MM CEO and Course Scenario
Michelle has asked you to send her a memo that explains the target market for MM’s new product. Because a global market is under consideration, she wants you and Elena to meet for an in-depth discussion of the different characteristics of your target market before sending her the information.
Elena meets you for coffee the next morning to explain her reasons for advocating the global market. As you finish your discussion, Elena stops and says, “We’ve discussed a lot of different market segments to target with the new product, but the choice comes back to you,” says Elena. “What’s your final decision on the target market that we should focus on? Are you going to propose that we try to market this product globally?
You sigh, knowing this is a key decision in your marketing strategy. “I appreciate our discussion today. I’m going to have to do some more research to determine the exact market and if we should go global or not.”
You know Michelle is expecting a detailed description of your targeted market segment including justification for selecting the market. You also need to remember to include your recommendation for or against marketing globally.
1.What are the demographic characteristics of your target market and why are they important?
2.Where your target market is located geographically and why is that important?
3.What psychographic characteristics define your target market? How do these impact your marketing strategy?
4.What behavioral characteristics are shared by your target market? Why are these important?
The materials found in the M.U.S.E. may help you with this assignment. Additional information is also provided in the Lessons From Experience series found at the following links: •Tracking the Skippers, and •Aiming at the Right Target. For assistance with your assignment, please use your text, Web resources, and all course materials.
Measurable Terminal Course Objective: Be able to identify consumer needs and how to use marketing research as an aid to define these needs and identify markets.
1.Present a detailed description of the target market you have chosen for MM’s new product.
2.The description should cover all 4 parts of the market segment (i.e., demographic, psychographic, behavioral, and geographic).
3.The assignment encourages the students to include any primary data (real or fictional) that they can compile to support their target market description. The students should include the following:
•A detailed description of 1 market segment.
Note the following: ? most students will not suggest marketing this product outside of the United States because it is too complicated, but some students may argue that MM should introduce the product in the global marketplace or choose a single market outside the united States for its target market.
Summary Assignment Requirement:
1.What are the demographic characteristics of your target market and why are they important? Describe your market using strong details.
2.Where your target market is located geographically and why is that important? Make sure you have Geography that’s national for your target market.
3.What psychographic characteristics define your target market? How do these impact your marketing strategy? Describe the characteristics of your targets.
4.What behavioral characteristics are shared by your target market? Why are these important? Discuss how your target market will be reached and your expected reaction to your advertising.
5.What is your justification for selecting the market? Tell why you selected the targets.
6.Include your recommendation for or against marketing globally. What considerations will you give marketing your product globally?