Understanding Target Markets

Anonymous
timer Asked: Jan 5th, 2018
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Question description

❗ ❗ The document attached MK 1ID is the first assignment that started the project. Please read the paper to understand the project and company to complete this assignment. ❗ ❗ The second attachment is the grading scale!

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.

Cite a minimum of three peer-reviewed references.

Running head: MARKETING ANALYSIS 1 Marketing analysis Brandon Dennis Dr.OGGS December 18,2017 2 MARKETING ANALYSIS Part one MARKETING ANALYSIS Looking at YTD of (Jan-June 2016 vs. Jan-June 2015) one can point out the area of decrease or increase in revenue. The international sales which comprises 11% of the total sales in global breakout indicate that it essential to increase efforts towards international marketing tactics. The case is similar to April, May and June 2016 vs. April May June 2015 and June 2016 vs. June 2015. The domestic market in those months has witnesses increase in revenue, unlike the international market. The class of customer referred as commercial has witnessed an increase in revenue while education and other have seen a drop in revenue. Customer rank referred to as expanding have seen an increase in sales while non-coded and acquire seen a decline in sales. ABC Corporation has recorded an increase in the sale while euro and Francisco and sons have seen a drop in sales. From the data, the trends evident are that global sales breakout for intentional customers has recorded reduced revenue while for domestic have been on the rise. Customer rank referred to as ranked have a consistent trend of increased revenue while non-coded and acquire documented a steady pattern of reduced sales. Commercial customer class has recorded a trend of increased revenue while education and others have witnessed a trend of decreasing sales. Euro, Francisco and sons, and check Gmbh have documented a consistent pattern of reduced revenue of 1% among the top customers while ABC corporation has recorded a steady trend of increased as revenue of 4%to 5%. MARKETING ANALYSIS 3 In this company formulating marketing strategies is essential. The insight that gives the company reasons for formulating the marketing strategies are stagnated sales. The international market has stagnated revenue of 11%, 13% and 14% across the months under analysis. This is a clear indication that effective marketing strategies are needed to grow those sales and increase revenue. On the other hand domestic market has witnessed constant revenue of 89%, 87%, and 86%. This means that the marketing strategies in place should be followed to ensure revenue doesn’t drop. Revenue from commercial customers has not recorded significant growth between 2015 and 2016 which means that effective marketing strategies are needed to grow the revenue. Revenue from non-coded customer rank has been the lowest which indicates that the company should formulate marketing strategies to reverse the trend. If I were the SVP, I would build marketing strategies and goals to ensure the growth of revenue. I would develop marketing strategies regarding international market which identifies tools which the company can use to fight competition and gain a greater market share. I would also draft proper marketing goals which address education and other class of customers to ensure an increase in revenue. This would improve the effectiveness of marketing message to partners and customers. Marketing strategies and goal would provide a platform for all marketing campaigns. After looking at the way, revenue has recorded little growth both in top customer, rank customer and customer class it is essential for the company to develop robust marketing strategies with the aim of increasing revenue with more significant margins. Proper marketing strategies and goals are critical to ensuring the company builds an in-depth and authentic reputation among all types of customers. This would provide an increase in sales margin. 4 MARKETING ANALYSIS Part two The company selected is called Unilever which is multi-national and engages in marketing and production of hygiene, nutrition, and personal care products. Unilever Company operates through various segments which are foods, personal care, home care and refreshment. The company was founded in 1930, and its headquarters is based in Netherlands, London, United Kingdom, and Rotterdam. The product selected is the dove, a personal care product owned by the company. The company’s market capitalization in May 2017 is $143.9 Billion. Unilever's website page is http://www.unilever.com (Unilever). Currently, the company has one hundred and sixty-nine thousand employees. In May 2017 the company had the sale of $58.31 billion. Unilever Chief Executive Officer is called Paulus Gerardus J. Polman. Soap makers lever brothers and margarine producer margarine unie are the founders of Unilever Company. The company revenue stands at €52.71 billion. The dove which is the selected product from Unilever is manufactured in many countries such as Brazil, China, Israel, South Africa, unites states among other countries. The product is sold in more than eighty countries where it is offered to both men and women. Dove product line includes body wash, hair care, deodorant beauty bar, facial care product and lotions (Unilever). 5 MARKETING ANALYSIS Reference http://www.4-traders.com/UNILEVER-NL-6290/company/
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
Grading Scale 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 Met Partially Met Not Met Total Available Total Earned 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. Comments: 2 Understanding Target Markets Grading Guide MKT/571 Version 10 Content Writing Guidelines Met Met Partially Met Not Met 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: 3

Tutor Answer

EinsteintheProf
School: UT Austin

Good luck in your study and if you need any further help in your assignments, please let me know. Always invite me to answer your questions.Goodbye.

Running head: UNDERSTANDING THE TARGET MARKET

Understanding the Target Market
Institution Affiliation
Instructor’s Name
Student’s Name
Course Code
Date

1

UNDERSTANDING THE TARGET MARKET

2

UNDERSTANDING THE TARGET MARKET
All organization aims their marketing effort towards the group of individuals who are
within the serviceable available market known as the target market (Crompton, 2003). It is the
role of every business to understand this group of customers. A clear understanding would lead
to a more sale on the part of the organization by setting a clear definition of the target market
then the firm will be at the position to understand the marketing strategy and hence to put across
viable plan on the same. In this discussion, I will focus my attention on the Unilever Company.
Some of the element that this paper will cover will be consumer analysis, both current and future
threats and opportunities to the company. In addition, I will discuss the target market section that
will cover the demographic and the psychographics analysis. Then I will cover the insight
derived from the demographic and physiographic information as the final part of the paper.
Consumer’s analysis
Consumer analysis refers to the steps taken by the firm to understand their target market’s
needs, profile and behaviors for the enhancement of an accurate segmentation of the firm
product. The major purpose of this analysis is to establish the cust...

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Anonymous
Totally impressed with results!! :-)

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