target market

i want to write a target market about nail salon “LILY POLISH”
my teacher gave me ZERO for the first attempt. I will attach all things that I have sent it to her and what was her notes. Also, i will give you some example she gave us. she wants us to contact the librarian to help us with the research i will give the 3 links that they suggested to me if you can use one or two of them in my paper.
here is notes on my assortment:
This is not a “research plan of action”. This is a rewritten target market. I have copied and pasted the assignment from HFC Online below. You did not do this. So, 0 out of 10 points.

However, your first paragraph is a great start – other than the 2 grammar changes in red, it’s good.

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Now, you need to do the research and document it in the 2nd paragraph that you were supposed to identify in the plan of action assignment. I forgot, did you want to market a nail salon or the polish? I would not suggest both.

If it is the polish, you need to research, nationally, who is buying polish. What age, gender and income? Are you distributing nationally? Upscale (ULta and Sephora?) or lower socio economic scale – Drug stores and walmart’s? If so you need to know who is buying their polish there, and how many of those people are in the United States. You do not need to worry about local population.

If you are proposing a nail salon, you need to find out who, nationally, goes to a nail salon. What age, gender, income levels? Then apply those percentages to the local population….
You are addressing the wrong audience. You need to address your CEO or the VP of Marketing, not investment bankers. Get rid of the “Our”, “my”, “I’s”, and if possible, “we”. Replace with “the” or the “company name”.
Your description and mission seem very choppy and poorly written – as if it was done in a hurry and without proof reading. You may want to consider meeting with a writing tutor to improve your pieces of the marketing plan.
Please left justify text (flush left). DO not “center” justify text. It is very hard to read and grade…
Please read all changes and edits in attached edited document.

Rubric: Your Total: 13/ 25

 

here is what she wants: for researchin the database to identify target market and calculate target market size.. Answer the question WHO is the ultimate customer. What are you going to search for first, Then what? Then what? Then what? How will you calculate target market size? Format: Short sentences, essay, or bullet points. Must be a Word document or typed into email.

Research Plan of Action Grading Rubric points possible 10

Who is the target market /

In other words, where will you start? Why? 1 to 2 points

Then what group will you research? Why? 1 to 2 points

Then what group will you research? Why? 1 to 2 points

Then what group will you research? Why? 1 point

How will you calculate target market size? 1 to 3 points

 

If you work with a librarian (which is highly suggested) please document in your 2nd Attempt who you worked with and when…..

New Assignment: 2nd Attempt of target market and size. Due Thursday afternoon, November 12, 1:10 PM. Format: Essay style, must be attached in a Word document (so that your instructor can edit it).

Rubric for Target Market & Market Size- 2nd Attempt points possible 75

Who is the target market / according to research who buys your type of product/service How was this conclusion arrived at? 1 to 15 points

Was adequate research conducted? 1 to 15 points

Was target market size correctly calculated? 1 to 25 points

Is response grammatically correct and well written? 1 to 10 points

Are citations correct? 1 to 10 points

 

All these grades have been posted in Pearson. Common Mistakes:

You cannot start by “picking” your target market. You must research who would be interested in your product or service. Start big (like nationally) and then narrow it down (to the bullseye).
If you are selling through a national distributor (ie CVS, Walmart’s, Ulta, Sephora, etc.) the population in Michigan does not matter….. Unless for some reason your product could only be sold /of interest to people in Michigan. National distributors carry the same product throughout the U.S. (with geographical adjustments – eg. Walmart’s does not sell snowblowers in Florida….) However, no one proposed an idea with geographical limitations….

Over and over again, I am seeing the same two mistakes in the target market:

A. Your target market and market size have information that is in one and should be in the other. Therefore it is a mess. Probably because everyone just added what they thought was missing from the first go-around. The addition was not done well. How to fix: Print out your write up. Then, take scissors, and cut up your write up, sentence by sentence. Then “sort” the sentences based on whether they belong in target market or market size. Within those two categories, re-arrange the sentences in a logical order. If you see “blanks” where information should be, fill them in! BTW, you can do this with any assignment, including essays.

B. Many people are quoting something called a “CAGR” The rules of using abbreviations are that you must FIRST spell out the whole thing in words followed by the abbreviation is parenthesis (CAGR).

COMPETITION:

1. Please keep in mind, the “competition” section of your Marketing Plan, just like the “target market and market size” should be 90%ish research. Your target market and market size should take AT LEAST 5 to 10 hours of research. Competition should take AT LEAST 3 to 6 hours of research. Google is NOT your primary research tool… You need to use the Library DataBases.

2. There should be very few, if any, bullet points in your Marketing Plan.

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