Short- and long- term goals: Short- and long-term business goals are attainable and time- bound.
Target market: Clearly identified by demographics and product/service meets needs/wants of target group
Strategies and Action Plan:
Product: Clearly evident what product/service is being provided
Price: Includes the pricing structure and explains why/how these prices were determined
Place: Location is very convenient for target market
Promotion: Promotional material makes target market clearly aware of what the product/service is, what it does and where it is available
Position : Unique selling position (USP) in the market clearly determined
Budget (income statement, costs, returns, accuracy):
Income statement is complete and demonstrates a reasonable return on investment (ROI); all calculations are accurate and accurately categorized.
Terre Haute Brewing Company Marketing Strategy
Terre Haute Brewing Company (THBC) is the second oldest brewery that operates in America. The brewery is more than one hundred years old and still boasts of quality local beer. THBC was founded in 1837 by two men, Chauncey Warren and Demas Deming Sr. (History). The Indiana-based company has managed to stay afloat despite many challenges experienced along the way. This paper discusses THBC’s marketing strategy that includes its goals and target market.
Short- term and long-term goals
The long-term goals of THBC include to keep their heritage within the community alive and to have its microbrewery. Short term goals include appealing to the younger population of the city and having a venue for events. Being a brewery, they understand that they have to appeal to their clientele. Hence, the goal is to offer unique and exemplary service pertaining to alcohol and related beverages.
The company majorly targets young people in Indiana. The goal is to have a large cesspool of the young people drinking their high-quality beer. They target young people because they believe they are the largest part of the population and the highest consumers of their beverages, especially the beer. Other population members above the legal age of drinking also form part of the regular clientele, though they do not bear as much weight as the young people. The company also targets families and corporates and hence the establishment of events venue within the brewery. This way, as others have their fun drinking, others engage in activities within the big spaces available. In essence, the organization targets all members of the population (Monroe). Part of the goals includes keeping their heritage within the community. This means they must engage all members of the community to create a sense of belonging among all.
Strategies and action plan
The company majors in producing a craft beer that is brewed locally and has a unique appeal. The signature recipe used in being the beer is the major contributor to the success of the brand. However the company has diversified its operations to meet the needs of all its customers (Bennett). Apart from brewing, which is their core business, they also provide venues for events like corporate parties….