Unit 19: Pitching for a New Business
Finding the funding (aim b&c)
P3: Explain your marketing plan for a selected micro-business.
Target market – Taobao UK operates in the field of e-commerce. It is a good
idea to look at our largest rivals to determine the target market for this
business. This is because the company is operating in the same industry, so its
target market can be similar. eBay and Amazon are both good companies with
very similar functions; both companies have their own online store which sells
millions of items. We can develop the target market for Taobao UK from this
information.
Customer Persona
Goals
To grow a strong
industry reputation
To keep track of
everything
What Influences
Finances
Income of £8 000
Him
He’s conscious about what he His friends and
“Jack” spends his money on colleagues
Prefers to use his credit/debit Blogs, Magazines and
The Student design publications
“Looking for places that sell
sfsd
cards
cheap, unique products”
Online Behaviors Makes His Life
Active on Instagram, Twitter Easier
and Pinterest Deals and Coupons
Always looks for coupons for An Easy shopping
clothes to save money experience
Social media
engagement incentives
What He’s Looking for discounts
For
A place for cheap, but
fashionable clothes
Cool, new products that are
not available in the U.K
, Segmentation Profiling :
Type of segmentation Segmentation Criteria Taobao UK
target customer segment
Region
Geographic Density Urban And Rural
Age 16 - 29
Demographic Gender Males & Females
Life-cycle stage Bachelor Stage
young
Single
People not living at home
Occupation Students
Employees
Professionals
Behavioural Benefits sought Widest range of products
Convenience of online purchasing
Competitive prices
Unique products
Personality Easy-going
Determined and ambitious
User Status
s
, Psychographic Social Class Lower class
Working class
Middle Class
Upper Class
By using demographic segmentation, I found that my target audience are
mainly teens and young adults aged 16 to 29 as they seem to be the most
interested in trends. This age group often has a part-time job or will have just
started their careers, so they have a fairly large disposable incomes as they
don’t have expensive expenses such as rent and children.
• Expectation – Customers will want the business to have reasonable delivery
times, so they don’t have to wait for their goods to arrive for too long.
However, because the rates offered on Taobao UK will be much lower
compared to our rivals such as eBay, so therefore they will be willing to wait
longer then usual for their goods to arrive. In addition, providing a reliable and
stable delivery service is very critical for customer satisfaction. Most customers
will want to know exactly when their product will be received and that it will
not be damaged upon receiving.
• Shopping habits – More than 36% of customers research in order to find the
best prices for the goods they want to purchase. This is good news for our
business as Taobao UK will undercut all the other competitors as the company
ships goods directly from China, which will enable our customers to benefit
from the low prices in Asia. Also, more than 50% of people that purchase
goods online use their mobile devices like a table and phones. This tells us that
Taobao UK must have a good website which is compatible for mobile devices,
it can also be useful to build an app that can be installed on their mobile
devices by customers. Research has shown that discounts are another form of
attracting buyers because customer want to think that they save money.
Research has also shown that when free shipping is offered, more than 80% of
customers are willing to shop online, it can be profitable for the company to
offer free shipping and to compensate for this, we could slightly increase the
product prices.
Finding the funding (aim b&c)
P3: Explain your marketing plan for a selected micro-business.
Target market – Taobao UK operates in the field of e-commerce. It is a good
idea to look at our largest rivals to determine the target market for this
business. This is because the company is operating in the same industry, so its
target market can be similar. eBay and Amazon are both good companies with
very similar functions; both companies have their own online store which sells
millions of items. We can develop the target market for Taobao UK from this
information.
Customer Persona
Goals
To grow a strong
industry reputation
To keep track of
everything
What Influences
Finances
Income of £8 000
Him
He’s conscious about what he His friends and
“Jack” spends his money on colleagues
Prefers to use his credit/debit Blogs, Magazines and
The Student design publications
“Looking for places that sell
sfsd
cards
cheap, unique products”
Online Behaviors Makes His Life
Active on Instagram, Twitter Easier
and Pinterest Deals and Coupons
Always looks for coupons for An Easy shopping
clothes to save money experience
Social media
engagement incentives
What He’s Looking for discounts
For
A place for cheap, but
fashionable clothes
Cool, new products that are
not available in the U.K
, Segmentation Profiling :
Type of segmentation Segmentation Criteria Taobao UK
target customer segment
Region
Geographic Density Urban And Rural
Age 16 - 29
Demographic Gender Males & Females
Life-cycle stage Bachelor Stage
young
Single
People not living at home
Occupation Students
Employees
Professionals
Behavioural Benefits sought Widest range of products
Convenience of online purchasing
Competitive prices
Unique products
Personality Easy-going
Determined and ambitious
User Status
s
, Psychographic Social Class Lower class
Working class
Middle Class
Upper Class
By using demographic segmentation, I found that my target audience are
mainly teens and young adults aged 16 to 29 as they seem to be the most
interested in trends. This age group often has a part-time job or will have just
started their careers, so they have a fairly large disposable incomes as they
don’t have expensive expenses such as rent and children.
• Expectation – Customers will want the business to have reasonable delivery
times, so they don’t have to wait for their goods to arrive for too long.
However, because the rates offered on Taobao UK will be much lower
compared to our rivals such as eBay, so therefore they will be willing to wait
longer then usual for their goods to arrive. In addition, providing a reliable and
stable delivery service is very critical for customer satisfaction. Most customers
will want to know exactly when their product will be received and that it will
not be damaged upon receiving.
• Shopping habits – More than 36% of customers research in order to find the
best prices for the goods they want to purchase. This is good news for our
business as Taobao UK will undercut all the other competitors as the company
ships goods directly from China, which will enable our customers to benefit
from the low prices in Asia. Also, more than 50% of people that purchase
goods online use their mobile devices like a table and phones. This tells us that
Taobao UK must have a good website which is compatible for mobile devices,
it can also be useful to build an app that can be installed on their mobile
devices by customers. Research has shown that discounts are another form of
attracting buyers because customer want to think that they save money.
Research has also shown that when free shipping is offered, more than 80% of
customers are willing to shop online, it can be profitable for the company to
offer free shipping and to compensate for this, we could slightly increase the
product prices.
