Explain the marketing strategy

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Reference no: EM133853840

Assignment:

As we learned last week, there are environmental factors that affect business, and marketing is no different. Your text explains how the target market, the group of individuals to whom most marketing efforts are concentrated and who will most likely buy the product or service, is at the very center of this environment. There are various segmentation practices (demographic, geographic, psychographic, and behavioral) that occur in narrowing down who the target market will be. In the second circle, there is the marketing mix strategy for product, price, place or distribution, and promotion, which focuses on the target market, and in the outer third circle is the marketing environment, similar to the business environment. Marketing strategy must keep in mind the competitive, economic, political/legal, technological, and social/cultural aspects of the environment and how the target market will respond to each.

Think about how the franchise you chose in Week 1 will be influenced by each of these external environmental factors and determine a marketing strategy for the franchise based on the target market. Consider each of the following as you relate a strategy for the franchise:

1. Give the name of the franchise and identify the segmentation practice(s) that could be used to identify the target market. Provide a description of the ideal target customer.

2. Identify the marketing environment aspect that could cause the most concern for franchise marketers in the next couple of years. Identify the element that will probably cause the least concern over the next couple of years. Explain your reasoning for each choice.

3. Explain the marketing strategy and how it aligns with the target market. Specifically:

How was the product/service created related to the target market's characteristics and needs?
How could pricing have been determined related to the competition's pricing strategy as well as the affordability of the target market?
How is place or distribution handled so that it relates to where the target market can easily access the product or service?
How does the promotional campaign relate to the target market, and what media channels are used so that the target market will see the promotions?

Reference no: EM133853840

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