Reference no: EM132775256
Module - SLP
STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS
Target Audience and Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.
Research
• Research and discuss Maslow's theory of needs and how it is applied to marketing. Resources MUST include articles in the library's full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central).
• Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library's full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central).
Application to Product/Service
• Provide a quick overview of the product or service you created.The product overview is a General Business option, I would open a cigar lounge for the purpose of providing an environment for the cigar novice and enthusiast or connoisseur to enjoy a fine cigar, relax, network, and mingle while being afforded the opportunity to learn about, sample and purchase cigars and other accessories.
• Even though you have "created" a product or service, the applications and research in this section will be real.
o Identify your target market. Provide a specific demographic profile and rationale for this decision.
My identified target market is innovators, thinkers, and achievers. Innovators- members of this group tend to be confident to the point they will experiment with new products; are self-guided consumers who buy what they want when they want it, and they have a wide assortment of interests and activities. Thinkers - members of this group are individuals who conduct planning and research before they act, are well established financially, and buy products that have proven to satisfy them as they are not impressed by the last fad. Achievers - members of this group tend to be hardworking professionals that are private individuals in nature
o Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up yo ur selection and to provide statistics to show that it is a viable market.
o Analyze your competition. Who are they?
- The Cigar Club, 1700 E Prien Lake Rd, Lake Charles, Louisiana, 70601
- Hokus Pokus Liquor,4140 Jackson St. Alexandria, Louisiana, 71303.
o Who are the biggest players?
o How large is the market?
o What are the trends/forecasts in the industry?
o How does your product/service fit in?
Attachment:- SLP1 Template.rar
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