Understanding Target Markets

To develop effective relationship marketing, a company must first understand its targeted consumers' buying influences and behaviors. In Week 2, create the Research section of your plan that you will present to the class. 

Describe the research section of your marketing plan for a company of your choice in about a 5 to 7 minute presentation.

Include at least 3 elements of the Research List of Topics (see list below):

• Research List of Topics:
• Primary Research
• Secondary Research
• Consumer Analysis
• Customer Profile
• Continuous Consumer Monitoring & Research
• Environmental Scanning
• Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
• Current Opportunities
• Potential Future Opportunities
• Current Threats
• Potential Future Threat
• Diagrams are not required but should be considered in order to provide clarity and conciseness. Diagrams (and subsequent discussion) can include SWOT (emphasizes internal market--Strengths, Weakness, Opportunities, Threats) TOWS (emphasizes the external market--Threats, Opportunities, Weakness, Strength), PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political).

Develop an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (basic trends and insights) for the company you have chosen.

Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.