Target Market
The target market for the product is individuals of middle-income class and above. The product is affordable and within the range of the middle-income people. The product also targets people aged between 15 to 75 years old. This age group is considered to have the highest consumption level of the product. Thus, the market plan needs to directly target the group.
Methods for to Research Customer Needs
Market Research
Market research is one of the methods applied in consumer needs studies. It entails a review of published market surveys of the target market to establish the trends and changes in the patterns of purchasing products. Besides, it entails visiting different sites that customers frequent to establish their needs and assess the market and product strategies to establish opportunities to meet the present and future needs of consumers ( Solomon et al., 2014 ). The strategy shall be used to get a broader view of the consumers. Hence, to meet consumer needs, it is crucial to assess their purchasing behaviour through different internet sites they visit.
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Customer Feedback
This is a strategy that entails seeking insights of customer need through requesting their feedback. Such a research method enhances the ability of the firm to determine the attitude of the customers towards the product ( Nagle & Muller, 2017 ). The research may entail various activities such as engaging customers on one on one basis to get their opinion on the firm’s product. On the other hand, customer feedback boxes can be placed strategically within the premises of the business. Furthermore, the company can utilize social media platforms or company website to engage customers and get their feedback.
Social Media Scanning
Incorporation of social media in the communication systems and strategy of the company helps to track discussions on one’s products as well as those of the competitors. Social media has become one of the main sources of data on consumer needs across the world for various products. It is, therefore, important to review and analyse comments and discussions on these platforms to get insights into customers’ perspective of the product. Input from the social media increases insight to complement the information one receives from customer feedback ( Ryan, 2016 ). It is about monitoring social media platforms which mention the company and responding to different discussions and customers to engage customers in a constructive dialogue.
Marketing Mix
Product
The Company continues to innovate its services and products to increase its market share. The company concentrates on one major product. The quality and services provided by the company are beyond reproach. The product produced is finest and of the highest quality in the market. As such, the company continues to innovate the product to ensure that it constantly meets the changing needs of the customers and makes it one of the main competitive advantage elements.
Place
The company supplies most of its products through its shops, but it has also engaged different partners to put in place an efficient distribution system. The shops are strategically located in areas where there is high traffic of people. In addition, the company utilises online platforms to sell its products. The firm has its online retail business where one can place an order, and the product is sent to the desired location. These sales platforms have helped the company to penetrate the market and reach many different locations including the remote areas. The place marketing mix of the company shows how it has adapted to the changing technologies, market conditions, and times.
Price
The company offers its products are an affordable price. It focuses on the penetration pricing strategy which enhances a firm to gain market share through providing goods and services at lower prices compared to the competitors. In this case, the company wants to send its product out in the market to raise consumer awareness and influence buyers to try the product. The prices are set slightly lower compared to the market prices.
Promotion
The company promotes its services and products, particularly through advertising. It has utilised various advertising platforms such as the local dailies and magazines to create awareness about the product and influence buyers to buy it. Besides, the company also uses public relations to promote its brand and the product. Public relations ensure that the company image is maintained and customer engagement is enhanced to enhance loyalty and attract more customers to the business. Sales promotion is another strategy used by the company in enhancing its promotional activities. Sales promotion is about engaging staff to engage customers and convinces to purchase the firm’s products. Sale promotion increases the sales of the business since more customers are attracted. The promotional strategies of the company promote its competitive advantage.
Budget
| Item | Amount per Month $ | Duration (Months) | Amount Per Year$ |
| Social Media Advertising | 1, 000 | 12 | 12, 000 |
| Local Radio Stations | 3, 000 | 8 | 24, 000 |
| Television Advertising | 5, 000 | 6 | 30, 000 |
| Magazine Advertisement | 1, 500 | 9 | 13, 500 |
| Newspaper Advertisement | 1, 500 | 9 | 13, 500 |
| Totals | 93, 000 |
References
Nagle, T. T., & Müller, G. (2017). The strategy and tactics of pricing: A guide to growing more profitably . Routledge.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation . Kogan Page Publishers.
Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). London: Pearson.
