mike 4

Marketing opportunity analysis

Driving site traffic will be the biggest hurdle for this business model. Getting sellers to populate the site and buyers to browse will require marketing both on and offline. Though a marketing mix designed for the target audience and eventually the general public will be able to escape this hurdle.

Getting current farmers market producers and buyers to populate the site will be the first hurdle. To overcome this obstacle, Mike’s Market will both sponsor and promote local farmers markets. This tactic will show growers and buyers that Mike’s Market is not an attempt to steal business from the markets but rather work with physical markets to expand the tradition to a wider audience.

By offering the “American dream” to everyone, regardless of their farming or selling experience, the next hurdle can be overcome thereby getting the general eating population interested in Mike’s Market. Once people are interested in the site they can become future sellers, growers, buyers, or any combination of these. This general population can be reached by announcing the presence of the site at local partnered restaurants and through online advertisements promoting wellness and an opportunity to help the local economy.

Demand and supply analysis

Demand for this product can be measured by the increased popularity of farmer’s markets, street vendors, and the increase of internet purchases. These three factors show that demand exists for this product and service. By also offering a share farm program, Mike’s Market can capitalize on people’s desire for chasing the American dream. The current state of the economy has everyone wondering “When will this get better?” Mike’s Market gives people an option to make ...

... middle of paper ...

...raction the site and business as a whole will be positioned as a company that cares about the little guys and allows the “American dream” to come true.

Objectives

Short Term Goals

1. Capturing interest and subsequently majority market share all the way from farmers market’s to grocers in the northern Illinois region.

2. Increase site traffic by 25% from year one to year two.

3. Increase time spent on site by 10% from year one to year two.

4. Continually improve on customer service ratings by 5% year over year.

Long Term Goals

1. Expansion into national markets within 5 years.

2. Increase sales by 10% year over year.

3. Increase site traffic and time spent on site by 15% year over year.

4. Continually improve on buyer experience to keep customers coming back.

5. Continually monitor sellers to ensure their needs are met and the marketplace stays respectable.