Target Audience & Competition are the next components to be addressed as part of the process of developing a Comprehensive Strategic Marketing Plan. To choose an appropriate target market, one must understand how consumers make purchase decisions. In a report to your colleagues,
1. Research then discuss the concepts of 'needs' and how these needs fit within the stages of the consumer behavior model.
2. Summarize how you would apply the above research to your product/service's target market and the competition. Note: even though you have 'created' a product or service, it makes sense to research real companies and products that might be considered competitors.
This is the product I created
The idea which I will be presenting at the conference will be about a new startup which plans to manufacture and distribute portable and mobile baby changing tables that can conveniently be installed in your vehicles such as SUV's. The main benefit of this product is that it helps the parents of newly born and very small kids to conveniently change diapers while being outside their homes such as in markets and other public areas. It avoids the need to use unhygenic public restrooms and the inconvenience to wait outside such busy public restrooms. I plan to target parents of newly born and small kids throughout the United States who usually spend lots of time with their kids outside their homes and are looking for solutions to better manage this problem.
I plan to market and distribute this product via a set of online as well as traditional methods of marketing as distribution. The product is a unique concept and the company will definitely have a first mover advantage in this niche segment.