Expert answer:Understanding Target Markets

Expert answer: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 4 elements of the Research List of Topics (see list below):Research List of Topics:Primary ResearchSecondary ResearchConsumer AnalysisCustomer ProfileContinuous Consumer Monitoring & ResearchEnvironmental ScanningIdentify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological ForcesCurrent OpportunitiesPotential Future OpportunitiesCurrent ThreatsPotential Future ThreatDiagrams 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.
mkt571r10_wk2_gg_understanding_target_markets.doc

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Understanding Target Markets Grading
Guide
MKT/571 Version 10
Marketing
Copyright
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Understanding Target Markets
Grading Guide
MKT/571 Version 10
Edited in accordance with University of Phoenix® editorial standards and practices.
2
Understanding Target Markets
Grading Guide
MKT/571 Version 10
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
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
o Primary Research
o Secondary Research
o Consumer Analysis
o Customer Profile
o Continuous Consumer Monitoring &
Research
o Environmental Scanning
o Identify Market, Economic,
Technological, Regulatory, Legal,
Social, and Ecological Forces
o Current Opportunities
o Potential Future Opportunities
o Current Threats
o 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.
Met
Partially
Met
Not Met
Comments:
3
Understanding Target Markets
Grading Guide
MKT/571 Version 10
Content
Writing Guidelines
Met
Met
Partially
Met
Not Met
Total
Available
Total
Earned
3.5
#/3.5
Partially
Met
Not Met
Total
Available
Total
Earned
1.5
#/1.5
5
#/5
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.
Assignment Total
Additional comments:
#
Comments:
Comments:
4
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