For Ann Harris

MKTG630-1801B Applied Managerial Marketing

Unit 2: IP Resaerching the Market

Crystal Randolph

February 28, 2018

Colorado Technical University

Repurposed: “This task contains portions of material that were originally submitted during the MSHCM in Healthcare Marketing Strategies& HCM673 with Paul.”

MEMORANDUM

ACTION ITEM

To: Mitchelle, Market Product Manager

From: (Student’s Name), Marketing Manager, Product Development

Date: 25 February 2018

Subject: The Future of Integrated Reporting MM

AT ISSUE

The company wants to launch a new product in the global market platform to increase sales and boost its customer basis. However, many considerations have to be made when it comes to the launch of the product.

Demographic Features of the Target Market

The target market has many customers and consumers who are always happy about new products that are able to change their current needs. Most of the customers have a changing preference for products when a better alternative one exists to serve their needs. The customers also ensure that they purchase products based on their quality and accessibility (Akgun, Keskin, Ayar, & Etlioglu, 2017). They carry out research constantly to enable them to acquire information relating to any products launched in the market. They are inquisitive in a manner that they have to look for the best features in a product before purchasing it. The above features enable an organization to launch high definition products to attract the customers. It also influences organizations to know how, where, and what makes the products become better for the market. The desires of the consumer are discovered in many ways, but one proven way has been through market segmentation (Thomas, 2015). Market segmentation is most often a two-step process. The initial step is quantitative research and the latter is qualitative research. Quantitative data usually identifies the target population, while qualitative research identifies insight into what the population feels, and how they act. Distinguishing is the initial phase in making a methodology for the global marketing. Understanding the intended or target audience is an essential next step. Most marketing material and media sites are created and composed utilizing second-person as though the global consumer were the one choosing by the MM or settling on the choices (Randolph, 2016-re-purposed).

Location of the Target Market

The location of the target market may be India and China due to the huge population found in the two nations. Market segmentation reports show that the two countries have a huge population of consumers, which means that the product will acquire a huge profit basis for its first week of sales (Chen, Xu, Liu, Hu, & Wang, 2014). It may also acquire a huge platform of reviews to improve its development as other products of the same quality are introduced into the market in the future.

Psychographic Characteristics of the Market

The consumers in India and China have preferences for good products that have a high-quality status. Such individuals may try as much as possible to choose the products that are applicable to their current economic status (Akgun, Keskin, Ayar, & Etlioglu, 2017). The packaging of the product may attract them to purchase the product. Therefore, I need to establish a marketing strategy that draws them to the product. If I fail to do so, most of the products may remain unpurchased and my organization may make small sales. I may also have a vague marketing strategy that will lead to poor sales. The marketing strategy may have several gaps that may limit the product from reaching the market.

Behavioral Characteristics

India and China are monopolistic markets when it comes to the local organizations operating in their border. The consumers prefer products manufactured locally due to their low prices. However, they also value quality products from foreign nations since they consider them durable as compared to those manufactured locally (Chen, Xu, Liu, Hu, & Wang, 2014). The situation influences my organization to think of possible ways in the introduction of products locally.

References

Akgun, A., Keskin, H., Ayar, H., & Etlioglu, T. (2017). WHY COMPANIES GO POSITIVE MARKETING INNOVATIONS: A NEW THEORETICAL PROTOTYPE FOR 4PS OF INNOVATION.

Chen, S., Xu, H., Liu, D., Hu, B., & Wang, H. (2014). A vision of IoT: Applications, challenges, and opportunities with china perspective. IEEE Internet of Things journal, 1(4), 349-359.

Chofreh, A., Goni, F., Shaharoun, A., Ismail, S., & Klemeš, J. (2014). Sustainable enterprise resource planning: imperatives and research directions. Journal of Cleaner Production, 71, 139-147.