STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS - 1 SLP

Module 1 - SLP

STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS

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

· Provide a quick overview of the product or service you created.

· 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