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 as “everyone who needs PC storage” or “everyone 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 author’s 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.
Full Answer Section
- Expand Market Reach: Enter at least two new international markets within the next three years, achieving a 10% market share in each.
- Build Strong Customer Relationships: Increase customer loyalty by 25% through personalized marketing campaigns and excellent customer service.
Target Market
Primary Target Market:
- Demographics: Urban, environmentally conscious individuals aged 25-45, with a higher disposable income.
- Psychographics: Value sustainability, ethical fashion, and unique style.
- Geographic: Major metropolitan areas in North America, Europe, and Asia-Pacific.
Secondary Target Market:
- Demographics: Eco-conscious consumers aged 18-24, seeking affordable and stylish fashion.
- Psychographics: Value ethical consumption and social responsibility.
- Geographic: Urban and suburban areas in developed countries.
Rationale for Target Market Selection:
- Growing Demand: There is a growing global demand for sustainable and ethical fashion, driven by increased consumer awareness and changing consumer preferences.
- Profit Potential: The target market segments offer significant growth opportunities due to their disposable income and willingness to pay a premium for sustainable products.
- Competitive Advantage: Our brand's commitment to sustainability and unique designs can differentiate us from competitors and attract a loyal customer base.
Market Analysis
The global sustainable fashion market is experiencing rapid growth, driven by factors such as increasing consumer awareness of environmental and social issues. Our target market segments align with these trends and offer significant potential for growth.
Key considerations for market success include:
- Identifiable: Our target market is clearly defined and can be easily identified through demographic, psychographic, and geographic criteria.
- Measurable: We can measure the size and growth potential of our target market using market research data and analytics.
- Substantial: Our target market is large enough to generate significant revenue and profit.
- Accessible: We can effectively reach our target market through various channels, including online and offline retail.
- Reachable: We can communicate effectively with our target market through targeted marketing campaigns and public relations efforts.
By focusing on these key factors, we can ensure the success of our new product line and strengthen our position as a leading sustainable fashion brand.