Understanding Target Markets

User Generated

ubbqyr20747

Business Finance

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.

Complete the assignment worksheet.

  • 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.

This assignment will be incorporated into your overall marketing plan for Week 6.

Cite a minimum of three peer-reviewed references.

Format your in-text citations and references consistent with APA guidelines

Unformatted Attachment Preview

Understanding Target Markets Name: 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. To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. Create the research section of your plan. The answer should be no more than 200-300 words. Answer Target Markets Research of Topic 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 Provide an overview of the demographics (age, income, family members, and birthdays) Provide an overview of psychographics (activities, interests, and opinions) analysis. References:
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Explanation & Answer

Attached.

Understanding Target Markets
I.

Research of Topic
a. Primary Research
b. Secondary Research
c. Consumer Analysis
d. Customer Profile
e. Continuous Consumer
f. Monitoring & Research
g. Environmental Scanning
h. Identify Market, Economic, Technological, Regulatory, Legal, Social, and
Ecological Forces
i. Current Opportunities
j. Potential Future
k. Opportunities
l. Current Threats
m. Potential Future Threat

II.

Target Market
a. Provide an overview of the demographics (age, income, family members, and
birthdays)
b. Provide an overview of psychographics (activities, interests, and opinions)
analysis.


Understanding Target Markets
Student’s Name
Institutional Affiliation

Understanding Target Markets
Name: Mt. Pleasant Ice Arena, Baltimore City
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 for the marketing plan and
introduces the student to a variety of diagrammatic tools for understanding a business. To
develop effective relationship marketing, a company m...


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