1â€“2 page memo: Researching the Market
Michelle has asked you to send her a memo that explains the target market for MMâ€™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,” says Elena. “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 remember 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?