Target Audience & 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.
Part 1: General Research
Part 2: Application to Product/Service (note: this section of the assignment will become part of your Final Strategic Marketing Plan)
Provide a quick overview of the product or service you created – you should continue using the content from the U2 Discussion Board. 2. Even though you have “created” a product or service, the applications and research in this section will be real.
o 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 @ http://factfinder.census.gov/home/saff/main.html?_lang=en 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.
o 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?
Hoover’s Pro in the Library is a good tool for this section; it may be accessed under “Find Web Resources” 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: ABI Inform Global, Academic Search Premier, and Business Source Premier.
Your report MUST include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA, please visit the APA Lab. The paper should be written in third person; this means words like “I”, “we”, and “you” are not appropriate.
The use of direct quotes is discouraged, but may be used sparingly in appropriate situations. Your assignment should contain a cover page, an abstract page and a reference page in addition to the body. The body of the paper should be 5-6 pages in length – starting with a brief one paragraph introduction and ending with a short conclusion. The entire submission will be 8-9 pages in length.