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.
No Plagiarism and Please follow the grading guide
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached.
Running Head: UNDERSTANDING TARGET MARKETS
Understanding Target Markets
Name
Course
Instructor
Date
UNDERSTANDING TARGET MARKETS
Relationship marketing is the most efficient way of building a business. Relationship
marketing does not focus on sales as the immediate goal. Its primary objective is to connect and
build a long-term relationship with the prospective customers. Building relationships can take
several interactions. You can interact with your clients through phone, e-mail, or in person.
However, the customer should not feel intimidated into making the purchase. Relationship
marketing focuses on building customer loyalty by providing exemplary products and services
(Grönroos, 2004).
To build an effective relationship marketing strategy, the business must carry out the following
research elements:
Primary Research
This is the initial step in relationship marketing. It involves revising the primary aspects
of business activities and how it relates to customers. Primary research can be expensive and
time-consuming but is the only thoughtful way that a business must use to build a comprehensive
marketing plan (Grönroos, 2004). The business must focus on the needs of the customer. Most
customers are interested in a business which they can trust and feel comfortable. A business that
provides what they need. Let the customers know how you are planning to meet their needs.
During primary research, you must listen to your prospects and stay away from
distracters. Understand the situation of the customers and try to be available to them. Primary
research also involves understanding your competitors. Anal...
