Assignment: Target Market Analysis
Your Project Part I: Product Overview will be a written document, 2-4 pages in length, in APA format. A template has been provided to give additional details on the paper structure and content.
Specifically the following critical elements must be addressed:
I. Initial Overview
a) Market Factors Describe the internal and external market factors the company should consider.
i. Complete the SWOT matrix and include information on the product strengths, weaknesses, opportunities, and threats. Provide necessary details to support each example.
ii. Explain the SWOT findings and how they can help you market your new product. Consider what the strengths of the products are and how you can leverage those to take advantage of opportunities.
b) Target Market Analysis
Describe the target market for the new product.
i. What is your company's target market? What is the demographic, psychographic, and geographic breakdown of your target market?
ii. What are the wants and needs of this target market? Why would the product either appeal to their wants or satisfy their needs?
II. Marketing Strategy
Identify marketing strategies that you would suggest for the company.
a) Identify the most important marketing strategies that you would recommend the company use, and explain why you have chosen them.
b) Outline the 4 P's (price, place, promotion, and product) for each of the strategies you have identified. How will you use the 4 P's to inform your strategies?
c) Identify one marketing strategy you would recommend that the company avoid, and explain why.
d) Outline the 4 P's (price, place, promotion, and product) for the strategy you are not recommending. Are there changes you could make to the 4 P's that would make the strategy more likely to be successful?
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.