What information would be most important if you had only one brief topic to include bout your market? A good technique is to skip this topic until you have finished the rest of the section, then go back to the summary to write the highlights. Explain Your Segmentation Make sure to explain and define the different segments, particularly since you refer to them and they are the basis of your strategy. What distinguishes small business from large business, If this Is part of your segmentation?
Do you classify them by sales, number of employees, or some other factor? I’ve seen segmentations that define customers by the channels they buy In, as In the retail customer compared to he wholesale or direct customer, also compared to the Internet download customer. Have you defined which segment is which, and why? As you deal with segmentation, you should also introduce the strategy behind it and your choice of target markets. Explain why your business is focusing on these specific target market groups.
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What makes these groups more interesting than the other groups that you’ve ruled out? Why are the characteristics you specify important? This is more important for some businesses than others. A clothing boutique, for example, might focus on one set of per-income customers instead of another for strategic reasons. An office equipment store might focus on certain business types whose needs match the firm’s expertise. Some fast-food restaurants focus on families with children under driving age.
Strategy Is focus; It Is creative and It doesn’t follow preprinted formulas. Explain Market Needs, Growth, and Trends All marketing should be based on underlying needs. For each market segment included in your strategy, explain the market needs that lead to this group’s wanting to buy your service. Did the need exist before the business was there? Are there other products or services or stores that offer different ways to satisfy this same need? Do you have market research related to this market need?
It is always a good idea to try to define your retail offering in terms of target market needs, so you focus not on what you have to sell, but rather on the buyer needs you satisfy. As a shoe store, for example, are you selling shoes or are you satisfying the customer needs for covered feet? Are there really underlying needs, such as style and prestige for fashion footwear, or padding for runners, or Jumping for basketball players, that elate to selling shoes? Are kids buying status with their basketball shoes? Understand and explain market trends. What factors seem to be changing the market or changing the business? What developing trends can make a difference? Market of style or fashion, or something else. It depends on what business you are in. For example, a building supply store might note the trend toward remodeling older homes instead of buying new homes, or a trend toward more rooms in larger houses, despite smaller families, because of home offices, dens, and exercise rooms.
A rockery store might note a trend toward Asian foods or spicier foods, or toward fresher, healthier foods, or development of a new shopping area in a different part of town. A medical supplies store might note demographic trends, as baby boomers age, leading toward more need for estate planning and retirement planning. Look to market trends as a way to get ahead of the market, to know where it is going before it gets there. You should also understand and explain market growth in each segment. Ideally you cite experts a market expert, market research firm, trade association, or credible Journalist.