Paper Example. Understanding Target Markets

Marketing is the business campaign of identifying, foreseeing, and satisfying customer needs through communication, and delivering services that include value for customers (McDaniel & Gates,2013). A marketing plan is a detailed document that draws the marketing and advertising efforts for a given period. The plan explains the activities that will be included in achieving specific marketing goals within the given time frame. Burns et al. (2014), the Target market refers to a particular group that a marketer or a company is after for consumption of their products. This paper seeks to look at the research section of the marketing plan, the target market section, and insights from the inspection and analysis of the demographics and psychographics.

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The Research Section of the Marketing Plan

Primary Research

This is the initial stage of research work whereby a market can conduct it by themselves or even hire people to research on their behalf (Westwood, 2013). This kind of research requires a person to go directly to the target sources and interview them as he records information gotten. Various ways can be used in conducting this primary research. It includes using a telephone to talk to them, visiting target consumers and talking to them one on one or via interviews sessions/questionnaires.

Consumer Analysis

This is where information or details about target consumers for your products are obtained by conducting market research to understand the consumer's needs so that a marketer can understand what their target consumer behaviors are. Westwood (2013), Consumer analysis involves researching the target consumers' profile, the benefits to be gained by the customer, and the market. The steps involved include knowing the industry, demographics, the project in question, consumer buying behaviors, and the competition.

Environmental Scanning

This refers to evaluating your target environment where your business is or will be to understand the external factors that are likely to affect a business. A researcher gathers information about activities or events to understand the relationship they could have on an organization. According to Westwood (2013), scanning of the environment is essential as it helps in guiding the direction a business or an organization will take in the future. Various techniques can be used in the scanning process, including SWOT Analysis, Pestel, surveys, and interviews.

Target Market Section

A target market in a research plan refers to a specific group of people that a company aims for its products or services. Aghdaie et al. (2015) target market involve demographic and Psychographic factors that help marketers understand their target consumers' behaviors. Researching your target market helps in understanding the particular needs of your clients. The target market includes demographic segmentation of a market that concentrates on factors like the age of the consumers to include children and adults, the income of the consumers, which has to consider whether clients can afford the products on offer, family members, and birthdays. Hollensen,(2019), Psychographic factors in are used in marketing to identify and group customers using shared characteristics like the values target clients have when it comes to product choice and purchase behaviors, beliefs, the activities the target consumers are involved in or would prefer, their interests in life or for products and the opinions they have about products or a company in the market.

Based on the information gained from analysis of the psychographic and demographic factors, I have learned that understanding your consumers' specific needs is vital as it helps a market in providing solutions in the market rather than wants. Proper research on the target market helps you in creating a closer relationship with your markets. I have learned that demographic and psychographic segmentation gives you an upper hand over your competitors in the market.

Conclusion

In a nutshell, a marketing plan is a detailed document that draws the marketing and advertising efforts for a given period. The plan explains the activities that will be included in achieving specific marketing goals within the given time frame. Moreover, marketing is a business campaign focused on delivering customer needs. Marketing plays an important business aspect that helps in attracting potential consumers. The success of an organization typically relies on market research, which helps them understand the target market and potential consumers for their products. Marketing research plan relies on things like primary research, consumer analysis, and environmental scanning to assist them in better understanding as well as addressing the needs of their clients. To understand your target market well, researching your target market helps in understanding the particular needs of your clients. Hence, the target market includes demographic segmentation of a market that concentrates on factors like the age of the consumers to include children and adults, the income of the consumers, which has to consider whether clients can afford the products on offer, and family members.

References

Aghdaie, M. H., &Alimardani, M. (2015). Target market selection based on market segment evaluation: a multiple attribute decision-making approach. International Journal of Operational Research, 24(3), 262-278.

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Hollensen, S. (2019). Marketing management: A relationship approach. Pearson Education.

McDaniel, C., & Gates, R. (2013). Marketing research. Singapore.

Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers.