Description:
This is a fictional service that I wish to bring to market. The plan describes the service that I wish to provide. (“An Idea! Many renters would like to become a home owner, and this service is in need”). The section that I need assistance with is a 4-5 page Marketing Plan that includes sections of the Target Market and The Competitive Analysis. This is fictional so your imagination will be acceptable in completing this project along with the initial idea.
Target Market:
Your target market section should do the following:
• Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics, psychographics, geo-demographics, behavioral segments, or other segmentation criteria.
• Describe your rational for selecting the target markets that you did. State why these markets attractive to you as a marketer.
• Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. The market needs to be identifiable, measurable, sustainable, accessible, and reachable.
Competitive Analysis:
This section of the marketing plan will be highly dependent on your extensive research into the competitive arena. You want to know what is out there and what the competition is doing. When you enter the market you will either a) already have competition or b) your success will likely invite competition. Regardless, any successful business venture usually results in competition entering the market and reacting accordingly.
The marketing plan competitive analysis section should focus on any two (2) key competitors. (Private investors and Realtors)
For the top two (2) primary competitors:
• Indicate why you have selected these two competitors. Offer a SWOT analysis that focuses on the STRENGTHS and WEAKNESS of each competitor.
• Describe of each company, its current market share, its product or service set offerings, its financials. Its current positioning within the market, target market that is seeks to reach, recent history (how are they doing?) and how they market themselves to the target market that I also wish to reach.
• Provide a comparison of the service from that offered by the competition? Inherent in your presentation will be why your target market would likely select your offering over that of the competition. If you don’t have a differentiator, your market wont see one either.
• Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in which competition already exits. What responses should you anticipate? What will be your response to what you project will be their likely response to your entry in to the market? Be sure to address substitutes for the service provided. Identify any key substitutes that you have selected, when compared to my offering.