Introduction For Entrepreneurs: What To Sell And To Whom

Introductionentrepreneurs Must Determine What To Sell To Whom And Ho

Using the business from the assignment, Feasibility Analysis, write a 3–4 page paper in which you:

• Identify its primary target market.
• Explain your response. Specify three methods you will use to research customer needs and wants.
• Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement or distribution.
• Create a one-year advertising budget and plan that incorporate the use of various advertising media and publicity.
• Include at least two references outside the textbook.

Paper For Above instruction

In developing a comprehensive marketing plan for the business outlined in the feasibility analysis, identifying the primary target market serves as the foundational step to ensure effective outreach and product positioning. The target market defines the segment of consumers most likely to purchase the product or service, based on demographic, psychographic, geographic, and behavioral characteristics. For this particular enterprise, the primary target market comprises young professionals aged 25-40 living in urban areas who seek convenient, high-quality solutions that align with their busy lifestyles. This demographic typically values efficiency, innovation, and sustainability, which can influence marketing strategies to resonate with their preferences and needs.

To accurately understand and respond to customer needs and wants within this target market, three research methods will be employed. First, conducting surveys online and in-person will gather direct feedback regarding customer preferences, expectations, and purchasing behaviors. Second, social media analytics tools will monitor discussions, trending topics, and sentiments related to product categories similar to ours, providing real-time insights into consumer interests. Third, competitor analysis will be carried out by examining competitors’ offerings, customer reviews, and marketing tactics to identify gaps and opportunities that our product can capitalize on. These research methods combined will generate a comprehensive understanding of customer demands, allowing for tailored marketing strategies.

The marketing mix, often referred to as the 4Ps, is essential to positioning the product effectively in the marketplace. The product itself will be designed to meet the needs of young urban professionals, emphasizing convenience, quality, and sustainability features. Pricing strategies will include a competitive pricing model aligned with market standards, with introductory discounts to attract early adopters and build initial customer base. The promotion component will leverage digital marketing channels, including social media advertising, influencer partnerships, and email campaigns, to reach the target demographic efficiently. Traditional promotional methods such as local events or partnerships with local businesses may also be utilized to enhance visibility.

In terms of placement, or distribution, the product will primarily be sold through online channels such as an e-commerce website and third-party online marketplaces to ensure accessibility for busy professionals. Additionally, strategic partnerships with local retailers in urban areas can expand physical availability. Delivery logistics will prioritize quick, reliable service to meet customer expectations for convenience.

The advertising budget for one year will be allocated across various media to maximize reach and engagement. An estimated budget of $50,000 will be divided as follows: 50% for digital advertising (social media ads, search engine marketing), 20% for influencer collaborations and sponsored content, 10% for local event sponsorships, and 20% reserved for contingency and traditional media. The campaign will include monthly advertising efforts, with analytics tracking to optimize performance over time. Publicity events, such as launch promotions or community engagement activities, will supplement paid advertising to enhance brand awareness and credibility.

In conclusion, a strategic marketing plan grounded in thorough market research and a clearly defined marketing mix is critical for the success of this business. By understanding the target audience’s needs, leveraging diverse promotional channels, and maintaining flexible distribution methods, the business can effectively attract and retain customers, ensuring sustainable growth and competitive advantage in the marketplace.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Burnett, J. J., & Moriarty, S. (2012). Advertising & Promotion: An Integrated Marketing Communications Perspective (10th ed.). Pearson.
• Armstrong, G., & Kotler, P. (2017). Principles of Marketing (17th ed.). Pearson.
• Clow, K. E., & Baack, D. (2016). Integrated Advertising, Promotion, and Marketing Communications (7th ed.). Pearson.
• Hassan, S., et al. (2019). Digital marketing strategies for targeting young professionals. Journal of Marketing Analytics, 7(3), 147-160.