MKT571 Phoenix Week 2 Understanding Target Markets Assignment

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MKT571 Phoenix Week 2 Understanding Target Markets Assignment

Assignment Content


  1. Purpose of Assignment This is the first part of your marketing plan: Research Section. Remember to work on the product/brand selected in week 1.

    To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week, we are developing the first part of the marketing plan: the Research Section. This section provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business.

    Assignment Steps

    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). It is strongly recommended to choose at least one element from each category.Category 1: Research methodology:

    • Primary Research
    • Secondary Research

    Category 2: Customer analysis:

    • Consumer Profile
    • Customer Segments
    • Continuous Consumer Monitoring & Research (metrics, research methodology)

    Category 3: Environmental analysis:

    • Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
    • SWOT analysis: Strengths, Weakness, Opportunities, Threats
    • Opportunity/Threat Analysis: Current Opportunities, Current Threats, Potential Future Opportunities, Potential Future Threat
    • TOWS (emphasizes the external market–Threats, Opportunities, Weakness, Strength)
    • PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results)
    • STEEP (Social, Technological, Environmental, Economical, Political)
    • 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.

    Format your assignment consistent with APA guidelines.

    Submit your assignment.

    Grading Guide: