Week2 -Understanding Target Markets

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 minimum of 700 words.

Include at least 3 elements of the Research List of Topics (see list below):

  • Research      List of Topics:
    • 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, and birthdays) 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 peer-reviewed references.

Format your assignment consistent with APA guidelines.

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