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35910Understanding Target Markets
Due Nov 09, 5:59 PM Not Submitted POINTS 10
Project
no new messages Objectives:
2.1 2.2 2.3 more
Instructions
Assignment Files
Grading
Purpose of Assignment
To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’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.
Assignment Steps
To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan.
Create the research section of your marketing plan in 1,050-1,500 words.
If your team has already created a product for launch you may use the product and company to complete individual assignments.
Include at least 3 elements of the Research List of Topics (see list below):
Primary Research
Secondary Research
Consumer Analysis
Customer Profile
Continuous Consumer Monitoring & Research
Environmental Scanning
Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
Current Opportunities
Potential Future Opportunities
Current Threats
Potential Future Threat
Diagrams are not required but can be used to provide clarity and conciseness. Diagrams (and subsequent discussion) can include SWOT (emphasizes internal market–Strengths, Weakness, Opportunities, Threats) TOWS (emphasizes the external market–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.
Develop the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, education, social-cultural background) and psychographics (activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (basic trends and insights from the data that is presented in annual reports and other SEC type filings).
Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.
This assignment will be incorporated into your overall marketing plan for Week 6.
Cite a minimum of three business journal article references references.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Hello,
If possible I would like this back by Tuesday evening (Nov.7) at 9 pm Also, if you could include a conclusion. There are some specifics in this assignment. Instructor is particular. Thanks for all your help.
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