Understanding Target Markets MKT/571

User Generated

qnrml23

Business Finance

Description

The company and product I had in mind is Sony Playstation.


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

Hi. Find the answer attached.

Running head: UNDERSTANDING MARKET TARGET
UNDERSTANDING MARKET TARGET
Name:
Course:
Institution:
Date:

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UNDERSTANDING MARKET TARGET

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Introduction
Firms in the market operate with an aim of satisfying customers in the market. Customers
constitute the major stakeholder for any business entity in the industry hence their needs must be
satisfied effectively to promote the success of the firm. Firms, therefore, focuses on the market
when designing their products as well as services. The goods must meet the needs of the
customers effectively hence lead to attraction and retention them in the market. To gain an
adequate understanding of the market, business entities have to research their market effectively.
This way, the firm can determine the major needs of the customers in the market hence be able to
design their products and services to meet the needs of them. This way, the firm can boost its
performance in the industry significantly. Sony PlayStation is one such a firm that operates in
different regions across the world offering various products and services in the market.
Cust...


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