Market Research
Having read this week's Learning Resources, you will have become familiar with how external factors and the demographics of the target market must be considered by any marketing manager hoping to take advantage of the constantly changing market environment. You saw how macro-environmental issues such as political, environmental, technological, and social factors can have a profound impact on strategic planning.
You also uncovered why it is so important to "know your consumer." You have explored how knowing who exactly your market segment is (in terms of size, geographic location, income levels, population distributions, ethnic composition, etc.) can be essential when trying to create a competitive advantage for yourself and your company. The importance of gathering and assessing demographic information, recognizing trends, and anticipating future changes is a focus of this week's readings.
To prepare:
• Review Chapters 3 and 5 in your course text.
• Review the web articles and media in this week's Learning Resources.
Post a 150- to 250-word response to the following questions:
• Why is it important for a marketing firm to be able to anticipate new trends or changes in the environment? Why is it important for a marketing firm to be able to anticipate how new trends might affect their marketing plan?
• What demographic factors should a marketing manager be aware of in order to make the most effective marketing decisions? How do demographic variables impact target marketing and segmenting consumer markets? Why are these factors so important?
Readings-
• Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill/Irwin.
o Chapter 3, "Evaluating Opportunities in the Changing Marketing Environment" (pp. 56-85)
o Chapter 5, "Final Consumers and Their Buying Behavior" (pp. 116-141)
• Columbus Metropolitan Library. (n.d.). Using demographics to target your market. Retrieved July 23, 2014, from https://www.columbuslibrary.org/research/tutorials/using-demographic
• Sessoms, G. (n.d.). The importance of demographics to marketing. Retrieved July 23, 2014, fromhttps://smallbusiness.chron.com/importance-demographics-marketing-25365.html
• Suttle, R. (n.d.) What is demographics in marketing? Retrieved July 23, 2014, fromhttps://smallbusiness.chron.com/demographics-marketing-22008.html
• Wilson, E. (2009). Know your target market. Retrieved from https://www.entrepreneur.com/article/202334