ROJECT PART 2 DUE WEEK 7 Refer to Text chapters 4-6 CH5 Describe your target market in detail, including information on the geographic, demographic, psychographic and behavioral factors used to choose your market segment. CH5 Identify the needs that cause your target market to buy. CH6 Create a written positioning statement that identifies: Your organization’s product/service Your target market – Needs that cause your target market to buy including emotional and logical drivers – How your product solves the target market’s needs What makes your organization different from its competition CH4 Include sources of secondary research that support your analysis Utilize the Grading Rubric that I have provided for you. Your work must be completed in a Microsoft Word or PDF file and uploaded back to me. Any other format is unacceptable. View your Safe Assign Report. If your project has a match of greater than 45%, you will need to rewrite your assignment or receive a failing grade for plagiarism. Value for this project is 100 points. ~Marketing Plan Answer Key Part Download ~Marketing Plan Answer Key Part Note : Marketing Plan Strategy (PART 2) WHO IS YOUR CUSTOMER? Cultural Factors This is shifting need to continually monitor a TOTAL MARKETING STRATEGY Culture is the most basic cause of a persons wants and behavior. Subcultures are groups of people with shared value systems based on common life experiences and situations. For example, the African American market is growing in affluence and sophistication. The . Hispanic market consists of more than 59 million consumers and is one of the fastest growing. Asian Americans are the most affluent . demographic segment. Social classes are societys relatively permanent and ordered divisions whose members share similar values, interests, and behaviors. .Social Factors Groups and Social Networks. A persons behavior is influenced by many small groups. Reference groups serve as direct (face-to-face interactions) or indirect points of comparison or reference in forming a persons attitudes or behavior. Opinion leaders are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others. Word-of-mouth influence is the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior. Influencer marketing involves enlisting or creating opinion leaders to serve as brand ambassadors who spread the word about a companys products. Electronics purchasers is a big segment. 70% seek advice before purchasing. Online social networks are online communities where people socialize or exchange information and opinions, YELP, Facebook, Twitter…(How credible are these?)Family is the most important consumer buying organization in society. Do you agree? Changing Husband/Wife roles & Children Influencers Personal Factors Occupation. A persons occupation affects the goods and services bought. Age and Life Stage. People change the goods and services they buy over their lifetimes. Tastes in food, clothes, furniture, and recreation are often age Situation. A persons economic situation will affect product choice. Lifestyle is a persons pattern of living as expressed in his or her psychographics VALs Personality and Self-Concept. Personality refers to the unique psychological characteristics that lead to relatively consistent and lasting responses to ones own environment. The basic self-concept (self-image) premise is that peoples possessions contribute to and reflect their identities; that is, we are what we have. Psychological Factors Motivation. A motive (or drive) is a need that is sufficiently pressing to direct the person to seek satisfaction. Perception is the process by which people select, organize, and interpret information to form a meaningful picture of the world. Learning describes changes in an individuals behavior arising from experience. Beliefs and Attitudes. A belief is a descriptive thought that a person has about something. Attitude describes a persons relatively consistent evaluations, feelings, and tendencies toward an object or idea. ** Market segmentation is most effective based on consumer not producer point of view and Dynamic Segmentation means that criteria need to change segmentation is NOT static Geographic Segmentation calls for dividing the market into different geographical units such as nations, regions, states, counties, cities, or even neighborhoods. Demographic Segmentation divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. Psychographic Segmentation divides buyers into different groups based on social class, lifestyle, interests, opinions, priorities or personality characteristics. (Examples include couch potatoes, status seekers, outdoor enthusiasts)Requirements for Effective Segmentation Can we make money? Is it lucrative This will drive the 4 Ps! To be useful, market segments must be: Measurable: The size, purchasing power, and profiles of the segments can be measured Accessible: The market segments can be effectively reached and served. Substantial: The market segments are large or profitable enough to serve Differentiable: The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs. Actionable: Effective programs can be designed for attracting and serving the segments. Target Market, Differentiation and Positioning Market targeting involves evaluating each market segments attractiveness and selecting one or more segments to enter. A company with limited resources might serve only a few market niches. Market niches are segments that major competitors overlook or ignore. Most companies enter a new market by serving a single segment. If this proves successful, they add segments. Market Differentiation and Positioning Product position is the place the product occupies relative to competitors in consumers minds. Positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Volvo = safe cars, Disney = wholesome entertainment, Apple = technology leader Positioning begins with differentiationdifferentiating the companys market offering so that it gives consumers more value. POSITIONING STATEMENT Fill in the blanks WE ARE (describe firm) ____________________and WE WILL (what will be accomplished) _________BY (how it will be achieved) TO ACHIEVE (end benefit(s)) FOR (targeted audience) ____ Download Rubric MRKG 1311 RUBRIC – Principles of Marketing Marketing Plan MRKG 1311 RUBRIC – Principles of Marketing Marketing Plan Criteria Ratings Pts This criterion is linked to a Learning Outcome CONTENT – Information Clarity of purpose, Critical and original thought, Use of examples (personal and reference to readings/videos/reference materials) 40 pts “Central idea well developed and clarity of purpose is exhibited throughout the paper – Abundance of evidence of critical, careful thought and analysis and/or insight – Evidence and examples are vivid and specific while focus remains tight” 36 pts “- Central idea well developed and clarity of purpose are generally evident throughout the paper – Evidence of critical, careful thought and analysis and/or insight – There are good, relevant supporting examples and evidence” 32 pts “The central idea is expressed though it may be vague or too broad; Some sense of purpose is maintained throughout the paper – Some evidence of critical, careful thought and analysis and/or insight – There are some examples and evidence, though general” 24 pts “The central idea and clarity of purpose are absent or incompletely expressed and maintained – Little or no evidence of critical, careful thought and analysis and/or insight – There are too few, no examples and evidence, or they are not relevant” 40 pts This criterion is linked to a Learning Outcome ORGANIZATION: Organization (introduction/conclusion), Flow of Thought, Transitions, Format 25 pts “- Paper is logically organized – Easily followed – Effective, smooth and logical transitions – Professional format” pts “- Paper is has a clear organizational structure, with some digressions, ambiguities or irrelevances – Easily followed – Basic transitions – Structured format” 20 pts “-There is some level of organization though structure, digressions, ambiguities, irrelevances are too many – Difficult to follow – Ineffective transitions – Rambling format” 15 pts “-There is no apparent organization to the paper – Difficult to follow – No or poor transitions – No format” 25 pts This criterion is linked to a Learning Outcome GRAMMAR: Sentence Structure, Punctuation, Mechanics 15 pts “- Manipulates complex sentences for effect/impact – No punctuation or mechanical errors” pts “- Uses complex sentences – Few punctuation or mechanical errors” 12 pts “- Uses compound sentences – Too many punctuation or mechanical errors” 9 pts “- Use simple sentences – Too many punctuation or mechanical errors” 15 pts This criterion is linked to a Learning Outcome LANGUAGE: Vocabulary, proper use of vocabulary, right use of words, specific and not vague 10 pts “- Vocabulary is sophisticated and correct as are sentences which vary in structure and length – Uses and manipulates subject specific vocabulary for effect – Writer’s tone is clear, consistent and appropriate for intended audience ” 9 pts “- Vocabulary is varied, specific and appropriate – Frequently uses subject specific vocabulary correctly – Writer’s tone emerges and is generally appropriate for intended audience ” 8 pts “- Vocabulary is used properly though sentences may be simple – Infrequently uses subject specific vocabulary correctly – Writer’s tone exhibits some level of audience sensitivity ” 6 pts “- Vocabulary is unsophisticated not used properly in very simple sentences – Uses subject specific vocabulary too sparingly ” 10 pts This criterion is linked to a Learning Outcome PUNCTUALITY 10 pts On time 5 pts up to 24 hours late 0 pts No Description 0 pts over 24 hrs late 10 pts Total Points: 100Show more
