Understanding Target Markets

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Question 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.

Understanding Target Markets Grading Guide MKT/571 Version 10 Marketing Copyright Copyright © 2017, 2016 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Understanding Target Markets Grading Guide MKT/571 Version 10 Edited in accordance with University of Phoenix® editorial standards and practices. 2 Understanding Target Markets Grading Guide MKT/571 Version 10 Individual Assignment: 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. Grading Guide Content Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: • Research List of Topics o Primary Research o Secondary Research o Consumer Analysis o Customer Profile o Continuous Consumer Monitoring & Research o Environmental Scanning o Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces o Current Opportunities o Potential Future Opportunities o Current Threats o Potential Future Threat Any diagram(s) provided (not required) are in APA format and includes discussion providing insight and clarity. Student develops 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. Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found. The Research section is a minimum of 700 words in length. Met Partially Met Not Met Comments: 3 Understanding Target Markets Grading Guide MKT/571 Version 10 Content Writing Guidelines Met Met Partially Met Not Met Total Available Total Earned 3.5 #/3.5 Partially Met Not Met Total Available Total Earned 1.5 #/1.5 5 #/5 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: Comments: 4

Tutor Answer

Jkennish
School: UC Berkeley

Hey buddy? Find the attached file. It was a pleasure serving you. Thanks and Goodbye

1
Running head: UNDERSTANDING TARGET MARKET

Student Name:
Course:
Instructor:
Date:

2
Running head: UNDERSTANDING TARGET MARKET

Understanding target market
Introduction
To develop productive relationship marketing a company must first understand its target
consumer buying influences and behaviors. To be able to do so a company needs to develop a
marketing plan which needs to have a research section as this will help the company to come up
with a good marketing strategy since it will entail detail about the targeted market and the
consumers. This analysis will involve consumer profile, environmental scanning and as they are
target market section.
Consumer profile
A consumer profile is a way of recounting a consumer categorically so that they can be grouped
for marketing and advertising purposes. Through target advertising to a specific market segment,
companies and marketers can find more success in selling a particular product and increase
profit. To be able to come up with a consumer profile one has to consider some factors or traits
of the consumer and in which category they fail into regarding preferences, lifestyle, and stage of
life, attribute, and quality. It is useful in planning to think of a consumer regarding how they are
represented by categorical tiers. The most common levels that describe a consumer are
demographics, socioeconomic status, and product usage which are usually the first unconditional
tier. While the second categorical rows are psychographics, generation, geography,
geodemographic, and benefits sought.

Consumer analysis

3
Running head: UNDERSTANDING TARGET MARKET

Consumer analysis is an essential segment of the company’s business plan or marketing plan. It
identifies targets customers, ascertaining the needs of those customers, and help specify how the
product satisfies those requirements. To be able to understand these better customer analyses are
broken down into a behavioral profile, and demographic profile. These are because a customer
profile is a simple, useful tool which can help a company be able to understand in a better way
current and potential customers and this helps in sales increase and business growth. Customer
analysis entails of behavioral analysis on customer buying criteria (or psychographic profile)
whose aim is to identify and weigh relevant essential factors used by the consumer to choose one
product over the other. These factors also known as buying criteria are price, quality, quantity,
convenience, and prestige. The additional behavioral analysis is on purchase process and patterns
which require an in-depth under...

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Anonymous
Wow this is really good.... didn't expect it. Sweet!!!!

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