Business Plan (Marketing Plan).docx - 7.0 Marketing Plan Marketing plan is an operational document which outlines an advertising strategy that an

Business Plan (Marketing Plan).docx - 7.0 Marketing Plan...

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7.0 Marketing Plan Marketing plan is an operational document which outlines an advertising strategy that an organization will implement to generate leads and reach its target market. The purpose of S.O.U.L. do marketing plan is to create an effective new business strategy and ensure we’re not wasting time or money. By this, we can achieve our business goal which is to develop and provide innovative products of the highest quality and useful at a low cost to our customers. 7.1 Market Analysis 7.1.1 Target Market Target market is a group of potential customers to whom a company wants to sell its products to them. Market targeting involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. S.O.U.L. had conducted market researched regarding the demand of electrical devices and found out that these products are highly demand by the young generation today. The target consumers for S.O.U.L. are the residents of Alor Setar, Kedah. With target segments, S.O.U.L. can profitably generate the greatest customer value and sustain it over time. Markets segmentation includes: 7.1.1.1 Demographic Demographic segmentation is segmenting the market into demographic aspects such as gender, age, family size and family life cycle, income, education, employment and religion. The majority of consumers in the S.O.U.L. are individuals under 40 years old with household income RM 3000. There has recently been a significant increase in the number of electric devices user under the age 40. Electric devices now play a significant role in schools and lower age groups will be consistent these users and therefore electrical devices buyers as they ages. 7.1.1.2 Behavioural Behavioural segmentation is done by organizations on the basis of buying patterns of consumers like usage frequency, brand loyalty, benefits needed and during any occasion. In this segmentation, our target market are the people in the business industry and students. Most of the consumers of S.O.U.L. have acknowledged about the products that S.O.U.L. produced and believed that they have the ability to produce high quality work quickly.
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7.1.1.3 Psychographic Psychological methods are methods that divide the market into groups based on social class. For example, these can be the person position in society, lifestyle and personality traits. Majority of S.O.U.L. consumers are young generation. Most of them use computer for work, surf online, play games, watch TV, shop online, buying online, work online and trading online too. 7.1.1.4 Geographic This method divides the market into different geographical units or groups based on location such as by region, state, city, district or residential park. S.O.U.L. have chosen Alor Setar, Kedah for business location based on few aspects that has been considers, which are the infrastructures, the system of transportation and the environment. The location is strategic because it is the capital of Kedah and the manufacturer’s factory is also located there. So, this
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  • Summer '16
  • Mathivanna a/l Jaganathan

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