Draft of the Target Market Analysis and the Industry and Organization Factor Analysis sections

Instructions

In this milestone, you will submit a draft of the Target Market Analysis and the Industry and Organization Factor Analysis sections.  In this draft you will analyze your target market to inform your plan  for pricing, placing, and promoting your product or service within the  market. You will also examine your sport organization by conducting a  SWOT (strengths, weaknesses, opportunities, and threats) analysis and  evaluating your organization’s readiness to enter the target market of  the selected product or service.

Specifically, the following critical elements must be addressed:

1. Target Market Analysis: In this section of the  project, you will analyze your target market to inform your plan for  pricing, placing, and promoting your product or service within the  market.
   1. Explain the current and future trend of the market with  respect to the chosen product or service. In other words, will it be  appropriate to serve the needs of customers in the current and future  market?
   2. Describe the target customers (e.g., age, gender, education, lifestyle, values) for your product or service.
   3. Justify the market research methods that you will  use to retrieve information about the target market and consumers.  Support your justification with research. For example, will you use  primary data (e.g., surveys, focus groups, interviews) or secondary data  (e.g., more general information like SGMA reports or industry reports  from sport business journals)?
   4. Describe the internal market factors (corporate culture, financial state, etc.) that affect your sport organization.
   5. Describe the external market factors (competitors, economy, etc.) that affect your sport organization.
   6. Discuss business data that supports a decision to undertake this marketing plan.
2. Industry and Organization Factor Analysis: In this  section of the project, you will examine your sport organization by  conducting a SWOT analysis and evaluating the readiness of your  organization to enter the target market of the selected product or  service.
   1. Analyze the current status of the industry related to your sport organization, including needs and business opportunities.
   2. Conduct a SWOT analysis that identifies strengths, weaknesses, opportunities, and threats of your sport organization.
   3. Explain the readiness of your sport organization to  enter the target market of the product or service. Support your  explanation with examples from your SWOT analysis.
   4. Explain the current economic condition of your sport organization. Support your explanation with examples from your SWOT analysis.

Sample Answer (Order Original Paper)

Target Market Analysis:

1. Current and Future Market Trends:
Analyze the current and projected trends of the market for your chosen product or service. Consider factors such as customer demand, technological advancements, changes in consumer behavior, and market growth potential. Assess whether the market is stable and likely to sustain or grow in the future, making it appropriate to serve the needs of customers.

2. Target Customers:
Describe the characteristics of your target customers, including their age, gender, education, lifestyle, values, and preferences. Understand their needs and wants to tailor your marketing strategies effectively.

3. Market Research Methods:
Justify the market research methods you will use to gather information about your target market and consumers. Determine whether primary data (e.g., surveys, focus groups, interviews) or secondary data (e.g., industry reports, sport business journals) will be more suitable for your analysis. Provide research-based reasons for your chosen methods.

4. Internal Market Factors:
Examine internal factors within your sport organization that may influence the marketing plan. This could include the corporate culture, financial state, resources, and capabilities of the organization. Assess how these factors may affect the implementation of your marketing strategies.

5. External Market Factors:
Evaluate external factors that could impact your sport organization’s marketing efforts. Identify competitors, economic conditions, legal and regulatory influences, and other environmental factors that might influence your product or service’s success in the market.

6. Business Data:
Present relevant business data that supports the decision to undertake this marketing plan. This may include data on market demand, sales projections, customer feedback, or any other information that indicates the potential success of your product or service in the target market.

Industry and Organization Factor Analysis:

1. Industry Status and Opportunities:
Analyze the current status of the sports industry related to your sport organization. Identify specific needs and business opportunities within the industry that your product or service can address effectively.

2. SWOT Analysis:
Conduct a SWOT analysis for your sport organization. Identify its strengths, weaknesses, opportunities, and threats. Assess how these factors impact the organization’s ability to enter the target market successfully.

3. Readiness to Enter the Target Market:
Based on the SWOT analysis, explain the readiness of your sport organization to enter the target market. Discuss how the organization’s strengths can be leveraged, weaknesses mitigated, and opportunities pursued. Address any potential threats and how they can be minimized.

4. Current Economic Condition:
Evaluate the current economic condition of your sport organization based on the SWOT analysis. Identify economic strengths and weaknesses that may affect the implementation of the marketing plan.

Ensure that your analysis is well-supported with relevant research and data, and that it provides a comprehensive understanding of the target market and the sport organization’s readiness to enter the market with the selected product or service.