Writing a target marketing plan
You have defined your target market or target markets. You have walked
through the seven elements or those that apply to each of your target market.
Now you need to examine the parts and view it as a whole.
Do they fit together, are there conflicting decisions, and are adjustments
needed?Uses for target markets and target marketing
Target marketing, within the context of the overall marketing plan, results in:
It is generally true that special or targeted marketing efforts are effective
because of the general, on-going marketing activity that supports them.
From the information that you collected or decisions you made in
elements 4–7, prepare a promotional and advertising plan for each of
the target markets.
Set your goals and outcomes for the next 3–5 years. Set your goals and
outcomes (the results you want) for the following year.
Establish a timetable (in general terms) for the next 3–5 years. Establish a
specific timetable for the coming year.
Prepare the financial projections on the cost of implementing the
marketing plan (in general terms) for the next 3–5 years and, for the
coming year, in detail.
Write an overall statement of your marketing strategy.A more cost-effective marketing plan
A better return on investment for the business
Better-designed advertising and promotional programs that are directed
towards target markets
Better results because the target market plan is integrated within an overall
marketing plan
The ability of sales persons to apply the target-marketing plan at the sales
territory level