12 May WHAT WILL THE TYPICAL BUYING PROCESS BE?
Discuss how this product will benefit the consumers and what problem will it help them solve. What will the typical buying process be? How involved are the consumers in their problem solving process. In addition to the end users, you must also analyze the distributors.
Identify and analyze the current competitors and list all the substitutes for your product in the market. Discuss the competitors’ strength and weakness compared to yours and highlight the points of differentiation mentioned through their promotions and ads.
relying on all what you have mentioned in the above, focus on stating the opportunities and threats you believe your company can benefit from and then move on to analyze briefly from an internal point of view the strengths and weaknesses your product/company has.
B- Targeting, objectives and positioning:
5. Identify the segments you will be targeting and justify
a. you need to identify market segments using segmentation bases.
b. you want to develop profiles for each segment profile. You will provide detailed descriptions of each segment profile. Describing them in terms of their needs, behaviors, preferences, demographics and shopping styles etc.
c. you will evaluate the attractiveness of each segment and select your target market. You will evaluate attractiveness based on several factors
like market size, expected growth, competition, cost and compatibility with the organization’s resources.
6. What are your SMART marketing objectives? (Some examples are below)
a. Increase sales
b. Build brand awareness
c. Grow market share
d. Launch new products or services
e. Target new customers
f. Enter new markets internationally or locally
g. Improve stakeholder relations
h. Enhance customer relationships
i. Improve internal communications
j. Increase profit
7. Determine and write the positioning and positioning statement of you product
a. For [insert Target Market], the [insert product] is the [insert Point of Differentiation] among all [insert Frame of Reference] because [insert Reason to Believe].
i. The point of differentiation (POD) describes how your product benefits customers in ways that set you apart from your competitors.
ii. The frame of reference (FOR) is the segment or category in which you compete.
iii. The reason to believe is just what it says. This is a statement providing compelling evidence and reasons why customers in your target market can have confidence in your differentiation claims.
8. Discuss how you will be differentiating your product from competitors
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