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MKT501 SLP MOD 1 Strategic Marketing Module 1 SLP Management

Essay Instructions:

Target Audience and Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions. Research Research and discuss Maslow’s theory of needs and how it is applied to marketing. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central). Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central). Application to Product/Service Provide a quick overview of the product or service you created. Even though you have "created" a product or service, the applications and research in this section will be real. Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market. Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? IBISWorld in the Library is a good tool for this section; it may be accessed under Listen 10/15/19, 9(36 PM https://tlc(dot)trident(dot)edu/content/enforced/134089-MKT501-2019OCT1…lSessionVal=aMK3LQ2EdxDeNe0BlZQFKLb3Y&ou=134089&d2l_body_type=3 Page 2 of 2 Privacy Policy | Contact “ADDITIONAL LIBRARY RESOURCES” and then scroll down to the database. The assignment requires the use of ARTICLES from the library’s full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: Academic Search Complete, Business Source Complete, and/or ProQuest Central. Effective academic and research writing requires a 3rd person voice. This SLP will be written in 3rd person. Do not use any quotations. For more information see Differences Between First and Third Person. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: the Analysis in the Appendix may be written in 1st person. Use the attached APA-formatted template (MKT501 SLP1) to create your submission. SLP Assignment Expectations Your submission will include: Trident University International’s cover page A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2- to 3-sentence conclusion) The reference list in APA format Grading Note: At Trident University International, rubrics are used for grading. These rubrics specify the points available for each component of an assignment. Points are earned based on the level of the work submitted. The rubric located in the SLP dropbox is used for this SLP.

Essay Sample Content Preview:

Trident University International
Student Name
Strategic Marketing Module 1 SLP
MKT501: Strategic Marketing
Professor’s Name
Date of Submission
Strategic Marketing Module 1 SLP
To better understand the Mexican restaurant business in more details and make better decisions, analysis of the marketing, the target market it is necessary to analyze the marketing strategies, considering the business environment. This is an evaluation of application of Maslow’s Theory of Needs in marketing, consumer behavior, the target market and competition in the Mexican restaurant business.
Maslow Theory of Needs
In the Maslow Theory of Needs, the human being tends to meet their basic physiological needs first and then meet other needs. In marketing, this implies that buyers will not purchase a product that gives the security or social recognition if they have not already met the basic needs (Acevedo, 2018). A company will adapt the product or service and message so that consumes needs are met and satisfied (Acevedo, 2018). Marketing satisfies needs and fosters the desire for a product or service, and marketers to create strategies that influence consumer purchasing decisions, when there have a better understanding of their needs and desires.
Consumer Behavior Model
Identifying the relevant variables, the fundamental characteristics and specifying the as the variables, as they are related to each other. Consumer behavior models consist of the external environmental variables that affect consumer behavior, the individual determinants of behavior and the buyer's decision process. The consumer decision process is in five stages: problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase decisions.
Problem recognition results from unsatisfied want, felt need or unsolved problem where the consommé actual state of affairs is different from the desired state. Information search is internal and external where the consumers find market information, which may influence their behavior and reduces uncertainty. In the evaluation of alternatives, the consumer focuses on the evaluative criteria such as price, quality, service and style where there is comparison of the alternatives. The purchase decision occurs when one considers alternatives during the purchase decision stage. The post-purchase decision relates to the post purchase outcomes where there is follow up to ensure ...
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