Understanding Target Markets
Purpose of Assignment
This weekâ€™s assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business.
To develop effective relationship marketing, a company must first understand its targeted consumersâ€™ demographics, buying influences and behaviors. In Week 2, create the Research section of your plan.
COMPLETE A, B and C sections listed below in the same Word file, in three Parts. Please, title each section of your paper with each main topic the assignments (A, B and C â€“ copy and paste) and then use section sub-titles for section contents (copy and paste). Make sure all topics are addressed in your paper â€“ please, do not create additional sections or section sub-titles that are not included in the assignment. Please, retain the numbering of each portion of the assignment, when you create titled section headings.
Create the research section of your marketing plan in minimum of 700 words â€“ max. 1500 words.
PART A â€“ Having identified your product, include the product ideal Consumer Profile Demographics (item #5); then complete the quantitative Demographics for a selected geographical area of your choice (item #3) and at least 1 additional elements of the Research List of Topics (see list below):
Research List of Topics:
Consumer Quantitative Demographics per selected geographical area
5. Customer Profile
Continuous Consumer Monitoring & Research
Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
Potential Future Opportunities
Potential Future Threat
Diagrams and Tables are not required but they are usggested as they can be used to provide clarity and conciseness. Diagrams and Tables (and subsequent discussion) can include SWOTT (emphasizes internal marketâ€“Strengths, Weakness, Opportunities, Threats, Trends). TOWS (emphasizes the external marketâ€“Threats, Opportunities, Weakness, Strength), PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.
Part B â€“ In Part A, you identified the ideal demographic profile of your product and used the Bureau of the Census to identify the demographics of a geographical area of your choice. In Part B, using the product profile and the geographical area demographics, you must compute the Market Potential of your selected geographical area (see the Classroom Message Area for guidance). Then, using PRIZM or other Internet research, you must also describe the psychographics (activities, interests, and opinions)
Of your same geographical area.
This is not a detailed analysis but an overview (basic trends and insights from the data that is found by your Internet Research).
Part C â€“ Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.
Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
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Category: Accounting and Finance