Description
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.
Format your assignment according to APA guidelines.
Submit your assignment.
Explanation & Answer
Attached.
OUTLINE-Developing effective relationship marketing
1. Introduction
2. Primary Research
3. Environmental Analysis
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Political
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Economic
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Socio-cultural factors
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Technological factors
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Environmental and legal factors
4. Customer Analysis and Profiling.
5. Continuous Monitoring and Research.
6. References
Running head: RESEARCH PLAN
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Research plan: Effective relationship marketing
Name
Course Code
Institution
RESEARCH PLAN
2
Developing effective relationship marketing
Introduction
One of the most challenging tasks for any new business is acquiring new customers. It
involves attracting the customer's attention, pitching your product or service effectively to the
new entrant, and eventually making the sale. This process is quite lengthy and cost as much as
a significant proportion of the company's expenses. The biggest dilemma, moreover, is whether
to attract new customers or to hold on to the existing ones considering that resources are scarce
and should be used as economically as possible. Studies has over time, revealed that it is more
prudent to strike a balance since while there are potential cost reductions when loyalty is built,
increasing the customer base is relevant for sustainability (Gummesson,2017). Consequently,
this implies that businesses have to dedicate parts of their ma...