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Developing a Marketing Plan - Assignment Example
Author : balistreriamani
Pages 5 (1255 words)
Name Institution Instructor Course Date Developing a marketing plan Plan description From time to time, companies resolve to introduce a different product into the market since for them to continue thriving; they must seek methodologies of acquiring and keeping customers…
Devising a course of action that can give a detailed description of a product proposed by a firm may be a complex matter since the plan has to incorporate market segments, have a clearly defined data that is relevant to the identified market, and compose of an implementation plan (Steinberg, 2011:5). The task of this is to plan and describe a research programme to identify attractive market segments relevant to a product that I will propose and estimate the size of the relevant to it. After analysing a number of factors such as category involvement, product preference motivators, product purchasing patterns and media habits, this research paper resolved to propose consumer electronics as the product of choice. By use of market planning tools that include market segmentation indicators such as psychographics and psychographics, the identified plan described this market as suitable for selling consumer electronics (Steinberg, 2011:8). This is because, upon dividing the estimated total population of the market into subsets using demographic indicators, research identified a variety of market segments that include light, heavy, and medium consumers of consumer electronics (Miller, 2010:6). ...