22 Sep Chapter 1: Selecting Your Target Market, Part 2
Two assignments are listed in this section. I have included the points for each section along with specific pages for examples and expectations for grading. The total point allocation is for both assignments. You may enter them as one document (multiple pages) or as two separate files.
Create a PVP – 20 points
Read Pages 27-38 in the 1-Page Marketing Plan Book. On page 32 & 33, there is an example of a PVP. To create a good PVP and Avatar Profile, use your market research data.
Create your PVP, which stands for Personal Fulfillment, Value to the Marketplace and Profitability. I am looking for the following three things.
- An acceptable number of options for your business or service. In the example, the author listed 4 different types of photography business (weddings, photojournalism, corporate photography and family portraits).
- A numerical rating for each area of your PVP and a final score. The numerical rating should be based on DATA (RESEARCH, most likely secondary data). For example, the rating for profitability should include data that identifies projected growth and sales for each type of photography business. The numerical rating for “value to the marketplace” may include a combination of data and what your business will do that differentiates it from what others are doing in the marketplace. You will include a written analysis after the PVP grid that covers the rationale for your ratings.
- Select one “target market” for the rest of the course that will be your targeted customer. As the book states, you may select other markets as time goes on, but for our class you will select only one. This allows you to practice the process and application of marketing principles and techniques.
Note: A couple of people are considering franchises or businesses they already own. Still walk through the exercise to confirm why you selected this business. For example, if you own a remodeling business, you may want to use the following areas: dry way, plumbing, heating and air (HVAC), flooring, painting, framing, concrete, etc. You would then rate these based on the PVP. If you a franchise type business (Jiffy Lube) you may want to list other franchises you considered and use the PVP to again confirm your choice.
Create a Customer Profile or Avatar -20 points
Chapter 1 in The 1 Page Marketing Plan provides an example profile or avatar of a targeted customer. Create one of your ideal future customers. Again, use research to back up attributes of your idea customer.
In this section, I have included a number of resources to help in conducting market research. Please review them and use the questions that help you to become the expert on your customers and that fit your industry and business.
This where your market research will come in handy. Use various types of data to create a comprehensive profile.
Cite resources where you found your information. This is critical if you need to go back and reference information. Create a grid or table to cite sources. You can include links, references, etc. A minimum of 7 resources should be considered.
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