Question

o. Discuss sales Torecašting methods. Developing your Marketing Plan Identify and analyzing a target market is a major component of formulating a marketing strategy. A clear understanding and explanation of products target market is crucial to developing a useful marketing plan. References to various dimensions of a target market are likely to appear in several locations in a marketing plan. To assist you in understanding how information relates to the creation of marketing plan, focus on the following considerations: 1. What type of targeting strategy is being used for your product? Should a different targeting strategy be 2. Discuss how your product should be positioned n the minds of customers in the target market relative to The information obtained from these questions should assist you in developing various aspects of your marketing employed? the product positions of competitors. plan.

Answer 1

ANSWER-(1) According to the first question there are many targeting strategies are used for developing a product.These are as following-

1- Generation of an idea about the product that which type of product should be launched in the market so that customer can easily accept the product.As we can see that whole paragraph is focusing on marketing plan.We all know the that behind the response about the product or service among the customer is based on the marketing strategy.We have to clear idea about the basic goals and objectives of the product.

2- Then condense the basic idea about the product so that people can start thinking about your product and start comparing with your competitors.

3- Then introduce the detailed concept of the product through different marketing strategies.

4- Now it's time to fix the cost of the product and determine the profits or loss according to that.

5- Then analyse the product response through the marketing mix.

6- Now finally launch your product among the audience.

I think these targeting strategy should be worked to build the trust among your target audience or public.

ANSWER-(2) If we talk about the position of the product in the minds of customers,each and every customer have the different perception about the products and perception is came from the product you deliver to them.

Some customer don't care about the money they spend to buy a product,they only focus on the quality of the product.If they get the better product according to their expectations then they will become the loyal customer.some of them care about the money so they basically want the better product in their budget.

So basic agenda of this discussion is that customer always want to get the better product because they have many choices in the market place.So if you want to set the better figure about your product in customer's mind,you have to aware of the internal and external behavior of your competitor so that you can deliver the better product from them and have trust among your customers.