Scenario 8.3.2: Run KC – Matching Customer Profile to Target Market Profile Have students work on this scenario in small groups and then discuss as a class. Based on the information provided, do you believe that the customer profile for Run KC matches the target market profile? In other words, are there enough potential customers in the area to support this business? Cite specific information to justify your answer. Students should readily see that the Johnson County area has enough of a population base and the income level to support this type of retail store. Running USA documents that runners are highly educated which is also the case in Johnson County. It is also apparent that this is a growing area since the population has increased over 20% in the last decade. The Map Info report provides more specific information on the population and sales volume within a 5 mile radius of the store. This info further supports that the customer base matches the customer profile for Run KC. My Plan Assignment 8: Marketing Plan—Market Analysis For this assignment, students will complete their Market Analysis in the Business Plan template. An example of a Market Analysis can be found in the Run KC Business Plan. Discuss each section and the related questions on the assignment to help students understand the level of information you expect. Encourage students to include the results of their research, including any surveys or questionnaires they used. Remind students a target market must be identifiable and quantifiable. Under the Target Market Profile heading, students are asked to estimate their market share. Market share is usually expressed as a percentage of the total market. Students can look at the size of the total market and competitive products/services and realistically estimate what percentage of the market will purchase their product/service. Market share will depend on such things as compelling marketing messages that reach the target market, price, availability of the product/service, and customer preferences. If students have more than one type of primary customer, they will need to complete a customer profile for each type. When students complete Assignment 8, check to make sure they have selected an appropriate target market and that the customer profile contains relevant characteristics. Ask several students to explain to the class the reasoning behind their choices. When students complete Chapter 9, they can use the Business Plan Checklist: Marketing Plan—Market Analysis and Penetration
Scenario 8.3.2: Run KC – Matching Customer Profile to Target Market Profile Have students work on this scenario in small groups and then discuss as a class. Based on the information provided, do you believe that the customer profile for Run KC matches the target market profile? In other words, are there enough potential customers in the area to support this business? Cite specific information to justify your answer. Students should readily see that the Johnson County area has enough of a population base and the income level to support this type of retail store. Running USA documents that runners are highly educated which is also the case in Johnson County. It is also apparent that this is a growing area since the population has increased over 20% in the last decade. The Map Info report provides more specific information on the population and sales volume within a 5 mile radius of the store. This info further supports that the customer base matches the customer profile for Run KC. My Plan Assignment 8: Marketing Plan—Market Analysis For this assignment, students will complete their Market Analysis in the Business Plan template. An example of a Market Analysis can be found in the Run KC Business Plan. Discuss each section and the related questions on the assignment to help students understand the level of information you expect. Encourage students to include the results of their research, including any surveys or questionnaires they used. Remind students a target market must be identifiable and quantifiable. Under the Target Market Profile heading, students are asked to estimate their market share. Market share is usually expressed as a percentage of the total market. Students can look at the size of the total market and competitive products/services and realistically estimate what percentage of the market will purchase their product/service. Market share will depend on such things as compelling marketing messages that reach the target market, price, availability of the product/service, and customer preferences. If students have more than one type of primary customer, they will need to complete a customer profile for each type. When students complete Assignment 8, check to make sure they have selected an appropriate target market and that the customer profile contains relevant characteristics. Ask several students to explain to the class the reasoning behind their choices. When students complete Chapter 9, they can use the Business Plan Checklist: Marketing Plan—Market Analysis and Penetration