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BUAD 301- Introduction To Marketing

Current Marketing Situation

Overview –

Thorough, complete research-based description of target market (which is the primary group of consumers who buy a product/service) & company’s position including: market description, product review, competition review, & distribution review. Apply course concepts consistently and appropriately.

Questions to address –

What is your product and how it is different from what is currently available? (Very brief (1-3 sentences), objective description so the reader knows what you are talking about. (Do not “sell” your product or say how great it is.)

Market description for this type of product: How big is the current market? (Provide factual evidence with sources to back up how many people are in your target market. For example, if your target market is Americans with limited mobility, you could say “16% of people in the US have difficulties with their physical functioning. This is around 39 million people,” and follow with the source for those statistics.   Where is it? Provide facts about location with sources and your rationale. For example, “Our market is disproportionately located in Arizona, which has a growing geriatric population, increasing adoption of advanced wheelchairs, and a rising disabled population,” followed by the source.) What are trends in the market? (Explain how the market for your product and the products in your market are changing and provide sources.) How is your market affected by environmental factors and trends, including technological, cultural, demographic, economic, natural, and political aspects of the environment?   (These terms are explained in Chapter 3.  You may need to write more about some of these factors than others, but each factor should have at least one or two relevant facts with references. should have some facts and references about all of them.)

Consumer review: Provide an in-depth view of your target market. How has the number of people in your target market been changing and how is it expected to change?  What are the segments in the market? (People in your target market do not all have the same wants, needs, resources, and priorities.  Segmentation is a way marketers think of target markets as consisting of subsets of people who are similar to each other and dissimilar from people in other subsets, and then market differently to each segment.  Chapters 5 & 6 explains relevant dimensions to consider for areas of similarity. Document different market segments and provide your sources.) Are there segments that are currently underserved? (Provide evidence that some specific subgroups in your market are not getting their needs met by current products.)  What are customer buying habits, perceptions, motivations, beliefs, and attitudes toward the products currently available? (See Chapter 5 for definitions of these terms and provide information describing your customers along each dimension.

What is the competitive landscape? Your key competitors include whatever consumers currently use to meet the need that your product satisfies. Identify who the competitors are, how large they are, and explain how they market their products. This can be done using a table with a row for each competitor and their size or market share, product mix, pricing, promotions, and distribution channels in the columns. How do different competitors target different segments, differentiate themselves, and position themselves in this market? 

Industry Classification and Industry Trends

Find how your industry is classified by looking at the North American Industry Classification System (NAICS).

Use the following databases to research trends in the market and industry.

Recommended Databases

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