Details: Preliminary market research indicated that target market
for IPT has the following characteristics:
Age groups: young adults, middle-age adults
Income levels: from lower middle-class and upward
Consumer groups: individual consumers and businesses
Buying method: currently, 35% would buy from a storefront,
30% would buy “from a catalog or on the Web”, and business buyers
would direct order
Geographic distribution: research indicates that if IPT
markets appropriately, they could increase sales outside the Philadelphia area
by as much as 50% the first year. This is based on an anticipated contract with
the floral company and the appeal of the Amish products to people from
Philadelphia now living in other states and countries
Now it’s time to start thinking about “the 4 P’s”
– product, price, promotion, and placement (distribution). Once again, IPT’s
owner and financial advisor want to know what you’re thinking about before you
prepare the entire marketing plan. Document your ideas in a memo. Your memo
should address the following points at a minimum:
Promotional strategy you’ll use to reach your target markets
and how these strategies may vary based on the target markets
Pricing strategy based on the different target markets and
plans for the future
New distribution strategy and impact on suppliers and
manufacturing
