08 Oct Marketing plan.

Marketing plan.  The third section of the marketing plan will allow you to better understand the consumer and their behavior when buying products. Once you have defined and created your target market, now you need to understand them better, and the way that marketers understand their target market is through understanding consumer behavior. For this next phase of the marketing plan, you will create an outline of your customer base.

MKT 105 Exercise 3- Marketing Plan

Name: _______________________________________                        Date: _______

Exercise 3: Customer behavior

Once you have defined and created your target market, now you need to understand them better and the way that marketers understand their target market is through understanding consumer behavior. For this next phase of the marketing plan, you will create an outline of your customer based. The outline will be completed by answering the questions below. To answer the questions, you will need to conduct light research on other companies that market your product or a similar one. Some of this information you will need to create since it may not be found online.

Consumer behavior questions:

1. Who buys your product? (Is it an individual? Does the individual have to have a parent or guardian purchase it for them? Is it a company?)

2. Who makes the decision to buy the product? (Is it one individual or multiple individuals?)

3. Who influences the decision to buy the product? (Consider the psychographics is it the media, family, friends?)

4. How is the purchase decision made? (Do they consult just themselves or others?)

5. Why does the customer buy? (need or want?)

6. Why is the consumer preferring one brand over another? (What makes your product special? What is your competitive advantage?)

7. Where do the customers buy the product? (Start considering your place (distribution) strategy)