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Marketing strategy questionnaire

Prepared by: Purpose

Rexford Suornoe-Dery

Date:

2/10/12

Use this template to capture the key information that you need to develop a thorough marketing strategy. Then use the information that you collect, along with other development tools, to build your key marketing strategy. This template is divided into the following question sections:

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Marketing Strategy Questionnaire

1. Background
A. What business are we in? (What needs does our business meet in the marketplace?)
(23 sentences)

Our business angle will be retail, where we sell and market products by a well know manufacturer with a good brand and product. To also introduce the manufacturers brand of products to a new and wider market.

B. What services and/or products do we provide?


(1 paragraph)

Bottled mineral water

C. What are our business objectives over the next two years? Be as specific as possible, and make sure to address the following goals: Number of customers Revenue Profit Market share We project to start with a minimum of 2000 customers and 10 distributors and reach a million customers and 50 distributors in the next 2 years. For the initial stage our revenue will be generated entirely from sales. 50% of profits will be reinvested into the business; the remainder will cater for salaries, rents and logistics. We intend to control more than 50% of the bottled mineral water market in sierra Leon.

D. What compelled us to start this business?

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Marketing Strategy Questionnaire

Want to give variety and choice to the people of sierra leon, also introduce premium quality mineral water to the populace. Water is life and good water is better life.

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Marketing Strategy Questionnaire

2. Market
A. What is the market opportunity? What is the market size? Be sure to look at market size with respect to geography and to industry. With a population of 5,485,998 and that of free town at 875,000 which is where we will operate for the first 2 years. Our target market is within the age group of 15-64 which is 54.5% of the population, with an average growth rate of 2.277%. Out of these demographics we are targeting more than 30% by the end of the first 2 years of operation.

B. How can the market be segmented into logical customer groupings? Theres a segment that will purchase the bottled water and a segment that will patronize the sachet option. This provides us with 2 vibrant sectors to market out products.

C. What are the key industry trends that are fueling our success? What industry trends can inhibit our success? Water is a basic necessity and therefore a huge driving force to the success of the venture. Water availability is still not fully reintegrated making good drinking water a valuable asset. With the problem not to be solved any time soon, marketing and selling of water products remains a viable prospect. Fragile Political instability and endemic corruption will pose the biggest challenge yet. Taxation and import duties will be areas where we will be vulnerable. Also other business operating permits, rent and warehousing will be challenging for the first 2 years. Competition from other competitors will be our biggest threat yet.

D. What is the economic climate now and in the next couple of years? How will the economic climate affect our business? The country is still reeling out of a decade old civil war. The business climate is not too enticing but has a good growth potential in the next couple of years. Industries are gradually reestablishing and with a GDP real growth rate of (5.1%) with the GDP purchasing power parity of (5.1 billion$) the region is conducive enough to purchase the products we offer.

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Marketing Strategy Questionnaire

E. Is our business or market affected by business cycles or seasons? If so, describe how it is affected. Water is consumed all year round and demand will always be in demand. Demand is expected to increase during festive/religious moments like Ramadan and Christmas. With 60% of the population being Muslim and 10% Christians, there will be a rise in demand during June to July and December to January. Concern will be during the 30day Ramadan fast which will mean lots of people will be indoors observing the fast and aggressive sales will take a slight nose dive but to bit up at the end of the fast.

3. Target Audience
A. What market segments are we targeting (list segment name and characteristics)? What segments are we not targeting? Retailing: our products fall within the retail sector where we import, market and sell safina bottled water and waves sachet water. Distribution: we also are looking at being a hub for other retailers to take stock from us under different entities to sell. We are not looking into the manufacturing or exporting sector for now.

B. What kind of audience are we targeting? What are its members' demographics and psychographics (for example, what keeps them awake at night, including both fears and opportunities)? List multiple audiences in order of priority.

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Marketing Strategy Questionnaire

Upper class/middle/lower class: our product is suitable for the upper class as we have the container option for households with water dispensers which can only be afforded by those well to do. In 2003 the percentage of people living below the poverty line was 47% which means over 53% is above the poverty line and can purchase our product. Institutions: as in incentive and a marketing drive, we will provide water dispensers to selected institutions like universities, banks, government ministries, churches etc for free so long as they sign an agreement with us to be buying water from us henceforth. This service will later run for the domestic sector. Businesses: entities like hotels, supermarkets, night clubs, pubs and bars is one segment we are targeting to market to. There will be packages in place to make selling of our products are there establishments appealing so we rope in others within the shortest possible time. Commercial vendors: this group will be part of our direct and aggressive marketing approach. Karts and other selling merchandise will be supplied to them to market our products further down the line that we can reach, ie; primary schools, by the roads in traffic and markets where consumers will be readily available wanting the product. C. What is our customers primary reason for buying or wanting to use our product or service? The primary reason for our consumers will be to seek refreshment. But we will be adding nourishment because of the premium quality of the water we sell. The consumer will also want taste which we can guarantee will meet the approval of our clients.

D. Why would someone prefer our offering versus that offered by the competition? (You might want to answer the section on competition and then come back to this question.) One key thing will be the accessibility of our product, second will be the branding, packaging and promotion drive used to introduce the product. But the defining factor will be the taste and quality of the product which we believe surpasses that of our competitors.

E. Are there any issues or concerns that the target audience might have regarding this type of product or service?

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Marketing Strategy Questionnaire

The issues of our target audience will be the price of the product, quality and accessibility. Factors that we have considered and taken measures to mitigate in the selection of the product and brand to market. The issue of price is annulled due to choice in product range. From the upper to lower class, wherever our consumer fits theres a range of our product for them.

4. Competition
A. What categories of competition threaten our success? Label each category, and identify its key characteristics. Prioritize the categories from greatest to least threatening. This segment will need on the ground research

B. Which companies pose the greatest threat, and how do they differentiate themselves? What strategic or tactical elements do they use that threaten our success? List the strengths and weaknesses for each of these elements.

This segment will need on the ground research

C. Which competitors have the largest market share within our target market segments? Which competitors have the greatest visibility with our target audience? This segment will need on the ground research

D. How will we differentiate ourselves to best combat competition?

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Marketing Strategy Questionnaire

Brand promotion: this will be done in an attractive an appealing manner never experienced before in the region via radio, tv and print medias. Marketing drives and rewards: different marketing strategies to be devised will make our product so readily available that consumers will have very little confusion in picking our brands over others. The accessibility and availability of the product will play a vital role in our brand topping the competition. Consumer reward packages: there will be several raffle draws and competitions running to reward consumers who purchase our products, this will gain us new audiences and also retain old ones. Sponsorships and CSR projects: by undertaking various corporate social responsibilities, like providing books for schools, medicine/beds for hospitals, supporting rural water projects were looking to buy into the hearts of many more consumers who will appreciate our efforts and reciprocate by patronizing our products so we can do more for the community.

E. What barriers to enter into the marketplace are we creating for ourselves? This segment will need on the ground research

5. Offering
A. What need is our offering designed to fill? Identify the need for each target audience. Our product fills a vital void in the area of good, portable and quality drinking water. A basic necessity for a growing and emerging nation. All institutions use human capital and the state of health of the human capital is imperative to the continuous growth and success of the institution or body. Good, quality and affordable drinking water thereby ensures good health for the human capital.

B. What features and associated benefits does our offering provide? Identify features and associated benefits for each target audience. This segment will need on the ground research

C. How do we deliver the features identified in item B? Be specificthis is the proof that we can do what we say. This segment will need on the ground research

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Marketing Strategy Questionnaire

D. Of these features, which ones differentiate us from the competition? This segment will need on the ground research

E. What improvements can we make to our offering to better meet customer needs? This segment will need on the ground research

F. What new offerings would our customers most like us to develop? This segment will need on the ground research

6. Messages
A. What does each of our identified target audiences know and believe about us today? For the moment our target audiences are yet to hear of us nor experience the services we offer.

B. What is the single most important message that we must communicate to ALL of our target audiences? Water is life and everyone has the right to it. This message should resonate in all our promotions and activities as a company. It must not be a privilege of the elite or upper class but a right for all citizenry.

C. What evidence can be used to support the claim that we make in our single most important message? The evidence will be provided from the promotions, consumer rewards and CSR projects we will be undertaking.

D. List the single most important message that we must communicate to EACH target audience. (This might or might not be the same answer as in item A.)

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Marketing Strategy Questionnaire

Water is life and everyone has the right to it. This message should resonate in all our promotions and activities as a company. It must not be a privilege of the elite or upper class but a right for all citizenry.

E. What evidence can be used to support the claims for each message listed in item D? The evidence will be provided from the promotions, consumer rewards and CSR projects we will be undertaking.

F. What happy clients do we have today that we can reference in our communications? What did they buy from us, and why are they happy?

N/A

G. What kind of personality do we want to portray in our communications? What tone? What flavor? We want to communicate our product is for everyone regardless of class and the quality is unmatched in a formal to casual tone.

H. What is the net impression about our company or offering that we want clients and partners to take away after each interaction with our company? We care about our clients health, their pockets and most of all our community and environment.

7. Sales and Buying Process


A. What is the process for selling our services or products (list the key milestones in the process)? Do we use any of the following processes? Direct personal sale Direct online sale Indirect through channels

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Marketing Strategy Questionnaire

We starting with direct personal sale and indirect through channels. As per our projections we will be distributing to other entities to retail in other areas that we wont be operating in at the beginning. We will however be selling and supplying to supermarkets, businesses and also have on the street vendors who will sell to passing clientele. B. Who is involved, both from our company and from our sales channel partners, in each step of the sales process? Our sales manager and sales executives will be solely responsible for this area of operations to drive sales. From distribution and supply to vendors and businesses and also institutions. C. How does our target audience buy our type of offering? Is the purchase an impulse buy or a planned purchase? Our product will be marketed in a way where it caters for both scenarios. When a client needs water promptly our product should be the closest item near them to purchase, at the same time the premium quality of the product will determine a client leaving from home to come directly to purchase our brand or add our brand name to their shopping list when going shopping. D. What purchase process steps do the members of our target audience follow? Does this process vary based on the vendor that they select? If the process does vary, explain how and/or why? This segment will need on-the-ground research E. What buying criteria does our target audience use to select an offering? Quality, affordability, reliability and accessibility F. What criteria does our target audience use when selecting a vendor or a manufacturer? This segment will need on-the-ground research

8. Pricing
A. How important is price in the decision process? (See the Sales and Buying Process section above.) This segment will need on-the-ground research

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Marketing Strategy Questionnaire

B. What is our current pricing structure, including discounts, product options, rebates, and so on? Do our customers understand it? This segment will need on-the-ground research

C. Which of our competitors is considered the price leader? What does the price leader charge for its offering? How does the price leader determine its price? This segment will need on-the-ground research

D. What are our other competitors charging for their offerings? This segment will need on-the-ground research

E. What can be done to reduce costs without affecting quality? This segment will need on-the-ground research

F. What tradeoffs of price or value, or of both price and value, do customers make? This segment will need on-the-ground research

G. What is the perceived value of our offering as compared to its price?

This segment will need on-the-ground research

H. What service(s) do we currently include in the price of our product? What services can we consider now and in the future?
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Marketing Strategy Questionnaire

This segment will need on-the-ground research I. Are competitive price changes anticipated in the near future? Yes J. What industry trends are going to drive prices down? What industry trends are going to drive prices up? Local manufacturing might drive prices down since they dont have to pay import duties and other import taxes. However services like portable water to be used in manufacturing and power (electricity charges) and reliability stand the chance of driving prices back up. Another factor will also be consumer demand.

1. 2.

Executive Overview Market Review Trends overview Market segments Target market primary secondary

3. 4. 5. 6.

Competitive Review Product and Business Review Strength, Weaknesses, Opportunities, Threats Goals and Objectives Sales objectives Marketing objectives

7.

Strategies Positioning Product Pricing


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Marketing Strategy Questionnaire

8.

Distribution Communications/Promotion

Action Plan and Implementation Media plan Budget Schedule Assignments

9.

Evaluation Lead tracking systems Sales reviews

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