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Preliminary Market Research and Target Market for IPT

2-3 page MS Word document
Details: Preliminary market research indicated that target market for IPT has the following characteristics:
Age groups: young adults, middle-age adults
Income levels: from lower middle-class and upward
Consumer groups: individual consumers and businesses
Buying method: currently, 35% would buy from a storefront, 30% would buy "from a catalog or on the Web", and business buyers would direct order
Geographic distribution: research indicates that if IPT markets appropriately, they could increase sales outside the Philadelphia area by as much as 50% the first year. This is based on an anticipated contract with the floral company and the appeal of the Amish products to people from Philadelphia now living in other states and countries
Now it's time to start thinking about "the 4 P's" - product, price, promotion, and placement (distribution). Once again, IPT's owner and financial advisor want to know what you're thinking about before you prepare the entire marketing plan. Document your ideas in a memo. Your memo should address the following points at a minimum:

Promotional strategy you'll use to reach your target markets and how these strategies may vary based on the target markets
Pricing strategy based on the different target markets and plans for the future
New distribution strategy and impact on suppliers and manufacturing

Solution Summary

Preliminary market research is discussed very comprehensively in this explanation..

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