Understanding Target Marketing
Purpose of Assignment
To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’s assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business.
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.
Create the research section of your marketing plan in minimum of 700 words.
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 can be used 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). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.
Develop the first two parts of the Target Market section, which includes 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 from the data that is presented in annual reports and other SEC type filings).
Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.
This assignment will be incorporated into your overall marketing plan for Week 6.
Cite a minimum of three peer-reviewed references.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Below is information from Week 1 class on the chosen company.
Apple Company Summary
Founded in the year 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple Inc is a company in the technology industry. An American multinational company its headquarters are located in Cupertino, California boasts of developing, selling and designing high-end computer software, online services, and consumer electronics. The company is responsible for developing a line of the iPhone, as well as the Mac personal computer alongside iPad tablet computer and iPod media player (Corsi and Morin, 2015).
Over time, the company has amassed a reputation for sleek design of its line of products cutting from the norm. This is the reason the companyâ€™s revenue amounts to about $247.1 billion per year. As well, the company has been able to hire over 116,000 employees who are the taskforce behind their tech-savvy and innovative products (James, 2007). Additionally, the company features online services for its consumers which include iCloud, Apple Music, iOS App Store, iTunes Store and the Mac App Store. More information pertaining the companyâ€™s line of products and updated information is as contained in its website; https://www.apple.com/.