AGB406 Agribusiness Marketing Planning REVISION: Assignment 4: Determine The Marketing Opportunity and Target Market(s) (20 Points) To date, you have done secondary and some primary research to deeply understand your company, its products, pricing and distribution channels, the market, market trends and the competition. Hopefully, during this process, you have identified new and untapped opportunities for your client company and product. Based on all the research conducted, the next step is to 1) refine your product opportunity; 2) quantify the marketing opportunities and then determine the target markets that will enable you to convert the marketing opportunity into a real marketing plan. A.
Refine and Explain Your Product Opportunity
Go back through your research. What are the market opportunities you have identified for your product?
Thinking about each opportunity, identify the pros and cons of each. This could include: estimated category/market size, ease/ability to reach market, ease of distribution, market receptiveness, competition advantage, future marketing ideas or product uniqueness.
Reviewing your research plus thinking about the competition, which product opportunity do you think offers the best opportunity for your client?
Explain the rationale behind deciding on this opportunity. Reference secondary/primary research conducted – don’t just express opinion. B.
Quantify The Market Opportunity for Your Product
In this section, this is where you attempt to quantify (volume/value) the market opportunity. This is where you are seeking answers to the question: How big is the market opportunity? o
For example, how big is the market opportunity…
Based on target market size?
Based on category/market size or category/market growth (Assignment 2)?
Based on competitive product analysis / competitive product imports (Assignment 3)?
Based on local, national, international sales/competitor sales insights?
Quantify the market opportunity’s estimated benefits to the company, including: o
What is the sales potential (units/dollars)? How will the market opportunity drive more sales? o
What is the price opportunity? Will the market opportunity identified enable the company to charge a higher price? Will the opportunity reduce costs? o
What is the distribution potential? Will the market opportunity increase distribution options resulting in more sales or new sales to different channels? o
Doing the best you can, provide logical calculations to quantify these market opportunities as accurately as possible. This will require additional thinking and research. C.
Identify Your Marketing Opportunity Target Market(s)
Given the market opportunity you have decided on, who is the ‘primary target market’? o
Do your best to describe this market in as much detail as possible using the Market Segmentation variables.
Based on what you have learned so far, are there any additional customers or market segments your company needs to consider targeting? Can the company target multiple TM?
Since companies have limited resources and cannot market to ‘everyone’, explain the segmentation strategies you used to narrow down and define your proposed target market. Does the target market you identified have sufficient growth potential? Do you need to identify any additional target markets?
