Reference no: EM131488439
Per the course guidelines, opening paragraph should have insight on what the assignment is to cover based on the description in the syllabus. Be sure to also mention also in the opening paragraph which of the 3 topics you will be covering.
Per course guidelines, did have a conclusion summarizing key issues within the assignment.
How does this differ then defining the target audience as outlined in the instructor presentation?
Along with Maslow's hierarchy of need which you mention below. Good insight from the resources provided.
To define a target market, one must consider the following:
• Identify its current or potential customer base
• Identify the competition
• Analyze the product or service and determine its benefits
• Choose specific demographics that will maximize profitability
Following these steps is one example of Consumer Analysis. Consumer Analysis is important to a firms business or marketing plan because it ultimately identifies its customers, performs research to determine the potential success of a product with those customers and specifies how the product will impact the target audience.
In this course, as mentioned in week 1, all SWOT should include internal and external trends which is defined over a period of time with factual information and becomes a SWOTT analysis based on the template provided for the course.
Individual Assignment: Understanding Target Markets Grading Report
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, 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:
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
• 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.
Attachment:- graded_week_2_1.rar