PART 1: General Research
1. 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 databases.
2. Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort.
PART 2: Application to Product/Service
1. Provide a quick overview of a product or service you've created*
2. Even though you have "created" a product or service, the applications and research in this section will be real.
- Identify your target market. Provide a specific demographic profile and rationale for this decision. 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 your selection and to provide statistics to show that it is a viable market.
- Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in?
*Please see below for product information:
The following discussion is the market research approach to developing a product and identifying the qualities that make this product exclusive to the marketplace. The rationale behind my decision to pursue this concept involves the current statistics throughout the United States involving deadly vehicle accidents due to cell phone usage.
The approach will include developing the design for the safety device, developing a pricing policy for the product, selecting the method of distribution and implementing a communication strategy for the proposed 'Safety First' Ignition Interlocking System- Cell Phone Device.