Wk 2 – Understanding Target Markets
Assignment Content
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:
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.
Solution Preview
Environmental Scanning
Apple company is an international company that makes consumer electronics, computer software and commercial service. Many products that Apple produces are iPhone, iPod, Macintosh computer and iPad. The founder of Apple is Steve Wozniak and Steve jobs in California in the year 1977, and since then it has been in the market. Apple is a dynamic company, creative and fast-paced. The company has a lot of strength that is making it successful. The company keeps fewer debts, and it has capital available to do other things. Apple is making continuous innovation in many successful products, and it is leading to different markets. When looking at its external market, it is focusing on essential tactics and strategies. It is alliancing with IBM and Microsoft.
(925 words)