Tactical Decisions: Target Market

If the target market remains the same as what was identified in the Situational Analysis, then identifying the market will be relatively easy, though justification for continuing with this market is required. For new markets, a more detailed discussion is needed. This section also includes the sales forecast, which is the driving force for all financial forecasts. Depending on the depth of detail sought in the Marketing Plan, it may be a good idea to include likelihood scenarios, such as best case, worst case and probable case, when developing the sales forecast. (Length: 1-2 pages)

1. Target Market Description:

  • Brief summary of current target market
  • Identify planned changes:
    • Summarize changes:
      • Describe using profile (e.g., demographic, psychographic, behavioral, etc. )
      • Describe how it will be accomplished
    • Justify planned changes:
      • Due to results
      • Due to research
      • Due to competition
      • Others
  • Describe tactics to carryout changes:
    • Objectives
      • e.g., percentage of target market that will buy
    • Methods used to change the target market

2. Product Positioning:

  • Brief summary of product position
    • How does target market view product in relation to competitor’s products?
  • Identify planned changes:
    • Summarize changes in product positioning
    • Justify planned changes:
      • Due to results
      • Due to research
      • Due to competition
      • Others
  • Describe tactics to carryout changes:
    • Objectives
      • e.g., what is desired position?
    • Methods used to change position

3. Sales Forecast for Each Product:

  • Brief summary of current sales
  • Identify changes
    • Summarize changes in forecast
    • Justify forecast (i.e., figures determined based on what information?)
  • Describe forecast
    • Objectives
      • e.g., why is forecast method used?
    • Methods used to carry out
    • Numerical estimates
      • Categories:
        • Total
        • By segment(s)
        • By distribution channel
        • Others
    • Consider likelihood scenario analysis
Part 4: Tactical Marketing Programs
Tactical Decisions: Product