Based on your analysis of the market data, and a comprehensive understanding of the customer and the buying processes, write a 2-3 page description of the major segments of the market and the specific target market segment you have chosen to serve. Be sure to include a discussion of demographic and psychographic factors if you are targeting a consumer segment, or for business targets, a discussion of whether you are serving a producer, reseller, institution or government unit. Include your reasons for concluding that this is the target market segment that is most likely to be served profitably by your firm.
Please combine all sections of this draft (Marketing Objectives and Target Market Strategy) into a single document, along with citation of sources.
In this writing assignment, you will complete the following steps: Answer below
Write at least two marketing objectives to be accomplished by this marketing plan. Be sure that your objectives are stated in a way to meet the criteria for M.A.R.T.goals, which means they are:
Specific -- answer the who, what, when, where, why questions
Measurable include a numeric objective (increase sales to $10 million)
Attainable within your reach, even if optimistic (you are willing to commit)
Realistic have a reasonable likelihood of being met (you are able to commit)
Timely have a deadline or time period attached
Specific -Fiat is an automobile company and as a very large market share in United States of America. Is one of the most important automotive companies operating worldwide and providing its services across the globe. This type of approach provides extensive availability of options to this organisation to operate in its worldwide operational segment.
Doing market research for the developing countries is the most appropriate part of the specific marketing plan. Targeting middle market segment as well as positioning the company as an eco-friendly as well as cost effective company in the specific market segment would be the main approach of influencing the customer as well as taking best opportunities in Operation..
Measurable - Company is expected to generate 10 million dollars in its first year from operating in developing countries such as India and China. By targeting the niche market segment, overall influence of marketing plan would be increased which would provide positive availability of operational capabilities to Fiat. Investing in smaller market segments as well as creating joint ventures with local companies can also be enough rules for improving availability of influencing the customer as well as leaving a positive impact on their overall understanding of marketing opportunities.
Attainable - our company is willing to invest 4 million dollars in construction of a state of the art manufacturing facility at the very first part of operational implementation in these countries. As company already has an Operating environment in the US Pacific countries, reforming the manufacturing plants as well as implementation of new machinery would be the most initial approval of reaching the standards which are required for sensor specific influence over the specific market.
Realistic - investment would be done on the basis of available location feasibility as well as accommodation investment capabilities of the plant. As this is specific industry is highly competitive, an analysis is required to know about the consequences of investing for a specific plant. This type of approach would not only enable the company to maintain better quality standards and operation but also provide an ability to forecast realistic outcomes of such a specific investment.
Timely - for implementation of such a specific plan of reforming the manufacturing facilities and investing in these developing countries is timed at 3 years date of initiation. This type of initiation approach would provide extensive availability of options to the company or to explore and invest in the market by using external resources planning for external analysis on this specific market segment. This type of approach would provide extensive availability of options to the company as well as it would also increase the chances of investing the funds at the right place.