Wk 2 – Understanding Target Markets

I’m studying and need help with a Marketing question to help me learn.

To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’s assignment 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.

See attached file from week 1, and use the same company for this week’s assignment.

Assignment Steps

To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, 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):

  • 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
  • Current Opportunities
  • Potential Future Opportunities
  • Current Threats
  • Potential Future Threat
  • 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.

This assignment will be incorporated into your overall marketing plan for Week 6.

Format your assignment according to APA guidelines.

NOTE: see attached file from week 1, use the same company for this week as well.

Note: Use in-text citations according to all references used, list all references used.

IMPORTANT: the instructor is using a plagiarism checker that will show plagiarized material no matter how good you re-write and re-word them. Please be careful with this!

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