Part 1: TARGET MARKET PROFILE
· Choose a single target market to focus your marketing plan on.
· Develop a Detailed Target Market Profile.
· Your Target Market Profile can be submitted as a “Day in the Life”, a “Collage”, or any other format you deem appropriate that helps to answer the question:
“Who is the primary market to purchase my product?”
(In other words, “Who is most likely to buy the most from me?”)
· Your Target Market Profile should include:
o a summary of the consumers’ needs and wants; and
o a description based on variables such as demographics, psychographics, lifestyle, etc.
· Refer to chapters 7 and 8.
· Be very, very specific.
Part 2: MARKET POSITIONING MAP and TAGLINE
· Develop the Map using two-dimensions that you think are important to your target market.
· Include at least three other competitors on the map.
· Create a Positioning Statement for your product.
· Create a Tagline for your product.
· Refer to chapters 7 and 8 for a description of a Positioning Statement and the elements that are included in a Positioning Statement.
Part 3: PRODUCT LIFE CYCLE and MARKETING STRATEGIES
· Draw a Product Life Cycle.
Identify the stage where you think your product is on the Product Life Cycle.
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