Expert answer:Need Principles help with my Marketing Homework
Answer & Explanation:Need help on Principles of Marketing work please;Unit II Research Project Marketing Plan This week you will continue your comprehensive marketing plan researching the SAME company that you researched in Unit I. Again, utilizing the CSU Online Library, you will research the various elements of the marketing plan as it relates to this company. In Unit II you will present the Target Market and a SWOT Analysis.Target Market Begin by discussing segmentation of the market based upon demographic, behavioral, geographic, and psychographic criteria. Apply these criteria to your company, explaining their importance to the company. This analysis will enable you to identify the target market(s) thoroughly. Within your explanation, discuss why the identification of a target market is of the utmost importance to a company. SWOT Analysis Perform a SWOT analysis for your company remembering that the strengths and weaknesses are internal and the opportunities and threats are external. Set this up using a table and/or bullet points with clear explanation following the chart. Your submission should be a minimum of two pages in length, double-spaced with a reference page and title page. References should include at least one additional, credible reference beyond the textbook. All sources used must be referenced; paraphrased and quoted material must have accompanying citations and cited per APA guidelines. Include the use of subheadings (This week consider using Target Market and SWOT Analysis). Information about accessing the Blackboard Grading Rubric for this assignment is provided below.unit_ii_study_guide.pdf
unit_ii_study_guide.pdf
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UNIT II STUDY GUIDE
Understanding the Consumer
Reading
Assignment
Chapter 4:
Focusing Marketing
Strategy with
Segmentation and
Positioning
Chapter 5:
Final Consumers and
Their Buying Behavior
Suggested Reading
See information below.
Course Learning Outcomes for Unit II
Upon completion of this unit, students should be able to:
4. Explain how the marketing mix is used to reach the target market.
4.1 Recommend a target market for a company.
4.2 Explain the importance for a company to clearly define and understand
its target market.
5. Describe the process of market segmentation leading to the identification of
the target market.
5.1 Apply market segmentation to a company utilizing the behavioral,
psychographic, demographic, and geographic criteria.
5.2 Explain the importance for a company to meticulously segment its
market.
Unit Lesson
Identification of the target market, in its very basic sense, requires that a company
completely understands its customers. The process begins with segmentation, which
Perreault, Cannon, and McCarthy (2015) define as the process of clustering people
with similar needs into a certain market segment or group. As a marketer attempts to
segment their market, they will select criteria that are relevant to the customer type.
These criteria are typically broken down into four categories as identified below:
Behavioral—this involves segmenting the market based upon interests,
thoughts, benefits sought, or even brand equity.
Psychographic—this involves segmenting the market based upon personality,
perceptions, values, and other personal motivations.
Demographic—this involves segmenting the market based upon income, sex,
age, family size, family life cycle, occupation, education, ethnicity, and social
class.
Geographic—this involves segmenting the market based upon the region of
the country, neighborhood, or size of city in which the consumer lives.
Once the marketer has thoroughly analyzed the population and segmented the market
as necessary, the target market can more easily be identified. Perreault et al. (2015)
define the target market as a fairly homogeneous (similar) group of customers to
whom a company wishes to appeal. The importance of target market identification is
realized as a marketer understands that there are limited and precious marketing
funds available. In order to maximize these scarce funds, it makes logical sense to
focus on the consumers that are the most interested in your product/service and the
most likely to purchase. Additionally, we live in a “time poor” society today where
consumers are interested in viewing marketing that pertains to them and not
necessarily in viewing massive amounts of advertising focusing on the general public.
This is exemplified to an even greater extent with the increased use and dependence
upon the internet as both an information source as well as a buying tool.
BBA 3201, Principles of Marketing
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At this point in the process, the marketer should have a clear understanding of their
target market, providing them with the opportunity to differentiate their product mix. In
other words, this provides the company with the ability to ensure that their
product/service is different from that of their competitors. This ensures that a company
can better service the needs of their target market. Companies typically put together a
positioning statement that defines and clarifies the perception of the company (and/or
brand) in the mind of the consumer. For instance, Nike’s positioning statement as
established through their mission statement is “Bring Inspiration and Innovation to
Every Athlete in the World… If You Have a Body, You Are an Athlete” (Our Mission,
2015). Nike has attempted to position itself in a very crowded market as one of the
best with respect to embracing and enhancing the athletic life style. Perreault et al.
(2015) point out the importance of positioning when companies within an industry are
providing similar products/services.
In the continued quest to understand the consumer, marketers need to understand
how the target market’s economic needs, psychological variables, social influences,
culture, and purchasing situation will affect their buying decisions. Within the economic
needs, marketers realize the consumer’s economy of purchase, convenience,
efficiency, and dependability. The psychological variables review the target market’s
level of motivation, perception, learning, attitude, trust, and lifestyle. Within the social
influences, marketers need to understand the target market’s influences such as
family, social class, and their reference groups. Another area of impact is the target
market’s ethnicity and international status. Finally, the purchase reason, time available
for the purchase and the surroundings of the purchase will have an impact on the
target market’s decision process. Think about the last time you went shopping. Was it
a leisurely shopping trip or were you hurried? Think about the surroundings of your
favorite store. Retailers create atmospheres or themes which tend to create interest
and increase comfort for a certain target market. Think about the atmospheres of
American Eagle and how that impacts the target market. What about the atmospheres
of an Olive Garden restaurant or an Abercrombie & Fitch clothing store? Now, think
about the atmosphere of a Walmart versus that of a Macy’s retail store.
Perreault et al. (2015) identify the adoption process as the steps that a consumer
moves through as they work towards making the buying decision. These steps are
identified below:
Awareness—potential customer is aware of the product/service.
Interest—potential customer is interested and gathers general information
about the product/service.
Evaluation—potential customer thinks about how the product/service might
benefit them personally.
Trial—potential customer actually buys the product for a trial.
Decision—potential customer decides to either adopt or reject the
product/service.
Confirmation—customer searches for reinforcement on their decision to adopt
the purchase.
Understandably, this adoption process provides marketers with another level of
understanding of how their target market thinks and rationalizes leading them to the
buying decision.
An important tool for analysis used for auditing an organization and its environment is
the SWOT Analysis. It stands for strengths, weaknesses, opportunities, and threats.
Strengths and weaknesses are internal factors of the organization and the
opportunities and threats are external. The SWOT Analysis is many times set up as a
table or chart with analysis following the chart. The table below provides examples of
situations that might be considered under each area.
BBA 3201, Principles of Marketing
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STRENGTHS
New or innovative product or
service
High quality product
Convenient location of
business
Quality processes and
procedures
Lower price
OPPORTUNITIES
WEAKNESSES
Developing market such as
the internet
Moving into new market
segments that offer
improved profits
New international market
Market vacated by an
ineffective competitor
Lack of marketing expertise
Undifferentiated products or
services related to
competition.
Distribution is slow due to
inadequate distribution
channel.
Higher prices
Poor service
Poor reputation
Promotional methods do not
adequately reach target
market.
THREATS
New competitors
Changes in economic
conditions
Significant changes in
technology
Changes in laws affecting
any part of business model
Changes in socio-cultural
environment of target market
Analyzing each of these areas provides the marketer and organization with a realistic
view of where the company stands now, which theoretically will enable the marketer to
be able to more appropriately modify the marketing mix (four Ps) to match the needs
of the target market.
References
Nike. (2015). Our mission. Retrieved from http://about.nike.com/
Perreault, W., Jr., Cannon, J., & McCarthy, J. (2015). Essentials of marketing: A
marketing strategy planning approach (14th ed.). New York, NY: McGraw-Hill.
Suggested Reading
While viewing these PowerPoint presentations is not required, it is highly
recommended. Doing so will provide you with a significantly greater level of
understanding of basic marketing concepts.
Click here to access a PowerPoint presentation of the Chapter 4 material.
Click here to access a PDF version of this presentation.
Click here to access a PowerPoint presentation of the Chapter 5 material.
Click here to access a PDF version of this presentation.
BBA 3201, Principles of Marketing
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