Marketing

1. Marketing Strategy: goals
•? Articulate 2 or more (S.M.A.R.T.) marketing goals that will guide your new strategic direction
•? Your goals should …o? Be consistent with your company’s mission and connect to your
company overview and market situation o? Guide your marketing mix development o? Be for year-1, however, you may include additional goals for
years 2+ if relevant
•? Support each goal with bulleted action items that will help you achieve your goals; these should be short
•? Consider how your goals and actions can incorporate a societal marketing effort
2. Marketing Strategy: segmentation & targeting
•? Define your target …
o? What industry or market will you compete in? What consumer segmentations will you use to divide your market?
o? Select your target market(s), and explain your rationale
o? Quantify the size of your target market, # people/$ sales. Make your assumptions very clear; be sure to support your work with facts (e.g.
primary/secondary research) and cite your sources
o? Support your target quantification with an easy-to-follow target equation using the Chain Ratio method demonstrated in class and found in your Appendix p.646
o? Consider using charts or tables to summarize key target information
o? Finally, name your target and bring it to life via a visual montage, day-in-the-life-of diagram, etc.
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