Target Marketing Strategy Assignment

Target Marketing Strategy Assignment

Purpose: This assignment will give you experience examining a business or organization more closely in connection with its marketing and Target Market. In addition to identifying a Target Market, you will learn the fundamentals of conducting Market Segmentation. Note: You are once again invited to team up with two or three classmates to collaborate on this assignment. 

Skills: This assignment challenges your ability to construct a detailed Market Segmentation and compile the data necessary to build a valuable Target Marketing Strategy. In this assignment you will:
Compile research about a local business/organizations consumers and market.
Build a Customer Data Analysis that clearly articulates an organizations consumer segmentation.
Learn how to segment consumers and drive an organizations Target Marketing Strategy.
Use the Target Marketing Strategy to create a unique marketing approach/solution.
Build a Market Analysis Spreadsheet that shows how your business/organization consumers fall into an identified niche market.
Discern those specific areas that your business/organization can emphasize to further make themselves stand out in the marketplace, in order to attract market share and identify their obsessed ideal customer.

Knowledge: This assignment will give you experience conducting a detailed and thorough Market Analysis and what factors go into building a Target Marketing Strategy, and how these data collection methods help determine a business/organizations consumer market.

Task: To complete this assignment you will need to:
Part 1 — Use your same business from SWOT/Competitive Analysis Assignment and research their customers to gather data.
Create a Google Document where you: Re-introduce the business/organization that you are studying, including noting their VALUE PROPOSITION.
Learn as much as you can about this business/organization as well as the industry, whether through internet research or your own connections (e.g. interviews with people familiar with its operations, or maybe the place where you or family members work). This would include using the NAICS code and other research leads suggested by our LBCC Librarian Michaela Willi Hooper. Specifically, you want to learn about industry and business trends that are/will impact the business/organization that you are studying.
Second, write several paragraphs that demonstrate what you learned about the industry and current conditions/trends facing your business/organization, using specific details and relating them to your subject. 
Part 2 — Using Google Sheets, copy and paste a blank spreadsheet for a Market Analysis.
Begin with Categories of Segmentation (Copy of Market Analysis Example) that best describe the business or organizations consumers, such as demographics (e.g. age, income level), or where they are located (geography), and what benefit do they primarily receive from the product or service, what interest do they share with the organization or business (one or several)? Most likely, you are going to use U.S. Census data for much of this part of the assignment, along with other information you know about the business/organization. 
Now, going back to your Google Document After compiling your market segmentation data/analysis, identify and craft an effective and succinct DIFFERENTIATED MARKETING STRATEGY for the business/organization that clearly articulates its benefit to customers and potential customers, and tailor your marketing campaign to best meet the needs of two or three different segments of customers. Think about a marketing offer to their most obsessed customers! (Note: Just as before, its not enough to merely suggest buying billboard space or using social media. Please provide a detailed plan with specific recommendations.)

How You Will Be Graded: Your grade, up to 50 points, will be based on the details and thoroughness of your Market Segmentation and Target Marketing Strategy, and the creativity and innovation that you demonstrate in your marketing solutions and suggestions.

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