Assignment Two: Market Profile
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Using the same Meta Quest brief used for your first assignment, develop a market profile for your IMC plan. Creating a market profile and positioning statement is a process that helps business owners to identify and communicate with the prospects that offer the greatest chance of sales success. A market profile is a concise description of the type of prospect to which you want to sell. A positioning statement is a brief summary of the way you want prospects to perceive your product or service.
Your market profile should be and should include the following sections:
1. Target market (Who Buys This Product?)
Your target market is the most important section of your industry analysis. This is where you explain who your ideal customer is.
- Market size: Unlike industry size, which is usually measured in dollars, your market size is how many potential customers there are for your product or service. Here is one method for figuring out your market size: https://articles.bplans.com/tam-sam-and-som-huh/?__hstc=222979076.9715aa7ceb64a57d3bdcdafd28802ca9.1548557426995.1548557426995.1548557426995.1&__hssc=222979076.1.1548557426996&__hsfp=3030624895&_ga=2.229515348.936907176.1548557426-2101618791.1548557426The Importance of TAM, SAM, and SOM in Your Business Plan | BplansTAM, SAM, and SOM, are vital parts of your business plan, but what do they mean? Here’s a breakdown, plus how they apply to your business (plus examples).articles.bplans.com
- Demographics: Describe your customer’s typical age, gender, education, income, and more. If you could paint a picture of your perfect customer, this is where you’ll describe what they look like.
- Location: If you find your customers in a specific location or region, describe that here.
- Psychographics: Describe your customer’s likes and dislikes. A better way to think about psychographics is to think about your customer’s lifestyle and personality.
- Behaviors: This is essentially an extension of some of your psychographic information. Explain how your customers shop for and purchase products like yours.
- Trends: Customer behavior is always changing. If there are trends that you’ve noticed with your target market, detail them here.
2. Market Segmentation (Who Am I Going to Target with This Campaign?)
It’s O.K. if you have different types of customers. When you have more than one type of customer, you do what’s called market segmentation. This is where you group similar types of customers into segments and describe the attributes of each segment. From the information you gathered in the first section, you should be able to identify groups of similar customers based on age, gender, income, location, etc.
3. Positioning Statement (What Am I Going to Say to Them?)
Create a positioning statement for each distinct customer segment. Use a consistent format such as “for this target audience, our product provides these important benefits that our competitors cannot match.” Use the positioning statement to create compelling messages to motivate the prospect to buy. Incorporate the key elements of the positioning statement in all your marketing communications so that prospects receive consistent messages at each point of contact with your company.