Hi, I have a question about writing the marketing plan for the residential and retail complex.

In the assignment, it is mentioned to write TARGET MARKET including 1) Target market that already exists 2) Potential target market, and 3) Consumer Profile.

I am confused what's difference between 1) & 2) and 3). Why do I need to write the consumer profile after writing 1) and 2).

Here are what I wrote and wish to know I am in the right direction

1) Target market that already exists

The market has already existed for Woolworth restaurants, shops and offices, including McDonald's, Shell, Westpac, Ali Baba, KFC, Blockbuster Video, TurkOz and Domino's Pizza. Additionally, a market was already existed for community facilities at the eastern end, including the post office, swimming pool, playing fields, community health clinic, gymnasium, church and an ACT Ambulance Service station, which serves the inner northern suburbs.(Wikimedia Foundation, 2021) Existing Market have targeted all age groups from 6 to 55 years specifically as it provides all the products of daily use for customers. Further, it covers customers with generally higher income levels and prefers quality over the price of products.(John Jues, 2018)

2) Retail Target Markets

The potential retail target market for Dickson Village will include the same target of the existing customers of all age groups from 6 to 55 years with generally higher income levels and prefers quality over price of products. Additionally, all the residents who live in the Dickson Village will be included as the Potential retail target market. For Coles and Aldi, residents in Dickson, Downer, Lyneham, Hackett, O'Connor, Ainslie, and Watson will be the main customers. These consumers were waiting for a shopping complex like Gungahlin Marketplace, where they can shop all grocery and household goods simultaneously.

The only way Dickson Village would survive is if collectively all shops worked as one to get customers to come to the area. Businesses would all love to be a part of such an expanding market, but selectivity would allow the new entrepreneurs to buy into a system much like University Village. We are looking to bring in a medical centre that would cover well for the surrounding area.

3) Consumer Profile

Within the consumer market, the primary target is the normal middle to higher-income residents around Dickson. This target market often varies incredibly from individual to individual, but for the most part, many have a higher income than most normal consumers. The key to this market is they are often family-focused and use much of their income on daily living expenses.

It would be most profitable to offer things such as essential facilities including supermarkets and medical centres to increase consumer loyalty. The secondary market of office workers would be drawn if the area became popular and word of mouth spread a great place to shop. As I mentioned, the target group include all age from 6 to 55. However, the primary age range we are looking to attract is 30-55 residents who have buying power.