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Market Environment
Laurel and Dimond Districts Description of Market Environment ABCs two
stores are located in the Berrydale (original store) and Appletree (newer
store) Districts in the City of Mayfield. They are in a very culturally diverse
neighborhood on two busy streets; namely, Rosemount Drive and Sunset
Road, which is intersected by another busy street, Main Boulevard. Both
the Appletree and Berrydale Districts have been in flux for last ten years as
older homeowners move away and younger families move in with higher
incomes. With the renovation of older homes and more community
involvement cleaning up "troubled" areas, the neighborhood surround ABC
is improving. ABC presence is helping to revitalize and support this
transition.
The Local Demographics To market ABCs products and services effectively,
Exhibits 7-9 may be useful. According to the U.S. Census Bureau's 20062008 American Community Survey where 90,000+ respondents
participated, Mayfields demographics and population are as follows:
40Market Environment Local Demographics (cond) Exhibit 7 Exhibit 9
Ethnic Population Miscellaneous Demographic What Population % White
46.9% African American 19.8% What Households % Native American .6%
(150,000 Surveyed) Asian American 15.6% Children(Under18 28.6% Pacific
Islander .5% years old) Hispanic or Latino 25.2% Married Couples 34.0%
Other Races 12.9% Single Female 17.7% Two or More Races 3.7% Nonfamilies 42.7% Individuals 32.5% Exhibit 8 65+ years old 8.6% Age and
Income 18-24 years old 9.7% Demographic 25-44 years old 34.0% 45-64
years old 20.0% Miscellaneous Home Ownership 41.0% Figures
Unemployment Rate 17.5% Median Age 33 years old (as of August 2009)
Median Income $40,055 Median Income for $44,384 Family Male Median
$37,433 Income Female Median $35,088 Income Female to Male 100
females (18+ Ratio age) to 93.2 males Source: U.S. Census Bureaus 20062008 American Community Survey (90,000 (18+ years old) Respondents)
City of Mayfield 41
2. 42. Market Environment The Customer Profile Based on its history, ABC has
identified its customer profile according to the characteristics and traits
outline in Exhibit 10 below. Accordingly, most of the product mix and
services offered by ABC have been geared towards this customer profile.
Exhibit 10 Characteristic and Traits Caucasian Married with children
Professional 35+ years old Middle to higher income level Higher
Educational level Community-oriented Conservation conscientiousness
Environmentally conscientious Reside in local area (within 10 miles of ABC
stores) 42
3. 43. Market Environment Sales and Marketing Sales within ABC is generally
the responsibility of all employees although there are no specific targets
set by the Owners. To date there are no systems or processes for gathering
or disseminating sales information regularly to managers or employees so
it can be used to improve sales. Marketing is generally the responsibility of
one person who does not appear to have formal training in marketing. This
individual is also responsible for running the grocery department and the
human resource function, both of which are being learned by rote and by
applies in this context too. Realistic - They should be achievable. Agreed Those who are to implement them should be committed to them, and
agree that they are achievable. The resulting plans should become a
working document, which will guide the campaigns taking place
throughout the organization over the period of the plan. If the marketing
plan is to work, every exception to it (throughout the year) must be
questioned; and the lessons learned, to be incorporated in the next year's
planning. 47
8. 48. Market Environment (cond) Exhibit 13 Components of a Marketing Plan
(Developing the Marketing Plan) I. Title Page II. Executive Summary III.
Current Situation Macro-environment a. economy b. legal c. government
d. technology e. ecological f. socio-cultural g. supply chain IV. Current
Situation - Market Analysis a. market definition b. market size c. market
segmentation d. industry structure and strategic groupings e. Porter 5
forces analysis f. competition and market share g. competitors' strengths
and weaknesses h. market trends V. Current Situation - Consumer Analysis
a. nature of the buying decision b. participants c. demographics d.
psychographics e. buyer motivation and expectations f. loyalty segments
Vi. Current Situation - Internal a. company resources i. financial ii. people
48
9. 49. Market Environment (cond) Exhibit 13 Components of a Marketing Plan
(Developing the Marketing Plan) (cond) iii. time iv. skills b. objectives i.
mission statement and vision statement ii. corporate objectives iii.
financial objective iv. marketing objectives v. long term objectives vi.
description of the basic business philosophy g. corporate culture VI.
Summary of Situation Analysis a. external threats b. external opportunities
c. internal strengths d. internal weaknesses e. Critical success factors in
the industry f. our sustainable competitive advantage VII. Marketing
research a. information requirements b. research methodology c. research
results VIII. Marketing Strategy - Product a. product mix b. product
strengths and weaknesses i. perceptual mapping c. product life cycle
management and new product development d. Brand name, brand image,
and brand equity e. the augmented product f. product portfolio analysis i.
B.C.G. Analysis ii. contribution margin analysis 49
10.50. Market Environment (cond) Exhibit 13 Components of a Marketing Plan
(Developing the Marketing Plan) (cond) iii. G.E. Multi Factorial analysis iv.
Quality Function Deployment IX. Marketing Strategy - segmented
marketing actions and market share objectives a. by product, b. by
customer segment, c. by geographical market, d. by distribution channel.
X. Marketing Strategy - Price a. pricing objectives b. pricing method (e.g.,
cost plus, demand based, or competitor indexing) c. pricing strategy (e.g.,
skimming, or penetration) d. discounts and allowances e. price elasticity
and customer sensitivity f. price zoning g. break even analysis at various
prices XI. Marketing Strategy - promotion a. a. promotional goals b.
promotional mix c. advertising reach, frequency, flights, theme, and media
d. sales force requirements, techniques, and management e. sales
promotion f. publicity and public relations g. electronic promotion (e.g.,
Web, or telephone) h. word of mouth marketing (buzz) i. viral marketing
XII. Marketing Strategy - Distribution a. geographical coverage b.