3.

IDENTIFYING TARGET MARKET

Who is the consumer of the product or service?

What is their common needs or wants that would be

satisfied by the product or service?

What is their common characteristics?

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 1

 TARGET MARKET ALTERNATIVES
SEGMENTED MARKETING

Target several or a particular market segments

Design separate offers for each segment
Niche Marketing:
Targeting a large share of one or a few segments or
niches
Micromarketing:
Tailoring products to suit the tastes of specific individuals
and locations

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 2

 4. ANALYZING MARKET TREND
AND MARKET SIZE

What is the trend in the market?

What is market potential?
Size of the market - what is the RM value?
Customer profiles of relevant market segments.

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 3

 Market Size:
 Total potential purchase of target market

 Should be translated into monetary value

 Growing, remain the same or shrinking

Market Share:
 a comparative measure to assess performance
against the competition

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 4