Module- Case Assignment: STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS
Overview
A Customer Focus
After you determine what you are selling, the next critical part of the marketing plan is to understand to whom you are selling. Knowing your customer is essential to ensure that the company is delivering an appropriate message to the target market. Marketing success is about turning sales leads into profits.
Not only should a company focus on servicing its current customer base, it must also seek out new customers.
This module's case will focus on defining your product's customer demographic and psychographic profile, along with customer relationship management (CRM) and customer satisfaction metrics. CRM is about managing current and prospective customers for strong and long customer relationships.
Case Assignment
Check out Nielsen Insights to find out more about today's customer. Visit Experian and Mosaic® to find out more about using marketing research to develop customer profiles.
Using information from the websites and articles from the library's full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central), create a customer profile brief:
Customer Demographics and Psychographics-A review of current customer demographics-explain why this demographic profile is your primary target market.
• Develop a demographic profile of the potential customer segment.
• List at least two demographic tools you can use to help develop the demographic profile.
• Potential customer market demographics. Define the psychographic profile of your customer.
Customer Relationship Management-Find two CRM tools that help companies identify pertinent information about their customer segments.
• How will you use these tools to manage the customer relationship?
Since you are engaging in research, be sure to cite and reference the sources in APA format. The paper should be written in third person; this means words like "I", "we", and "you" are not appropriate. For more information see Differences Between First and Third Person.
Use the attached APA-formatted template (MKT501 Case1) to create your submission.
Assignment Expectations
Your submission will include:
• cover page
• A 4- to 5-page paper with APA citations (2- to 3-sentence introduction, body, 2- to 3-sentence conclusion)
• The reference list page in APA format
Branding in the Digital Age
You are invited to attend the (TSI), a meeting for entrepreneurs and marketing execs (also known as MKT501). Use this forum to discuss a product or service you wish to launch. Click the list of recommended products/service areas. It is acceptable to create a small service-oriented business that is unique to your geographic area.
During class, you will develop a comprehensive strategic marketing plan; TSI provides a unique opportunity to share with peers and evolve your ideas. While the business you will work with may not be real, the research, application, and competitive analysis used in the class will be.
The list is divided into categories that reflect career paths followed by many students. It allows you to pick a product that can work for your future or current profession. If you would like to choose a product or service not listed above, you must receive faculty approval early. If you did not get approval prior to posting, you may need to redo the work.
During this class, you will be working progressively with a product/service of your creation. Prior to selecting a topic and starting on the assignments, you should review the other units. This will help you to select an appropriate product/service with which to work.
Be sure to pick a product or service that is ready to market. If you are developing a new product (or service), assume that it is beyond the development phase ready for the marketplace.
Customer Profiling
Understanding your customer profile is essential to the overall marketing plan. Customer profiles also help with selecting the correct media for the target markets, positioning, and segmentation.
DISCUSSION POST 1
Provide a brief description of the product/service with which you will work.
Visit US Framework and VALS Types and complete the following:
• Choose three possible profiles for your product's audiences. NOTE: You can take the VALS survey if you wish.
• Explain why you are targeting these segments. Provide three possible places to advertise to these audiences.
This post should be 2 paragraphs in length (150-200 words). Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format.
1st Interactive Response:
• Analyze one student's analysis of and rationale for product target market profile. Critique the selections.
2nd Interactive Response:
• Analyze another student's discussion of customer profiling. Share ideas or techniques that can be used in communicating the product message with the target.
Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say "I agree" or "That is great." Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.
DISCUSSION POST 2
Speaking the Right Language
Getting the right message out to the right market with the right media needs to be considered in the marketing plan. With so many options available today, the media mix should incorporate traditional and new media.
• Provide a brief description of your chosen product/service. (This should be used throughout class.)
• Select a competitor's product or service and list at least three places where you found it promoted.
• Discuss how each promotion caught your attention.
• What made you notice this ad or placement?
• What type of appeal did the messages use to capture attention?
• Did you or will you buy the product because of the ad? Explain why or why not.
This post should be 2 paragraphs in length (150-200 words). Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format.
INTERACTIVE RESPONSES
1st Interactive Response:
• Select one student's product and look for it on social media, promotions, special events, television commercials, print ads, or billboards. Assess if the placements and messages are a good fit for the product.
2nd Interactive Response:
• Select another student's product and share how the messages affect you and why.
Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say "I agree" or "That is great." Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.
In your own words, respond to the discussion and comments of classmates. Grades will be based on effectual, concise, and interactive feedback. The excessive use of quotes will directly impact performance, since this indicates a lack of comprehension and shows that you may not have mastered the concepts.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
Attachment:- Module-BACKGROUND.rar