertising ($20,000): Google Ads, Facebook and Instagram sponsored posts targeting local users, and influencer collaborations to increase visibility among health-conscious audiences.
• Traditional Advertising ($10,000): Local newspaper ads, flyers, and posters distributed in community centers and complementary businesses such as health food stores.
• Public Relations and Events ($10,000): Hosting open house days, fitness challenges, and health fairs to generate buzz and foster community engagement.
• Content and Social Media Marketing ($5,000): Producing quality videos, client testimonials, and educational content to boost online presence.
• Print and Media Publicity ($5,000): Press releases, local magazine features, and sponsorship of fitness-related community events to enhance brand awareness.

The plan involves ongoing assessment of marketing efforts through KPIs such as new client acquisition rates, engagement metrics, and feedback surveys, allowing adjustments to optimize ROI.

Conclusion

In summary, a well-defined target market, thorough customer research, a strategic marketing mix, and a diverse advertising plan are vital for establishing the boutique fitness studio’s presence and growth. Continuous evaluation and adaptation of marketing tactics will ensure the business remains aligned with customer needs and market trends, fostering long-term success.

References

• Scarborough, N. M., & Cornwall, J. (2015). Essentials of Entrepreneurship and Small Business Management. Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2018). Services Marketing: Integrating Customer Focus Across the Firm. McGraw-Hill Education.
• Armstrong, G., & Kotler, P. (2015). Marketing: An Introduction. Pearson.
• Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson Education.
• Burns, A. C., & Bush, R. F. (2017). Marketing Research. Pearson.
• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson.
• Clow, K. E., & Baack, D. (2016). Integrated Advertising, Promotion, and Marketing Communications. Pearson.
• Learned, J. G., & Miller, C. N. (2017). Introduction to Marketing. SAGE Publications.
• Belch, G. E., & Belch, M. A. (2017). Advertising and Promotion: An Integrated Marketing Communications Perspective. McGraw-Hill Education.