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.
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.
Customer Relationship Management—Find two CRM tools that help companies identify pertinent information about their customer segments.
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 will include:
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.
Application to Product/Service
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.