Page 571 - Business Principles and Management

project:
MY BUSINESS , INC.

To market your products effectively, you will need to identify the target
market for your business. Then you must determine how customers will
view your product as they make decisions to buy. The activities in this
section of the project will help you understand your customers so you
can develop an effective marketing mix.

DATA COLLECTION
1. Locate books, newspaper and magazine articles, Web resources, and
other information sources that describe people who are interested in
healthy lifestyles and nutrition. Make a list of the sources of infor-
mation that will help you describe possible target markets for your
juice bar and provide brief descriptions of the information in each of
the sources you list.
2. Review advertisements from other businesses that might compete
with your juice bar. For each business, prepare a description of the
target market it appears to be appealing to and the key part of its
marketing mix that it is advertising.
3. Using library or Internet resources, locate several marketing-oriented
magazines or trade journals that you could consult for information.
Also identify some marketing-related professional organizations or
trade associations that might be helpful to you.

ANALYSIS
1. Using the categories of consumer goods listed in the chapter, deter-
mine if customers will treat your product as a convenience, shopping,
specialty, or unsought good. Describe how that decision will influence
the way you market your products.
2. Markets are made up of many segments of people with one or more
similar characteristics. Segments of a market can be identified that
have one or more strong needs or wants in common. What market
segment(s) can you identify for your product?
3. Develop a detailed customer profile of one or more target markets
that you can serve successfully. Make sure that your profile descrip-
tion includes both an identification of the target market and the im-
portant needs of the market that are related to your product.
4. Develop a set of questions that you would use to collect information
from your target market so that you can be market oriented in your
marketing offerings.
5. Prepare a general description of the marketing mix you believe would
satisfy the consumers in your target market. Develop a marketing
plan that describes the goals your business should accomplish, the
target market you want to serve, the marketing mix you will use, and
the tactics that make up your marketing strategy.

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