Instructions on how to submit the Assignment Download the Assignment to your computer. Fill in the blanks. Use BLUE BLUE BLUE BLUE BLUE Ink! (Same shade Blue as this) Blue ink helps me differentiate your answers from the given instructions. Your answers should be more than the allotted space in the document. Go ahead and write as much as you wish. The space will open up to allow you to fully answer the questions. Once you are done answering, save the document for your records. Then, upload the document as a submission USE COLLEGE LEVEL CRITICAL THINKING PROPER GRAMMAR, PUNCTUATION, AND SPELLING ARE EXPECTED MUST DO: Read the Assigned Chapters before attempting the assignment. Watch the "Hint" video on how to do the assignments. If you don't read the Chapters and understand the material prior to attempting the assignment, your submission will clearly reveal the lack of understanding of terminologies and concepts, and subsequently the grade will reflect your work. MARKETING PLAN PROJECT Part 3 (covering chapters 5-6) Your goal: To continue your marketing plan development by considering the use of marketing research and the choice of target markets. Starting your own business for many people means making your dream come true. All start-ups require initial capital investment, small or large. Oftentimes such investment is funded by the business owners' own savings that they have saved over the years to start their dream business. So funds cannot be spent recklessly. Careful research is needed in ensuring all the decisions business owners make are as close to the correct decisions as possible. (There is no guarantee about any decision, but you would like to be as close to correct as possible.) You're ready to dig deeper into the planning process. In this assignment, you'll consider how to gather information to answer specific marketing questions, such as what customers expect from a product such as yours and how they view competing products. You'll also take a magnifying glass to your market(s) and determine who to target and why, decisions to be documented in your marketing plan.Figure 5.1 The Five Steps otthe Marketing Research Process Remember. your answers must be in BLUE IN K. 1. (20 points) Review your answers to Question #1 In the rst assignment. How much do you actually know about your customers' needs. wants. preferences. attitudes. and buying patterns? It you had an unlimited marketing research budget. what three questions would you want to answer to gain a better understanding of customers and their needs? For example. you might want to know when. specically. customers have a need for a product like yourswhich occasions. situations. or problems trigger this need. The answer could help you position your product as the solution to a problem or help you plan promotional messages for certain occasions. List your questions here and next to each. note how you would use the answer to develop a more effective marketing plan. a. List the questions you have here and next to each. indicate how you can use this answer to develop a more effective marketing plan. Be selective in raising the questions. Research should be based on what is "USEFUL to know to help the business\" and NOT on what 'is just nice to know\". Question I need to know to help my business come successful: (1) Question: How the answer to this question would help me plan: (2) Question: How the answer to this question would help me plan: (3) Question: How the answer to this question would help me plan: ( 15 points) Select one of the questions you just listed. Following the marketing research process. write 2-3 sentences defining the specific issue or problem you want to research. Next to it, write your hypothesis {your informed guess or assumption) about what the research might reveal. a. The Question that I select from Q1 that I would like to research more is b. Specific facts I want to know on this topic are i 1) i2) (3) c. Write your hypothesis {your informed guess or assumption) about what the research might nd out). This is not your conclusion yet. This is the marketing direction in which you think you will be going. and hence wish to research to validate your thinking. Primary Data - Research data you observed and recorded or collected directly from respondents, for the specific purpose at hand ex. Interview you did in person ex. Online survey you administered Secondary Data - Information that already exists somewhere, having been collected for another purpose. ex. Internet research ex. Data you (company) already own (15 points) Brainstorm some possible ways you might research this question and test your hypothesis. For example, would a particular source of secondary data (e.g. an existing customer satisfaction survey published by a major university that I can find online) offer clues to testing your hypothesis? Alternatively, do el need to design my own research to obtain primary data (e.g. create my own online survey with some carefully-worded questions specific to my business) to get to the heart of this issue? . List some possible ways you might research. Be specific. What type of research will you do to obtain what kind of useful data. (1) Secondary Research #1 Research type What useful data I would be able to obtain (2) Secondary Research #2 Research type What useful data I would be able to obtain (3) Primary Research #1 Research type What useful data I would be able to obtain (4) Primary Research #2 Research type What useful data I would be able to obtainFigure 6.1 Target Market Selection Process Identify the Determine Select appropriate N which Develop Evaluate targeting segmentation market segment relevant market 5 specific strategy variables profiles target to use segments markets Figure 6.2 Targeting Strategies Undifferentiated strategy Concentrated strategy AAMMA AAAAA AARAA AAAAA AAA Organization Single marketing mix Target market The letters in each target market represent potential customers. Customers with the same letters have similar characteristics and similar product needs. 4. (15 points) Now you can tackle target market decisions. With your company's strengths and resources in mind, and your preliminary ideas about the market, think about the strategy you'd like to use for targeting. For example, would it make sense to choose an undifferentiated strategy, designing one marketing mix for the entire market? Should you choose concentrated strategy, with a marketing mix for the selected one particular segment of your market (such as price-conscious consumers)? Or will you choose a differentiated strategy, developing multiple marketing mix catering to two or more targeted segments (such as one marketing mix for price-conscious consumers and a second marketing mix for status-conscious consumers)? a. Select a targeting strategy b. Explain why this targeting strategy is right foryour product, your market, and your organization. (1) Reason 1 (2) Reason 2 EFigure 6.3 Segmentation Variables for Consumer Markets Demographic variables Geographic variables Age . Occupation . Region . State size . Gender . Family size . Urban, suburban, . Market density . Race . Family life cycle rural . Climate . Ethnicity . Religion . City size . Terrain . Income . Social class . County size . Education Psychographic variables Behavioristic variables . Personality attributes . Volume usage Motives . End use . Lifestyles . Benefit expectations Brand loyalty . Price sensitivity 5. (15 points) If you're going to target consumers, think about the variables that would help you divide the market into segments you can reach and influence through marketing. The segmentation variables you choose should relate to customers' need for, uses of, or behavior toward your product. As an example, if you're marketing a sturdy baby stroller, you would use demographic variables such as family life cycle (new parents might need strollers) and behavioristic variables such as benefit expectations (expecting a stroller to be of high quality and sturdy enough to last). So now think about your business. For each of the Segmentation method, list 2 variables that will be most important for you as you select the target consumers. a. Demographic Segmentation (1) Variable #1 (2) Why is this variable important to understand for your business (3) Variable #2 (4) Why is this variable important to understand for your business b. Geographic Segmentation (1) Variable #1 (2) Why is this variable important to understand for your business (3) Variable #2 (4) Why is this variable important to understand for your business C. Psychographic Segmentation (not psychology, but rather lifestyle and values) (1) Variable #1 (2) Why is this variable important to understand for your business (3) Variable #2 (4) Why is this variable important to understand for your business d. Behavioristic variables (1) Variable #1 (2) Why is this variable important to understand for your business (3) Variable #2 (4) Why is this variable important to understand for your business 6. (20 points) Think carefully about one particular segment of the market, as defined by the variables you just identified.See how much information you can nd with a quick online search. For example. if you have selected Demographic segmentation. Family Size variable - How can you estimate the level of sales your product might achieve in that segment during a month or a year? What competitors are already active in that segment, and how strong is each? How expensive do you estimate it would be to develop the product, promotion. distribution. and pricing to meet this seg ment's needs? Now. based on your best estimates of sales. competitive intensity, and cost. would you select this segment for targeting? If not, what other segment would be a better choice, and why? (Using the example above. if Demographic segmentation isn't giving you a clear indication. would PsychographicstLifestyle segmentation be a better indictor to project the success of your business?) In conclusion. which segment you plan to target and your reasons for making this choice. citing sales. competition. and cost estimates. (1) The segment I will target for my business is (2) This segment is the best choice because the sales projection is (3) This segment is the best choice because the competition has or has not (4) This segment is the best choice because the cost to reach this market is