Market Gap Analysis And Market Entry

Study the market, its structure, identify attitudes and behaviours of consumers, this is the first step of marketing. Among the range of behaviours and characteristics of potential buyers, it is necessary to identify homogeneous groups or segments of customers, assess their importance and possible development.

Rivalry: If barriers to leaving an industry are high, firms will exhibit greater rivalry and lower prices. High exit barrier forces firm to stay and compete for market share to survive and sustain..

1) The competitive strategy of the ALLTEL Pavilion is largely focused on differentiation. With no substantial competitors in the geographic region, they are looking to create an “experience” for the audience and thus maintain the sustainability of the venue. They do this primarily through solid Marketing efforts. They are focused on the making the venue and each event as profitable as possible, by making it as highly visible as possible. Working within an established marketing budget of $20,000 per event, the team analyzes demographics, options, and potential ROI in order to make decisions about how to spend this money. Looking beyond each

1. Target a new customer segment that id young and always ready to try something new and exciting.

A target market denotes a section of customers that a business aims at selling its products and services to. Markets can be segmented on basis of geogrphical area, the demographic factors, the psychographic factors, and the behavioral factors of the target population. Demographic market segmentation is determined on factors such as age, sex, occupation, religion, the level of education, and generation it determines the perceived benefits of the product. Based on the demographic features, Harkins Theatres majorly targets parents and children.

The target market is generally the most lucrative choice from among different market segments – each segment being identifiable, measurable, sizable, reachable. For best results, include a fair amount of demographic information (income range, education level, family situation, etc.).

I will be using focus groups as my method in identifying my target market because it easier for me to get their opinion about the taste of the cuisines that I offer and which type of dishes do they prefer. There will be three groups in total. One group will represent the students, the second group will be the working class or adults and the last group will be the old people or retired people. In this way,

Next, we will discuss the target market and provide a rationale for this target market. “Target Marketing is a process of evaluating each market segments overall attractiveness and selecting one or more segments to enter” (Kotler and Armstrong, 2006). Our first target market that we have been marketing to already is that of college students (i.e. males and females between ages 18 – 22). Since we originally started on a college campus, we want to continue to market to them. Also, our other target market is to young adults (males and females 23-29). We chose these target markets specifically for this age group because college students and the young working class find this type of environment inviting and appealing. By adding another market (young adults between ages 23-29), we plan to expand our customer base, and as a result earn more revenue.

The third table is to outline some of the activities we might find at each stage of the marketing process; this is brief summary of the importance of the different stages.

Being able to know our customers and their characteristics is very important to having a successful business. To know how to reach the greatest amount of people and be as cost efficient as possible, we need to know which target markets to reach. By knowing our customer characteristics we can find the markets we want to advertise to. We have also laid out the groundwork to our market-product focus, marketing and product objectives, and points of difference and positioning. By knowing these helps us to know who we want to be as a company. Knowing where to advertise our company and our new product is very important. We set up a marketing program, product strategy, price strategy, promotion and place strategy, otherwise known as the four P’s of the marketing mix. By knowing what product we want to sell, how much we want to sell it for, where to promote it, and where to place the product helps us to create the most revenue as possible. Finally we established our financial projections and our three year projections. In the end, with all of our costs associated, we hope to make an estimated profit of $215,838,000 in our first year of business. We want to be more than just a profit seeking company, but we wouldn’t be a business if profit wasn’t our end

First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.

Marketing plays the most important role for the success of a business. In this chapter, the business’ marketing objectives are laid out together with the plans or actions that will be needed to achieve these objectives. Furthermore, this chapter includes the profile of the respondents which aided the researchers to create this part of the feasibility study.

the considerations of the audience are critical to achieving a success. The main reason is the various characteristics of the target audience and the communication channels have to be sufficient and appropriate to convey the message to the audience effectively. Using a presentation of quarterly sales information at an in-person meeting to a group of stakeholders for analyzing the audience allow to explore the various characteristics' of this diverse group of individuals who include managers, sales persons, and customers. A breakdown of the audience characteristics and their demographic make-up is necessary for analysis to best illustrate the necessary considerations that are important in performing this presentation effectively.

With this come different strategies to achieve growth such as through market penetration, product development, market development and diversification. When these all are broken down in details, it becomes a clearer picture. So when it comes to market penetration it is the objective of reaching higher number of sales and having a larger share with products already existing. Out of the four strategies this is the least risky one. However, there is still some low risk because prices which are low are being used to penetrate markets and it could lead to potentially damaging price wars that reduces the profit margins of all firms in the industry. When it comes to market development, it means to sell the products already existing in a market, but to sell them in a new market, this includes exporting goods to overseas markets or selling to a new market segment. When it is about Product development it is the progress made in current existing products and then sold or even new products being sold in existing markets. For example, the launch of red bull standard, they took a product which had already been in the market before, changed it a little bit and modified it and converted into a different version and sold it in the same market where red bull standard was sold. Product development is about creating something new or modifying product into its better self to attract consumers. Moving to Diversification- it means selling unrelated goods or new products, in new markets The

Once the analysis has been evaluated, there have some key factors that used for marketing planning.