Target Audience and 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.
Research
- 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 article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central).
- Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central).
Application to Product/Service
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- Even though you have
“created” a product or service, the applications and research in this
section will be real.
- 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.
- 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? IBISWorld in the Library is a good tool for this section; it may be accessed under “ADDITIONAL LIBRARY RESOURCES” and then scroll down to the database.
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: Academic Search Complete, Business Source Complete, and/or ProQuest Central.
Effective academic and research writing requires a 3rd person voice. This SLP will be written in 3rd person. Do not use any quotations. For more information see Differences Between First and Third Person. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: the Analysis in the Appendix may be written in 1st person.
Use the attached APA-formatted template (MKT501 SLP1) to create your submission.
SLP Assignment Expectations
Your submission will include:
- cover page
- A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2-to 3-sentence conclusion)
- The reference list in APA format
PRODUCT MANAGEMENT & SITUATION ANALYSIS
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