Conduct a Market Analysis to determine if there is an appropriate market. What i

Question

Conduct a Market Analysis to determine if there is an appropriate market. What is your target market and does this vary from the US? What is the size and nature of the market? Include demographics, psychographic, lifestyle and other segmentation variables. Describe your pricing strategy in detail Address local responsiveness How will your firm adapt to cultural differences and consumer preferences? Are there any legal, social, religious or ethical issues involved? How will you firm handle distribution and supply chain management? What are the risks in this respect? Select a specific location down to the square mile. Why did you choose this location? How does it fit with your overall strategy? Develop a comprehensive promotional mix Map out an action plan for the expansion into this new market using a timeline and major milestones.

Explanation / Answer

Target market is the market which can be called as a subset of the whole market which will be targeted with all the available marketing strategy and plan.

Target market can be based on demographic, age , convinience of the workforce.

Marketing plan is a comprehensive plan which is made by taking all the aspects of marketing mix. Price, place, promotion and people. Pricing strategy can be a skimming one or entering with high rates, place means the area in which business setup will be done. This also needs to understand thay prime locations have more investment and possibilities . Promotion means the way by which the product is being promoted . Above the line strategy and below the line strategy that is being used.

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