Wk 2 – 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.
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:
Continuous Consumer Monitoring & Research
Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
Potential Future Opportunities
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.
use your company of choice and product of choice
Primary research refers to the data gathered directly from the potential and target customers. The company, River Island would ask her clients to take a short survey (interview) at the premises to gather the opinions about the products. This primary research is important because it helps in identifying the grievances and views of the customers. Further, it helps the business to customize its product. The business shall also create a customer care desk where it shall receive calls and personal complaints of the customers. It shall use this data to make important decision on how to improve customer promise and satisfaction.