Developing Target Market Strategy

Overview/Description
 A key to preparing a business case for your new product or service idea is knowing who your potential customers are. To identify this important group, you need to know how to conduct solid market research. In this course, you'll learn how to conduct demographic and psychographic research and why this research is so important. You'll consider the elements of preparing your target market analysis: what are the important components that you MUST include? And, you'll learn how to organize and compose the marketing section of your business plan so that it works for you. You will learn how to provide the clear and concise information that decision-makers need to give your project the GREEN LIGHT.

Target Audience
 Supervisors, managers, and project developers

Expected Duration
2.5 hours

Lesson Objectives:

Components of the Market Concept

  • recognize the value of identifying basic components of the market concept in preparing a business case.
  • identify specific elements of the marketing concept philosophy.
  • identify the four criteria essential to defining a target market.
  • recognize the most common approach for market segmentation.
  • identify the four elements included in the marketing mix.

    • Demographic Research

  • recognize the value of using demographic research in determining the target market.
  • recognize the types of information that demographic research provides.
  • select other elements that will affect demographic descriptors; i.e., geographic area, climate, population density, regional fads and consumption patterns.
  • identify the types of questions to ask when conducting demographic research about customers.
  • recognize that demographic factors affect marketing strategies.

    • Psychographic Research

  • recognize the value of using psychographic data when analyzing a market segment.
  • identify the different psychographic data collected for individual consumers and for companies.
  • recognize the factors that influence psychographic descriptors; i.e., how the customer sees or wants to see him/herself.
  • recognize the questions to use to collect psychographic information.

    • Preparing the Marketing Section

  • recognize the value of thoroughly preparing the marketing section of a business case.
  • recognize the two types of customer descriptions essential to the marketing section.
  • select appropriate questions to answer when establishing market size and trends.
  • identify elements on which to base strategic opportunities.
  • identify four essential elements that must be included in defining the marketing plan.

    • Course Number: STGY0212