Developing a Marketing Plan Assignment Example | Topics and Well Written Essays - 1250 words

Developing a Marketing Plan - Assignment Example Devising a course of action that can give a detailed description of a product proposed by a firm may be a complex matter since the plan has to incorporate market segments, have a clearly defined data that is relevant to the identified market, and compose of an implementation plan (Steinberg, 2011:5). The task of this is to plan and describe a research programme to identify attractive market segments relevant to a product that I will propose and estimate the size of the relevant to it. After analysing a number of factors such as category involvement, product preference motivators, product purchasing patterns and media habits, this research paper resolved to propose consumer electronics as the product of choice. By use of market planning tools that include market segmentation indicators such as psychographics and psychographics, the identified plan described this market as suitable for selling consumer electronics (Steinberg, 2011:8). This is because, upon dividing the estimated total population of the market into subsets using demographic indicators, research identified a variety of market segments that include light, heavy, and medium consumers of consumer electronics (Miller, 2010:6). ... The plan also identified who belong to the same age pattern but exhibit more streams of concurrent customers (Alcock, 2003:7). As such, by use of a computer assisted personal interviewing (CAPI), this research essay managed to produce the following data. There are older men and women who consume the proposed product excessively; there are people who look like concurrent customers, people who would not use the product, while there are others who would buy the product upon spotting it on the market (Steinberg, 2011:11). Additionally, when the research changed its planning methodology and used face-to-face interviews, it established that 10 percent of the overall population aged between 18 and 49 would buy the product if it had promoting incentives (Miller, 2010:9-10). On the other end, 9 percent of the market population, just as illustrated by the demographic measures, would buy the product if satisfied their needs in terms of quality and durability. Using the same methodology of data collection, this research paper found out that there are five different benefit segments and five diverse personality segments as well as six unique attitude segments (Steinberg, 2011:15). This data is relevant to the proposed product because, in this age and date, as far as marketing and sales goes, there is increased personalization whereby some people might even argue that the product offers some potential target markets that are equal or uniform to the identified population. Marketing mix After setting research results, the research team deployed polls about public beliefs whereby it found out that this market segment is democratic and people belief in preferences and media information (Kline, 2006:5). After that, recommended marketing