MKT 571 / Understanding Target Markets

Understanding Target Markets

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.

Cite a minimum of three peer-reviewed references.

 

Individual Assignment: 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 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.

Grading Guide

 

Content	Met	Partially Met	Not Met	Comments:
Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: 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 Any diagram(s) provided (not required) are in APA format and includes discussion providing insight and clarity.
Student develops 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.
Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found.
The Research section is a minimum of 700 words in length.
		Total Available	Total Earned
		3.5	#/3.5

 

 

 

Writing Guidelines	Met	Partially Met	Not Met	Comments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
		Total Available	Total Earned
		1.5	#/1.5

 

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