Homework: Understanding Target Markets
Purpose of Homework
To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. This homework 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.
Homework Steps
To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. 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):
A. Research List of Topics:
a. Primary Research
b. Secondary Research
c. Consumer Analysis
d. Customer Profile
e. Continuous Consumer Monitoring & Research
f. Environmental Scanning
g. Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
h. Current Opportunities
i. Potential Future Opportunities
j. Current Threats
k. Potential Future Threat
B. 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.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.