Marketing objectives related to the new product/service that are realistic, measurable, time-specific, and comparable to a benchmark.
Your objectives section should address the following:
For your company, formulate at least five marketing objectives related to the new product/service that are realistic, measurable, time-specific, and comparable to a benchmark.
Discuss the objectives related to a global business environment's commercial, legal, and cultural aspects.
Target Market
The target market strategy identifies which market segment or segments to focus on in light of what the competition is doing. For this assignment, identify segmentation data and determine your target market. The process begins with a market opportunity analysis, or MOA, which describes and estimates the size and sales potential of market segments that interest the firm. In addition, an assessment of key competitors in these market segments is performed. After the market segments are described, one or more may be targeted by the firm.
If your segmentation is too general, you will find that your subsequent promotional mix will be equally general, as you will not have described your market with sufficient specifics. For example, have you provided measurable segmentation variables, or have you described your market as “everyone who needs PC storage†or “everyone in Smithville who likes Italian food�
Your target market section should address the following:
Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics, psychographics, geodemographics, geographies, behavioral segments, or other segmentation criteria.
Describe your rationale for selecting the target market(s) that you did. State why these markets are attractive to you as a marketer.
Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. Utilize our author’s criteria for segmentation to demonstrate that your target market(s) suggest the likelihood of success—the market needs to be identifiable, measurable, sustainable, accessible, and reachable.
Submission, 4 pages, APA format
Sample Solution
Marketing Objectives and Target Market
Marketing Objectives
- Increase Market Share: Achieve a 15% increase in market share for the new product within the first year of launch, targeting the specific demographic of tech-savvy millennials aged 18-35.
- Boost Brand Awareness: Enhance brand awareness by 20% among the target market through a comprehensive digital marketing campaign within six months of launch.
- Generate Revenue: Generate $1 million in revenue from the new product within the first fiscal quarter post-launch.
- Improve Customer Satisfaction: Achieve a customer satisfaction rating of 4.5 out of 5 on a customer satisfaction survey within three months of product launch.
- Reduce Customer Acquisition Cost: Lower the customer acquisition cost by 10% through optimized digital marketing strategies within six months of launch.
Global Business Environment Objectives
- Cultural Adaptation: Develop a deep understanding of the cultural nuances of target markets to tailor marketing messages and product offerings accordingly.
- Legal Compliance: Ensure strict adherence to local laws and regulations in each target market, including intellectual property rights, consumer protection laws, and import/export regulations.
Full Answer Section
- Currency Exchange Risk Management: Implement strategies to mitigate the impact of currency fluctuations on international operations and financial performance.
- Global Supply Chain Optimization: Establish efficient and reliable global supply chains to minimize costs and ensure timely delivery of products.
- Cross-Border Collaboration: Foster effective communication and collaboration among teams across different countries to facilitate seamless operations and decision-making.
Target Market
Target Market: Tech-savvy millennials aged 18-35 residing in urban areas.
Rationale:
- High Adoption Rate: Millennials are early adopters of new technologies and are more likely to embrace innovative products.
- Digital Savviness: This demographic is highly active on social media and other digital platforms, making them easily reachable through targeted online marketing campaigns.
- Strong Purchasing Power: Millennials, particularly those in urban areas, have significant disposable income and are willing to invest in premium products.
- Influencer Potential: Millennials are often influential in shaping trends and consumer behavior, making them valuable brand advocates.
Market Analysis:
The global tech market is experiencing rapid growth, driven by increasing smartphone penetration, rising internet usage, and the emergence of new technologies. The target market of tech-savvy millennials aligns with this trend and offers significant growth potential.
This target market is:
- Identifiable: Clearly defined by age, demographics, and behavior.
- Measurable: Quantifiable through market research and analytics tools.
- Substantial: A significant segment of the population with considerable purchasing power.
- Accessible: Reachable through various marketing channels, including digital, social media, and influencer partnerships.
- Actionable: Effective marketing strategies can be implemented to attract and retain this target market.
By focusing on this target market, we can capitalize on the growing demand for innovative products and services, build strong brand loyalty, and drive long-term growth.