Issue link: https://docs.hic.us/i/403552
Review your plan. Make certain it contains the strategies listed below, then determine how these strategies are applied. Include a brief explanation for each strategy. I. Market Analysis To understand your market and approach it correctly, you must research it then analyze the data in order to understand what is needed to succeed in the marketplace. The market analysis section should consist of: Section A – A description of the target market. Section B – An analysis of the competition. Section C – An overview of the market environment. A. The Target Market Identify and describe your customers (target market) by their age, sex, income/educational levels, profession/career and residence. Know your customers better than you know anyone—their likes, dislikes, expectations. Since you will have limited resources target only those customers who are more likely to purchase your product or service. As your franchise grows and your customer base expands, then, you may need to consider modifying this section of the marketing plan to include other customers. Identify the target market by: • age • sex • profession/career • income level • educational level • residence B. The Competition Identify the five nearest direct competitors and the indirect competitors. Start a file on each identifying their weaknesses and strengths. Keep files on their advertising and promotional materials and their pricing strategies. Review these files periodically determining when and how often they advertise, sponsor promotions and offer sales. Identify the competition by: • market research data • demand for product or service • nearest direct and indirect competitors www.hsi.us care@hsi.us 52