Unit 2 Dbread: The Dialogue Below Within The Discussion Boar

Unit 2 Dbread The Dialogue Below Within The Discussion Board Area Wr

Read the dialogue below. Within the Discussion Board area, write words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Michelle knows that MM needs to determine who the target customer is for the new product. She knows that marketing research needs to be done as part of this market segmentation and product development processes, but she is not well-acquainted with some of the details that are involved in the processes. She has stopped by your office to ask some questions. “Thanks for canceling your other meeting this afternoon,” she says. “No problem,” you say. “I rescheduled my meeting with multimedia; it actually works out better for them, too.”

“I’ve heard about quantitative and qualitative research, but I’m not sure I really understand the difference between the two,” she begins. “I’m sure there are advantages and disadvantages to each of them, but without knowing, I’m not sure which type of research we need to conduct. What do you think?”

Before you can respond, Michelle’s cell phone vibrates. “Excuse me, I have to take this,” she says. Michelle takes her call and then stands up. “Well, I’m sorry to do this, but I have an emergency that I have to deal with right now,” she says. “Would you do me a favor? Send me a memo that explains the two types of research and include brief explanations about the advantages and disadvantages of each as related to how they could be used by MM. I’d like to be able to speak intelligibly to this at the next board meeting.”

“Sure,” you respond, thinking that this will make for a pretty lengthy e-mail. “I'll also include how each method can help us define our target market. Will that help?” “Yes, great idea,” she replies. “Ok! I’ll get that to you by close of business tomorrow.”

Paper For Above instruction

Michelle has asked you to send her a memo that explains the target market for MM’s new product. Because a global market is under consideration, she wants you and Elena to meet for an in-depth discussion of the different characteristics of your target market before sending her the information. Elena meets you for coffee the next morning to explain her reasons for advocating the global market. As you finish your discussion, Elena stops and says, “We've discussed a lot of different market segments to target with the new product, but the choice comes back to you,” she says. “What's your final decision on the target market that we should focus on? Are you going to propose that we try to market this product globally?”

You sigh, knowing this is a key decision in your marketing strategy. “I appreciate our discussion today. I'm going to have to do some more research to determine the exact market and if we should go global or not.” You know Michelle is expecting a detailed description of your targeted market segment including justification for selecting the market. You also need to include your recommendation for or against marketing globally.

What are the demographic characteristics of your target market and why are they important? Where is your target market located geographically and why is that important? What psychographic characteristics define your target market? How do these impact your marketing strategy? What behavioral characteristics are shared by your target market? Why are these important?

(1–2 page memo excluding cover and reference pages)

Answer

The decision to target a specific market segment is critical in the development of an effective marketing strategy, particularly when considering global expansion. Profiling demographic, geographic, psychographic, and behavioral characteristics of the target market allows companies like MM to tailor their products and marketing efforts to meet customer needs effectively. This memo explores these key characteristics, their significance, and provides recommendations regarding whether to pursue a global market.

Demographic Characteristics and Their Importance

Demographics include age, gender, income level, education, occupation, and family size. For MM's new product, understanding these characteristics helps identify who the potential customers are and what their purchasing power might be. For example, if the target audience is primarily affluent young professionals aged 25-40, marketing efforts should be tailored to their preferences and lifestyle. Demographics are foundational because they influence purchasing behavior and help predict product demand in different markets (Kotler & Keller, 2016).

Geographic Location and Its Significance

Geographical factors such as country, region, climate, urban versus rural settings, and cultural context significantly impact marketing strategies. If the target market is concentrated in urban centers within emerging economies, marketing approaches should consider local language, culture, and infrastructure. For global markets, understanding geographic differences ensures that promotional messages resonate locally, increasing the likelihood of market acceptance (Cui & Liu, 2020). For MM, selecting geographic areas where the product aligns with local needs and preferences enhances success prospects.

Psychographic Characteristics and Their Impact

Psychographics refer to consumers' lifestyles, values, interests, attitudes, and personalities. Identifying psychographic traits influences the tone, positioning, and messaging of marketing campaigns. For instance, if the target consumers prize sustainability and innovation, MM should emphasize these features in their branding. A deep understanding of psychographics enables brands to connect on a personal level, fostering brand loyalty and differentiation in competitive markets (Solomon et al., 2019).

Behavioral Characteristics and Their Relevance

Behavioral segmentation considers purchasing habits, brand loyalty, product usage rates, and responses to marketing stimuli. Shared behaviors such as frequent online shopping or preference for eco-friendly products can guide product features and promotional tactics. For MM, targeting consumers with high usage rates or those seeking innovative solutions could optimize marketing efficiency and product adoption (Lamb, Hair, & McDaniel, 2018).

Recommendation: Global Market or Local Focus?

Deciding whether to market globally depends on the alignment of these characteristics across regions, infrastructure feasibility, and competitive landscape. If the target demographic exhibits similar psychographic and behavioral traits worldwide, and infrastructural support exists, a global strategy could be advantageous. Conversely, if significant differences exist in cultural preferences or economic conditions, a localized approach may be more effective. Based on current analysis, a hybrid strategy—focusing on similar high-potential markets initially while tailoring marketing efforts—could strike a balance between efficiency and relevance (Hitt et al., 2020).

In conclusion, a comprehensive understanding of demographic, geographic, psychographic, and behavioral factors is essential to select an appropriate target market, especially for a global initiative. This systematic approach informs strategic decisions, maximizing the chances of product success and market penetration.

References

• Cui, L., & Liu, Z. (2020). Cultural considerations in international marketing. Journal of International Business Studies, 51(1), 62-80.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2020). Strategic Management: Competitiveness and Globalization. Cengage Learning.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Lamb, C. W., Hair, J. F., & McDaniel, C. (2018). MKTG (12th ed.). Cengage Learning.
• Solomon, M. R., Marshall, G. W., & Stuart, E. W. (2019). Marketing: Real People, Real Choices. Pearson.