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, which is to accomplish your market Situation Analysis research for the 1. Market Environment and 2. SWOT Analyses, and 3. your Segmentation, Targeting, and Positioning (STP Process: Review Chapter 9 pgs 246 to 264).
As with all academic and professional papers, do not use first or second person in your writing. These are evidence-based objective documents, not personal perspective. Make sure you have read the Course Policies regarding requirements for formatting assignments.
Resources and Links
· Marketing Research Plan Template
· 7-step segmentation process (Table 9.6, chapter 9, Marketing Management 15e)
· Market Environmental Analysis (6 major environmental forces, pg 73, chapter 3, Marketing Management 15e; and the PESTLE Analysis: PESTLEAnalysis.comhttp://pestleanalysis.com/marketing-competitor-analysis/
To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In this Week 2 assignment, you will accomplish the Research section of your plan, which is the Situation Analysis, covering the SWOT Analysis, STP Analysis, and Environment Analysis.
Create the research section of your marketing plan in 900 words.
Include at least 3 elements of the Research List of Topics (see list below):
· Research List of Topics:
o Define and Accomplish Primary Research on the Target Market
o Define and Accomplish Secondary Research on the Target Market
o Target Customer Profile (geographic, demographic, psychographic, behavioral data characteristics)
o Methods you will use for Continuous Consumer Monitoring and Research, and Environmental Scanning
o Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
o Current and Potential Future Opportunities
o Current and Potential Future Competitive and Environmental Threats
· Diagrams are not required but can be used to provide clarity and conciseness. Diagrams (and subsequent discussion) can include:
o a bulleted SWOT (emphasizes internal market–Strengths, Weakness, Opportunities, Threats)
o TOWS (emphasizes the external market–Threats, Opportunities, Weakness, Strength),
o PEST (Political, Economical, Social, Technological),
o SOAR (Strengths, Opportunities, Aspirations, Results), and/or
o STEEP (Social, Technological, Environmental, Economical, Political).
All diagram(s) must include a subsequent discussion of the diagram(s) providing insight and clarity.
Develop the Target Market section of your marketing plan as a result of your research, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics / lifestyle analysis (activities, interests, and opinions (AIO)) for each targeted market (a narrowly defined, specific domestic market and a narrowly defined, specific international market). This is an overview of your findings (basic trends and insights from the data that is presented in annual reports and other SEC type filings, as well as research in free public and government demographic, behavioral, and psychographic databases).
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 within the content of the paper, as well as these references at the end.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.