Planning Marketing for Meeting an Identified Opportunity or Gap in the Market

Identifying Market Opportunities: Observing and identifying gaps in the market where there may be potential for a new product or service.
Types of Market Research: Using primary research (e.g., surveys, interviews) and secondary research (e.g., reports, studies) to gather relevant information.
User Needs and Preferences: Understanding what potential customers need and prefer through market research.
Competitor Analysis: Studying what similar businesses are doing to identify strengths, weaknesses, and opportunities for differentiation.

S.M.A.R.T Objectives: Setting marketing goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
Customer Attraction: Developing strategies to draw in potential customers.
Customer Retention: Planning to keep existing customers through quality service, loyalty programs, and regular communication.

Product: Determining what product or service to offer based on market research.
Price: Deciding how much to charge for the product or service, considering factors such as costs, competition, and customer willingness to pay.
Place: Choosing where and how to sell the product (e.g., online, in a shop) to reach the target audience.
Promotion: Planning how to advertise and promote the product, by considering strategies such as social media marketing, email marketing, and traditional advertising.

Strengths: Identifying what the business does well that can be leveraged in the product or service launching.
Weaknesses: Recognising the areas where the business might struggle and planning how to address them.
Opportunities: Looking at external factors that the business might take advantage of in the market.
Threats: Assessing the potential obstacles the business could face from competitors or changes in the market.

Ethical Practices: Maintaining honesty and transparency with customers and avoiding deceptive promotion practices.
Environmental Responsibility: Considering sustainable practices, such as using environmentally-friendly materials and reducing waste.
Cultural Sensitivity: Respecting diverse cultures and avoiding promotion that may be offensive or inappropriate to certain groups.

Tracking Performance: Using metrics such as sales, website traffic, or customer satisfaction scores to evaluate the success of marketing activities.
Adjusting Strategies: Making changes to the marketing plan based on performance and changing market conditions.