Target Audience & Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.
PART 1: General Research
1.Research and discuss Maslow's theory of needs and how it is applied to marketing. Resources MUST include articles in the library's full-text databases.
2.Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Research MUST include material from articles in the library's full-text databases.
PART 2: Application to Product/Service
(NOTE: this section of the assignment will become part of your Final Strategic Marketing Plan)
1.Provide a quick overview of the product or service you created - you should continue using the content from the U2 Discussion Board.
2.Even though you have "created" a product or service, the applications and research in this section will be real.
o Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
o Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover's Pro in the Library is a good tool for this section; it may be accessed under 'Find Web Resources'
The assignment requires the use of ARTICLES from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier.