Purchase Solution

Marketing Strategy and Market Demand

Not what you're looking for?

Ask Custom Question

Business Plan

I have chosen to create a sporting goods retail store to be located in Kearney city, NE (home to University of Nebraska at Kearney) so that we can serve central and western Nebraska State. This store will be similar in scope to Scheels All Sports Store which located in Omaha, NE (180 miles from Kearney). Our products will include sporting equipment, apparel, hunting and fishing equipment, and vitamins and proteins. This is a viable business because there is not a major sporting goods store in central or western Nebraska. Our major competition in Kearney will include sport stores such as Cabelas, Sports Village, and Sporting Edge. However, these stores do not include all sports gear. We will offer everything under one roof.

Content:
1. An assessment of market demand, including an analysis of the target market and market potential for the product/service. Supporting primary and/or secondary data is expected.
2. A complete marketing strategy for reaching the target market.

Information about Kearney city where the store will be located:

http://www.cityofkearney.org/

Attachments
Purchase this Solution
Solution Summary

The answer to this problem explains a Marketing Strategy. The references related to the answer are also included.

Solution Preview

Assessment of Market Demand:

There will be two segments that will be targeted by the sporting goods retail store. The first segment will be the youth segment which will be of individuals aged 30 years and below. The second segment will be the elderly segment which will consist of individuals aged more than 30 years. The size of the youth segment will be 7,500 persons. This figure is based on the secondary data that the median resident age in Kearney city is 29.0 years in 2009. Also the population of Kearney city is 30,787. This is the segment that is interested in sports. These are likely to purchase sporting equipment and sporting apparel. The estimated median household income in 2009 is $44,062. It is expected that of the youth segment each individual is likely to spend at an average $500 per annum. This means that the value of the youth segment is $3,750,000.

Next we consider the elderly segment. As the elderly have more leisure time the size of the segment is estimated to be 10,000 persons. The main purchases of the elderly segment will be hunting and fishing equipment, vitamins and proteins, and sport apparel. As the income of the elderly segment is higher and vitamins and proteins are regular consumption items, the annual spending per person in the elderly segment is estimated to be close to $800 per year. The value of the target market in the elderly segment is estimated to be $8,000,000.
The total market capacity of the Kearney city market for the sports store is $11,750,000. This is the maximum total sales revenue of sports stores in the market during a period of one year. Since the sporting goods retail store is the only store of its kind in the area, this figure represents the total sales revenues of the store during one year.

One secondary data is that a little league team from Kearney ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
  • "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
  • "Thank you kindly sir. "
  • "Excellent and well explained. --Thank you kindly. "
  • "Awesome notes. I appreciate you."
  • "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Operations Management

This quiz tests a student's knowledge about Operations Management

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

View More Free Quizzes
Related BrainMass Solutions

  • Marketing Research in the Development of Marketing Strategies and Tactics

    Knowing the level of current demand and the future demand allows the organization to develop a flexible marketing strategy that can change with changing demand and consumer markets.

  • Marketing strategy

    84484 Marketing strategy How does the development of marketing strategy differ in the cases of a producat or service being mass marketed and on that is focused on one or more particular segemnts?

  • Push Strategy is Better for Nokia Than a Pull Strategy

    In determining whether a push strategy or pull strategy is better for Nokia, we must first look at the industry and various aspects of the current cellular phone market. A push strategy uses retailers and other channels to promote products offered.

  • Suggested Marketing Mix for Proctor and Gamble

    Explain the relationship between a firm's pricing strategy and its product, distribution, and promotion strategies Pricing strategy depends on product, in terms of demand and market penetration.

  • Marketing of Different Product Categories

    To create a demand in the market (The marketing manager can use a penetration pricing strategy to capture a major share of the market). 7.

  • Marketing Research Strategy

    Please help me to answer and understand the questions below so I can prepare the strategy for the next quarter. -How do in-store decisions affect market demand?
 -How do advertising and brand design affect market demand?


  • mature global market with a new product

    Some of the important factors that a company must consider in a mature market: 1) Existing competitive scenario as it will impact the company's entry and marketing strategy in the mature market. 2) The demand for the new product to identify whether

  • International Strategy and Business Expansion

    integration, borderless demand for globally branded products, and a host of other issues.

  • Marketing communication techniques

    All the people have different nature and habits so promotional strategy should be made according to their needs. // Moving ahead, we'll now, elucidate the pricing strategy for target market and future plans.

  • When and How to Implement Harvesting Strategies

    Retrieved from http://answers.mheducation.com/marketing/marketing-strategy/marketing-strategies-mature-and-declining-markets This solution discusses under which kinds of market and competitive conditions should declining businesses be either divested

View More Related Solutions