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Module 1 STP, Product Management & Situation Analysis | savvyessaywriters.us

Question Description

Module 1 – Case

STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS

Assignment Overview

A Customer Focus

After you determine what you are selling, the next critical part of the marketing plan is to understand to whom you are selling. Knowing your customer is essential to ensure that the company is delivering an appropriate message to the target market. Marketing success is about turning sales leads into profits.
Not only should a company focus on servicing its current customer base, it must also seek out new customers.

This module’s case will focus on defining your product’s customer demographic and psychographic profile, along with customer relationship management (CRM) and customer satisfaction metrics. CRM is about managing current and prospective customers for strong and long customer relationships.

Case Assignment

Check out Nielsen Insights to find out more about today’s customer. Visit Experian and Mosaic® to find out more about using marketing research to develop customer profiles.

Using information from the websites and articles from the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central), create a customer profile brief:

Customer Demographics and Psychographics—A review of current customer demographics—explain why this demographic profile is your primary target market.

  • Develop a demographic profile of the potential customer segment.
  • List at least two demographic tools you can use to help develop the demographic profile.
  • Potential customer market demographics. Define the psychographic profile of your customer.

Customer Relationship Management—Find two CRM tools that help companies identify pertinent information about their customer segments.

  • How will you use these tools to manage the customer relationship?

Since you are engaging in research, be sure to cite and reference the sources in APA format. The paper should be written in third person; this means words like “I”, “we”, and “you” are not appropriate. For more information see Differences Between First and Third Person.

Use the attached APA-formatted template (MKT501 Case1) to create your submission.

Assignment Expectations

Your submission will include:

  • Trident University International’s cover page
  • A 4- to 5-page paper with APA citations (2- to 3-sentence introduction, body, 2- to 3-sentence conclusion)
  • The reference list page in APA format

Grading Note:

At Trident University International, rubrics are used for grading. These rubrics specify the points available for each component of an assignment. Points are earned based on the level of the work submitted. The rubric located in the case dropbox is used for this case.

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Module 1 – SLP

STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS

Target Audience and 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.

Research

  • Research and discuss Maslow’s theory of needs and how it is applied to marketing. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central).
  • Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central).

Application to Product/Service

  • Provide a quick overview of the product or service you created.
  • Even though you have “created” a product or service, the applications and research in this section will be real.
    • 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. 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.
    • 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? IBISWorld in the Library is a good tool for this section; it may be accessed under “ADDITIONAL LIBRARY RESOURCES” and then scroll down to the database.

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: Academic Search Complete, Business Source Complete, and/or ProQuest Central.

Effective academic and research writing requires a 3rd person voice. This SLP will be written in 3rd person. Do not use any quotations. For more information see Differences Between First and Third Person. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: the Analysis in the Appendix may be written in 1st person.

Use the attached APA-formatted template (MKT501 SLP1) to create your submission.

SLP Assignment Expectations

Your submission will include:

  • Trident University International’s cover page
  • A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2-to 3-sentence conclusion)
  • The reference list in APA format

Grading Note:

At Trident University International, rubrics are used for grading. These rubrics specify the points available for each component of an assignment. Points are earned based on the level of the work submitted. The rubric located in the SLP dropbox is used for this SLP.

Module 1 – Background

STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS

Case

Nielsen Insights
http://www.nielsen.com/us/en/insights.html

Experian Services Marketing
http://www.experian.com/marketing-services/marketi…

Mosaic
https://www.experian.com/assets/marketing-services…

Understanding Your Customers: How Demographics and Psychographics Can Help
https://extension.psu.edu/understanding-your-custo…

Psychographics Are Just as Important for Marketers as Demographics
https://hbr.org/2016/03/psychographics-are-just-as…

What is customer relationship management?
https://canadabusiness.ca/managing-your-business/m…

What is a CRM system? Your guide to customer relationship management
https://www.cio.com/article/2439505/customer-relat…

SLP

Description of How Marketers Can Use Maslow’s Hierarchy of Needs
http://smallbusiness.chron.com/description-markete…

“Best Practice: Uncovering Unmet Customer Needs” – Anthony Ulwick
http://www.marketingjournal.org/best-practice-unco…

3.1 Factors That Influence Consumers’ Buying Behavior
https://open.lib.umn.edu/principlesmarketing/chapt…

US Census: American FactFinder
https://factfinder.census.gov/faces/nav/jsf/pages/…

Esri ZIP Lookup- This tool provides demographic and lifestyle information by ZIP code
http://www.esri.com/data/tapestry/zip-lookup

Consumer Expenditure Survey
https://www.bls.gov/cex/

American Time Use Survey
https://www.bls.gov/tus/home.htm

Finding Market Size Information in Business Source Complete

Enter “market size” AND along with the name of a product or service, put quotation marks around a name consisting of two or more words — for example, “market size” AND “ice cream.”

Finding Industry Trends and Projections in Business Source Complete

Access Business Source Complete and use a search combination like this: “restaurant industry” AND (trends OR projections)

Statistica- The Statistics Portal
https://www.statista.com/outlook/consumer-markets

How to Conduct Competitive Research
https://www.inc.com/guides/2010/05/conducting-comp…

IBISWorld in the Trident’s Library

Resources

Is My Source Credible?
https://sites.umuc.edu/library/libhow/credibility….

American Marketing Association (AMA)
https://www.ama.org/Pages/default.aspx

Academy of Marketing Science (AMS)
http://www.ams-web.org/

Target Marketing
http://www.targetmarketingmag.com/

Writing

The Student Guide to Writing a High Quality Academic Paper
http://support.trident.edu/wp-content/uploads/2015…

Plagiarism Tutorial and Resources: Go through the materials and test your knowledge
http://lib.usm.edu/plagiarism_tutorial.html

Trident’s academic integrity policy on page 35 of the Policy Handbook (2018).

APA Resources

Resources from the APA
http://www.apastyle.org/learn/index.aspx
http://www.apastyle.org/products/asc-landing-page….
https://owl.english.purdue.edu/media/pdf/200902120…

Purdue Online Writing Lab (OWL) https://owl.english.purdue.edu/owl/section/2/10/

Trident Guides

APA Guide – In-text citations and end referencing. (2015). Trident University International.

Library help – Part 1. (2015). Trident University International. Available from https://mytlc.trident.edu/files/library_help_part_…

Library help – Part 2. (2015). Trident University International. Available from https://mytlc.trident.edu/files/library_help_part_…

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