In this assignment, you will define and describe your target market and constructively evaluate the formats of marketing most likely to reach your target using the strategies contained in this week’s required readings. You will also discuss whether or not you plan to develop a niche market and explain the reasoning behind this decision.
Your paper should be single-spaced and between 500-1000 words (one to two pages). It must contain a minimum of two outside sources cited in APA format.
Reflect on your vision and mission statements from IHM 660 before beginning.
- Now describe your target market. What location do you plan to set-up your first practice? What are the characteristics of this location (i.e., urban, rural, etc.)? What is the age range of your target market? Does your target have a specific gender, education level, income level, insurance status, marital status, occupation, or ethnic background?
- If you plan to specialize in targeting one or more niche markets, then describe each niche and explain what inspires you to specialize. If you do not plan to specialize by targeting a niche, then explain your decision.
- Now describe the psychographics of your target. What are your target market’s personality and attitudes? What common values do they share? What interests and hobbies might they have? Do they follow certain lifestyle behaviors? This might be a good place in your paper to reference an outside source to back up your opinion.
- Next, evaluate how this target market matches your vision and mission. How does your acupuncture practice target this market’s lifestyle? Why is this market likely to come to you for acupuncture treatment? What aspects of your treatment style is most appealing to this market and why?
- Finally, consider how you will be able to reach this market. What types of marketing are most likely to appeal to this market? Is there a form of marketing that might be off-putting to this market? Why? What formats of marketing are most likely to reach this market, and why? For example, are they most likely to use social media, read an ad in the newspaper, attend a lecture or special event? This is also a good place in your paper to reference an outside source to back up your opinion.