[Get Answer ]-Applied Managerial Marketing 1
1–2 page memo (excluding cover and reference pages)
Michelle has asked you to send her amemo that explains the target market for MM’s new product. Because a globalmarket is under consideration, she wants you and Elena to meet for an in-depthdiscussion of the different characteristics of your target market beforesending her the information.
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Elena meets you for coffee the nextmorning to explain her reasons for advocating the global market. As you finishyour discussion, Elena stops and says,
“We’ve discussed a lot ofdifferent market segments to target with the new product, but the choice comesback to you,” says Elena. “What’s your final decision on the targetmarket that we should focus on? Are you going to propose that we try to marketthis product globally?
You sigh, knowing this is a keydecision 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 ifwe should go global or not.”
You know Michelle is expecting adetailed description of your targeted market segment including justificationfor selecting the market. You also need to remember to include yourrecommendation for or against marketing globally.
- What are the demographic characteristics of your targetmarket and why are they important?
- Where is your target market located geographically andwhy is that important?
- What psychographic characteristics define your targetmarket? How do these impact your marketing strategy?
- What behavioral characteristics are shared by yourtarget market? Why are these important?
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