1–2 page memo (excluding cover and reference pages)
Michelle has asked you to send her a
memo that explains the target market for MM’s new product. Because a global
market is under consideration, she wants you and Elena to meet for an in-depth
discussion of the different characteristics of your target market before
sending her the information.
Elena meets you for coffee the next
morning to explain her reasons for advocating the global market. As you finish
your discussion, Elena stops and says,
"We've discussed a lot of
different market segments to target with the new product, but the choice comes
back to you," says Elena. "What's your final decision on the target
market that we should focus on? Are you going to propose that we try to market
this product globally?
You sigh, knowing this is a key
decision in your marketing strategy. "I appreciate our discussion today.
I'm going to have to do some more research to determine the exact market and if
we should go global or not."
You know Michelle is expecting a
detailed description of your targeted market segment including justification
for selecting the market. You also need to remember to include your
recommendation for or against marketing globally.
- What are the demographic characteristics of your target
market and why are they important?
- Where is your target market located geographically and
why is that important?
- What psychographic characteristics define your target
market? How do these impact your marketing strategy?
- What behavioral characteristics are shared by your
target market? Why are these important?