"Market Penetration and Branding"
Please respond to the following:
From the Week 3, Part 1 simulation, differentiate sales promotion activities from loyalty programs, and explain which of the two (2) is more effective. Justify your response.
You will now consider who your customers are and identify your market segment.
It is vital that you clearly identify your target customers within your marketing plan. Knowing your target customers will help you to:
pinpoint where you should spend your advertising budget
the type of campign you intend to run, and
ensure that your marketing message speaks the customer's language (based on their needs and wants, demographic, location, ethnicity, etc.).
Write a one to two (1-2) paragraph journal entry in which you:
Analyze the business customers / clients that you wish to target. Your analysis should include, but not be limited to, their:
demographic profile (e.g., age, gender, ethnicity, etc.)
psychographic profile (e.g., interests, routine, habits, etc.)
profession (e.g., income, occupation, education)
geographic location (e.g., country, region, city, rural, urban, climate)
precise wants and needs as they relate to the products and / or services you offer.
Use at least two (2) quality references. Note: Wikipedia and other Websites do not qualify as academic resources. Note: Insert the information from the completed Journal 2 entry into "Section 2: Targeting Customers" in the provided Marketing Plan Template .
You will now complete your secondary market research and consider what distinguishes your company from your competitors, their products, and / or the price of their products and services.
Use the Internet to research your customer demographics and market segment from Journal 2. Consider what you think you know versus what you know to be true based on research from reports, publications, course content, etc.
Write a four to six (4-6) paragraph journal entry in which you:
Describe your unique selling proposition (USP). Next, explain the key aspects of your business, products, or services that make them unique when compared to your competition (e.g., Southwest Airlines' USP is providing customers with low airfare without compromising service and comfort).
Describe the marketing objectives of your company. Your marketing objectives should, at a minimum, address potential customer profile and market segmentation. Explain the manner in which you conducted your secondary market research.
Use at least two (2) quality references. Note: Wikipedia and other Websites do not qualify as academic resources. Note: Insert the information from the completed Journal 3 entry into "Section 3: Unique Selling Proposition" in the provided Marketing Plan Template.