Understanding Target Markets

Make sure that your selected product is a B2C Product Line and not the products of the entire company that you selected in week one.

Assignment Steps

To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors.

Create the research section of your marketing plan in minimum of 700 words.

  • Week Two Individual Paper Format

    1 – Use your  Week One researched Company and select/describe a Product or Service

    Restate the Company and the selected B2C Product/Service Line

    One product/service for the domestic market and one (modified as needed) for the selected foreign market.

    2 – Develop two typical buyer’s profiles using demographic variables for your target market (see document posted in the Classroom Message Area – one buyers profile is for your domestic market, one additional buyer’s profile is for your selected foreign target market))

    a – Domestic

    Your findings 

    b – Foreign Market

    Your findings 

    3 – Identify your two desired geographical areas (one domestic and one foreign)

    a – Brief Domestic Market Description of 10 Economic Factor and 5 Population Factors

    b – Brief Foreign Market Description of 10 Economic Factor and 5 Population Factors

    4  – Using the Bureau of the Census data, how many people with your buyer’s profile live in your two geographical areas – to compute this number you must first find out the total demographics of each one of your two geographical areas, and then find out how many in each one of your geographical areas have your same/similar buyer’s profile.  Check your Classroom Message Area for assistance.

    a – Your findings for the domestic market

    b – Using other foreign research data, compute how many people with your buyer’s (demographic) profile live in your selected foreign geographical area

    Your findings for the foreign market

    5 – Using Nielsen Claritas, provide a description of the Psychographics for the demographic profile you selected in your geographical area in the U.S; using secondary research, describe the psychographic of your foreign target market.

    a – Your findings for the domestic market

    b – Your findings for the foreign market

    6 – Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.   What differences have you noted between your domestic and foreign target markets?

    Please, make sure that your paper contains 6 Titled and numbered Sections to reflect the assignment titles and numbers as they are listed above.

    Please, retain the a and b sub-sections for each titled section. 

    Not properly formatted papers will be returned to be formatted in six titled sections.

    By completing items 1 to 5, you will have conducted:  secondary research, establish a customer profile and conduct a consumer analysis.

    This assignment will be incorporated into your overall marketing plan for Week 6.

Cite a minimum of three peer-reviewed references.

Format your assignment consistent with APA guidelines.

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