Developing Target Market Strategy


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number


Overview/Description
A key to preparing a business case for your new product or service idea is knowing who your potential customers are. To identify this important group, you need to know how to conduct solid market research. In this course, you'll learn how to conduct demographic and Psychographic Research and why this research is so important. You'll consider the elements of preparing your target market analysis: what are the important components that you MUST include? And, you'll learn how to organise and compose the marketing section of your business plan. You will learn how to provide the clear and concise information that decision makers need to give your project the GREEN LIGHT.

Target Audience
Supervisors, managers and project developers

Expected Duration (hours)
2.5

Lesson Objectives

Components of the Market Concept

  • recognise the value of identifying basic components of the market concept in preparing a business case.
  • identify specific elements of the marketing concept philosophy.
  • identify the four criteria essential to defining a target market.
  • recognise the most common approach for market segmentation.
  • identify the four elements included in the marketing mix.

    • Demographic Research

  • recognise the value of using demographic research in determining the target market.
  • recognise the types of information that demographic research provides.
  • select other elements that will affect demographic descriptors; i.e., geographic area, climate, population density and consumption patterns.
  • identify the types of questions to ask when conducting demographic research about customers.
  • recognise that demographic factors affect marketing strategies.

    • Psychographic Research

  • recognise the value of using psychographic data when analysing a market segment.
  • identify the different psychographic data collected for individual consumers and for companies.
  • recognise the factors that influence psychographic descriptors; i.e., how the customer sees or wants to see him/herself.
  • recognise the questions to use to collect psychographic information.

    • Preparing the Marketing Section

  • recognise the value of thoroughly preparing the marketing section of a business case.
  • recognise the two types of customer descriptions essential to the marketing section.
  • select appropriate questions to answer when establishing market size and trends.
  • identify elements on which to base strategic opportunities.
  • identify four essential elements that must be included in defining the marketing plan.

    • Course Number:
    STGY8212