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The marketing manager has heard about your skills in the previous sections of the business plan and would like your input for market analysis and market strategy.
Based on your research, write a succinct analysis of each of the following items:
Market Analysis
Target Market
Industry Analysis
SWOTT Analysis
Market Segmentation
Competition
Market Strategy
Four Ps
Price Strategy
Promotional Strategy
Sales Forecast
SWOTT Analysis
A SWOTT analysis is a tool that businesses use to identify their strengths, weaknesses, opportunities, and threats. This information can then be used to develop strategies that take advantage of the business's strengths and opportunities, while mitigating its weaknesses and threats.
Market Segmentation
Market segmentation is the process of dividing a market into smaller groups of people who share similar characteristics. This allows businesses to develop more targeted marketing strategies.
Competition
Competition is the opposition that a business faces from other businesses that offer similar products or services. It is important to understand the competitive landscape in order to develop strategies that will give a business a competitive edge.
Market Strategy
A market strategy is a plan for how a business will reach its target market and achieve its marketing goals. This includes developing a strong value proposition, choosing the right marketing channels, and setting a budget.
Four Ps
The four Ps of marketing are product, price, place, and promotion. These are the four key elements that businesses use to develop their marketing strategies.
Price Strategy
A price strategy is a plan for how a business will set prices for its products or services. The pricing strategy should take into account the business's costs, target market, and competitive landscape.
Promotional Strategy
A promotional strategy is a plan for how a business will communicate the value of its products or services to its target market. The promotional strategy should take into account the business's budget and target market.
Sales Forecast
A sales forecast is a prediction of how much revenue a business expects to generate over a certain period of time. The sales forecast should be based on the business's historical sales data, current market conditions, and future plans.
Example of a Market Analysis for a New Coffee Shop
Market Analysis
The global coffee shop market is expected to grow from $111.7 billion in 2023 to $161.4 billion in 2028, at a CAGR of 6.7%. The growth of the market is attributed to the increasing popularity of coffee among consumers and the growing number of coffee shops around the world.
Target Market
The target market for the new coffee shop is young adults aged 25-34 who are well-educated and have a high disposable income. This demographic is more likely to appreciate the high-quality coffee and food that the coffee shop will offer.
Industry Analysis
The coffee shop industry is a highly competitive industry. There are many large and established coffee shop chains, as well as many small and independent coffee shops. The new coffee shop will need to differentiate itself from the competition by offering a unique value proposition.
SWOTT Analysis
Strengths:
Weaknesses:
Opportunities:
Market analysis is the process of gathering and analyzing data about a particular market in order to understand its current state and potential for future growth. This includes understanding the market's size, trends, and key players.
Target Market
The target market is the group of people that a business aims to reach with its products or services. It is important to identify the target market carefully in order to develop marketing strategies that are effective and efficient.
Industry Analysis
Industry analysis involves understanding the overall structure and dynamics of the industry in which a business operates. This includes understanding the industry's size, growth rate, profitability, and key trends.