Answer to Question #228561 in Marketing for kamal

Question

Explain the components of the marketing planning process in terms of EV marketing, with particular reference to the role/importance of adopting a marketing orientation and its application to the EV business. 

Answer 1

1. Market research. Research is the backbone of the marketing plan. Your local library is a great place to start, offering reports like Standard & Poors or IBISWorld. Some library cards even allow access to online services from home. Identify consumer buying habits in the industry, market size, market growth or decline, and any current trends.

2. Target market. A well-designed target market description identifies your most likely buyers. In addition, you should discuss at least two or three levels of segmentation.

3. Positioning. What is the perception of your brand in the marketplace? For example, if your restaurant sells burgers, do customers see you as the place to go for gluten-free or healthy options or the place to go if you’ve got an appetite for a double cheeseburger? The difference in how the target market sees you is your positioning. Develop compelling branding and marketing messages that clearly communicate how you want to be perceived.