Target market analysis: Identify your market segment(s), determine the expected
market share, and determine your target market.
[2+3+2 = 7]
3.2Product positioning: identify a positioning method for your product and ensure it
aligns with your price points and justify your selection.
[3]
3.3Promotion strategy: Outline how you will promote your product to generate
awareness, attract customers, and drive sales. Consider various promotional
channels such as social media, advertising, public relations, and sales
promotions. [4]
3.4 Distribution strategy: Identify and justify the distribution channel(s) you are going
to use for your product
[3]
3.1 Target market analysis:
Market segment(s): The target market for our product is young professionals aged 25-40 who are health-conscious and lead active lifestyles.
Expected market share: We aim to capture a 15% market share within the first year of launching our product.
Target market: Our target market consists of health-conscious young professionals who value convenience and quality in their food choices. This segment is willing to pay a premium for products that align with their healthy lifestyle and dietary preferences.
3.2 Product positioning:
Positioning method: Our product will be positioned as a high-quality, organic meal delivery service for health-conscious individuals. We will focus on emphasizing the convenience, freshness, and nutritional value of our meals. Our pricing will be set to reflect the premium quality of our ingredients and the convenience of having healthy meals delivered to their doorsteps.
Justification: This positioning aligns with our target market's values and preferences, as they are willing to pay more for organic, fresh, and convenient meal options. By positioning our product as a premium organic meal delivery service, we can differentiate ourselves from competitors and attract our desired customer base.
3.3 Promotion strategy:
To generate awareness and attract customers, we will implement a multi-channel promotion strategy. This will include social media marketing to reach our target market online, advertising in health and lifestyle magazines to reach our target audience, public relations efforts to build credibility and trust, and sales promotions such as discounts or referral programs to drive sales and encourage repeat purchases. By utilizing these various promotional channels, we can create a comprehensive marketing campaign that effectively reaches our target market.
3.4 Distribution strategy:
For our product, we will use a combination of distribution channels to reach our target market. We will offer online ordering and delivery services for convenience, as well as partner with select health food stores and gyms to increase visibility and accessibility. By utilizing both online and physical distribution channels, we can reach a wider audience and cater to the preferences of our target market.