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.
Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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Explanation & Answer
Hoping you are doing great, Here is the paper. Please view it and let me know if you need it edited in any way.Thanks!
Running Head: IDENTIFYING TARGET MARKETS
1
Identifying target Markets: BMW Case Research
Student’s Name
Professor
Course title and Number
Date
IDENTIFYING BMW’S TARGET MARKETS
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Introduction
BMW is one of the smartest target marketing companies. However, they do not target a
wider market, but rather the luxury locomotive buyers. These individuals include the highest
earners in the emerging markets and the average to high earners in the stable economies. The
company has not been able to be in the top four international sellers, but it is still fighting to
improve their market niche without affecting their quality (Bowles & Cooper, 2012). This paper
analyzes the target marketing strategies at BMW.
Secondary research
BMW has strategies that aim at beating the international market odds and gain some
customers. An example is the German company alliance with a company that was not expected
to alliance with BMW. The alliance yielded the BMW Roll Royce GmbH which enjoyed the
better part of the automobile market between the UK and Germany (Smith, 2013).
Understanding the market competencies and measuring the attractiveness of products is the main
marketing strategy embraced by BMW currently. This means that Michael Porter competitive
advantage strategy and Ansoff’s corporate strategy are used to expand and remain comp...
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