The planning element of marketing is about creating a vision for the future and deciding precisely which customer needs you will serve, what you will do to serve them, and at what price. These elements form your ‘offering’.
This post is the second of three that make up the Geeksy small business marketing system; and is also available as a downloadable template, ready to complete for your business:
Before you complete this template, it is important that you first complete both the marketing intelligence template.
In the customer needs analysis section of the first post on marketing intelligence you segmented your customers into different groups based on the reasons why they have certain needs. Now you will decide which of these segments you will focus on – your ‘target segments’ or ‘target market’. It’s best to focus on targeting just a few, or even one, segment (niche marketing).
For each of your target segments, you will develop products that are both profitable and repeatable; in order to meet the particular needs of those segments. Remember, the term ‘products’ is used interchangeably to mean products, services or a mixture of both.
It is important that your products are repeatable in order to build a system, and so a business, around their delivery. Once you’ve constructed your products, you will price them and decide where and how you will promote them.
Before you choose your target market, and how you will serve that market, you must have a clear vision for the business – and objectives which will help you to deliver that vision.
In the marketing intelligence questionnaire you segmented your customers by need; you listed all the possible reasons that potential customers have for needing the things that you provide. Each of these different reasons that you identified forms a particular ‘target market segment’.
Now you have a clear target market in the form of different market segments that you will target. These target market segments are groups of customers who behave similarly because they have similar needs and motivations. You will now develop products tailored to each segment.
If you would like to download this post as a template ready to complete for your business, you can do so here:
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For starting a new business market plan is so important to see that our place is good for business how much competitors are in market. To check all thing for business then rush essay also check to start the new business.