Understanding Target Markets

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 and research and discuss the target audience for the product or service selected.. Create the research section of your marketing plan in minimum of 700 words. This section should pertain to the research needed to build your plan in your domestic and international markets over the next six weeks and should address at least one question to be answered while building your plan that covers at least three of the types of research presented below..Include at least three (3) 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 may enhance your readers’ understanding of your document but are not required. Diagrams may provide clarity and conciseness to information. Diagrams (and subsequent discussion) can include SWOT Analysis (emphasizes internal market–Strengths, Weaknessese, Opportunities, Threats), TOWS (emphasizes the external market–Threats, Opportunities, Weaknesses, Strengths), PEST (Political, Economical, Social, Technological factors), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political factors). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.Also develop the first two parts of the Target Market section, which includes 1) an overview of the demographics (age range, household income level, family size, family composition, educational level, etc. of the product or service you selected if it is for consumers, OR business size, industry classification, audience focus, geographical factors, revenues for the product or service, level of profitability, and so on if the audience for your product or service is businesses or government groups) and 2) psychographics (values, interests, attitudes/opinions, and lifestyles for consumer audiences, OR values, elements of the firm’s mission statement, orientation toward sustainability, being kind to the environment, charitable giving, and so on for business audiences) analysis. This is not a detailed analysis but an overview (basic trends and insights from the data that are presented in annual reports, other SEC type filings, business/marketing analysts’ reports/assessments, etc. Do not rely exclusively on company-produced documents or Web pates for this information.).Explain insights gained from your inspection and analysis of the demographic and psychographic information found. This assignment will be incorporated into your overall marketing plan for Week 6. Considerwhether or not the target audience makes sense for the product or service you chose. Remember, target audiences selected by the brand or product managers (usually based on segmentation research) are not, necessarily, the same as current customers!Be sure to cover both topics (research and target markets) for the US and one foreign country that you selected in week one.Cite a minimum of three peer-reviewed references (These are business and marketing journals, not sources such as quickmba, or smallbusinesschron, etc.)..Leverage your learning from this course by discussing marketing principles and concepts and how they relate to this week’s assignment (Hint: what is a SWOT Analysis, what is a target market, what is segmentation research and why is it critical for identifying target markets, etc.?). The point of all of these assignments is for students to demonstrate marketing-related knowledge and the ability to apply that knowledge to “real” situations.Format your assignment consistent with APA guidelines.