Use a product they are interested in, a product from their own company
Part 1
Students can use a product they are interested in, a product from their own company, or a product from a company they work for.
Here is a checklist for selecting a product for your marketing plan, which will be used in each of the class Marketing Project sections:
- Will you be able to obtain existing sources of information about the product?
- Industry data, such as age, size, growth, competitors, and regulatory oversight.
- Brand data, such as sales, market share, and growth, using sources available online through UMGC Library.
- Customer data, such as reasons they select the product, reasons they reject the product, customer satisfaction for the brand, and frequency of purchase, using sources that capture the voice of the customer, such as Yelp, Consumer Reports, Google, Bing, and similar customer evaluation sources.
Project Competencies
- Determine the target market and steps in the customer journey process
- Describe the benefits of market research and the differences between qualitative and quantitative research
- Apply the SWOT Analysis and Porter\’s Five Forces Model in a marketing plan
- Apply elements of the marketing mix to inform business decisions to support organizational objects
- Determine marketing and communication distribution channels and strategies
- Determine product and pricing strategies
Marketing Plan Part 2
Use the attached template to complete your project this week. Once the form is completed, attach the file to submit your completed work.
Continue the marketing plan from the product selected in the previous week of class. This week, students will include details on the target market and follow the customer journey decision process. For the target market segmentation sections, students only need to select either the B2B or B2C market, they do not need to complete the details for both B2B and B2C. Research the target market (potential buyers) for your chosen product to develop the ideal segment descriptions (demographics, geographics, psychographics, behavioral, and benefits). Develop a chart to create a customer journey as one person through the steps of the buyer\’s journey for the product.
I completed Part 1 and got a pretty good grade of 96.25, the only thing I was missing in that one was more specific and measurable information with percentage for the \”Marketing Goal\”. I have to update that in part 1. I will attach it so you can see it because I will need that particular information for the remaining projects. It will continue to build with each assignment
I need complete help with the Part 2, as it is due on 6 Sept.
Requirements: As much as possible
When you start the Marketing plan Part 2, and reach the segmentation part for the target market, I chose zip code 27583, and also the references I used. I wrote this for a discussion response. :-). If you need a different zip code for North Carolina because there is not enough information just let me know. It would be interesting to see what you find for this zip code.
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ESRI Tapestry Segmentation divides the US population into 67 unique segments based on socioeconomic and demographic characteristics. Their purpose is to provide a more detailed understanding of the US population than what is offered by traditional methods, such as race, ethnicity, and income levels. (Location Data—Globally Accurate & Authoritative | Esri Data, n.d.)
According to ESRI Tapestry Segmentation, zip code 27583, it is located in North Carolina and is part of the \”Transitional\” segment. This segment is made up of people who are in the process of making significant life changes. It is located in an area populated mainly by married couples with children. The next most common segment is families with children, followed by pre-retirement adults. This area is primarily middle class, with a median household income of $62,000. (Location Data—Globally Accurate & Authoritative | Esri Data, n.d.). The US Census Bureau – Fact Finder reports that the population of this zip code is 45.3% white, 36.8% black or African American, 9.5% Hispanic or Latino, and 3.4% Asian alone. (Explore Census Data, n.d.). Therefore, marketers should use strategies that appeal to families and middle-class consumers based on these demographics. For example, include ads that feature images of families or offer discounts and affordable deals for this income level. Additionally, marketers should be aware of this area\’s cultural diversity and ensure their message is inclusive and respectful of all groups. They should also consider using messaging that appeals to their desire for convenience and their need for value.
References
Location Data—Globally Accurate & Authoritative | Esri Data. (n.d.). Www.esri.com. https://www.esri.com/en-us/arcgis/products/data/overview#data-demo
?Explore Census Data. (n.d.). Data.census.gov. Retrieved September 4, 2022, from https://data.census.gov/cedsci/all?q=27583
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