Understanding Target Markets

Purpose of Assignment To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. This week's assignment is a preliminary 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. Assignment Steps To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. For Week 2, create the Research section of your plan. Create the research section of your marketing plan in a minimum of 825 words. Include the following elements of the Research List of Topics, as taken from the Marketing Plan Outline and Timeline, and shown below: Research List of Topics: • Primary Research • Secondary Research • Consumer Analysis • Customer Profile • Continuous Consumer Monitoring & Research • Environmental Scanning • Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces • Infographics and Diagrams are not required but can be used to provide clarity and conciseness. Sometimes, "A picture is worth a thousand words!" Infographics and/or Diagrams (and subsequent discussion) can include any or all of the following: SWOTT (Strengths, Weaknesses, Opportunities, Threats, and Trends); TOWS (Threats, Opportunities, Weaknesses, Strengths); PEST (Political, Economic, Social, and Technological); SOAR (Strengths, Opportunities, Aspirations, Results); and STEEP (Social, Technological, Environmental, Economic, Political). Diagram(s) should be in APA format (Microsoft Word table tools and/or PowerPoint drawing tools can be used), and must include a subsequent discussion of the diagram(s) providing insight and clarity. Develop the first two parts of the Target Market section from the Marketing Plan Outline and Timeline, which includes an overview of the demographics (e.g., age, income, family members, etc.) and psychographics (e.g., activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (i.e., basic trends and insights from the data that is presented in annual reports, other SEC or IRS type filings, and all other data sources). Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found. Note: Charts/graphs/tables do not count toward the word count. This assignment will be incorporated into your overall marketing plan for Week 6. Include in-text citations and references for text (must be used with every assignment in this course), and a minimum of three peer reviewed references, at least two from UOP Library and/or Electronic Reserve Readings. Note: Failure to utilize these resources will result in severe markdowns. Format your assignment consistent with APA guidelines.                                                                                                                      

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