Your objectives section should address the following:
- For your company, formulate at least five marketing objectives related to the new product/service that are realistic, measurable, time-specific and comparable to a benchmark.
- Discuss the objectives as they relate to commercial, legal, and cultural aspects of a global business environment.
Target Market
The target market strategy identifies which market segment or segments to focus on in light of what the competition is doing. For this assignment, identify segmentation data and determine your target market. The process begins with a market opportunity analysis, or MOA, which describes and estimates the size and sales potential of market segments that are of interest to the firm. In addition, an assessment of key competitors in these market segments is performed. After the market segments are described, one or more may be targeted by the firm.
If your segmentation is too general, you will find that your subsequent promotional mix will be equally general, as you will not have described your market with sufficient specifics. For example, have you provided measurable segmentation variables, or have you described your market aseveryone who needs PC storage” oreveryone in Smithville who likes Italian food”?
Your target market section should address the following:
- Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics, psychographics, geodemographics, geographies, behavioral segments, or other segmentation criteria.
- Describe your rationale for selecting the target market(s) that you did. State why these markets are attractive to you as a marketer.
- Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. Utilize our authors criteria for segmentation to demonstrate that your target market(s) suggest the likelihood of success—the market needs to be identifiable, measurable, sustainable, accessible, and reachable.
Submission, 4 pages, APA format
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