MKTG630-1501B-02 Applied Managerial MarketingTask Name:Phase 2 Individual ProjectDeliverable Length:1–2 page memo (excluding cover and reference pages)Details:Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.Michelle has asked you to send her a memo that explains the target market for MM’s new product. Because a global market is under consideration, she wants you and Elena to meet for an in-depth discussion of the different characteristics of your target market before sending her the information.Elena meets you for coffee the next morning to explain her reasons for advocating the global market. As you finish your discussion, Elena stops and says,”We’ve discussed a lot of different market segments to target with the new product, but the choice comes back to you,” says Elena. “What’s your final decision on the target market that we should focus on? Are you going to propose that we try to market this product globally?You sigh, knowing this is a key decision in your marketing strategy. “I appreciate our discussion today. I’m going to have to do some more research to determine the exact market and if we should go global or not.”You know Michelle is expecting a detailed description of your targeted market segment including justification for selecting the market. You also need to remember to include your recommendation for or against marketing globally.What are the demographic characteristics of your target market and why are they important?Where is your target market located geographically and why is that important?What psychographic characteristics define your target market? How do these impact your marketing strategy?What behavioral characteristics are shared by your target market? Why are these important?Please submit your assignment.The materials found in the M.U.S.E. may help you with this assignment. Additional information is also provided in the Lessons From Experience series found at the following links:Tracking the SkippersAiming at the Right TargetYOUR TARGET SEGMENT MUST BE IN THE DOMESTIC UNITED STATES. Not China, Not Africa…Just so everyone is comparing apples to apples, select your target markets in the domestic U.S.You must select a very specific target market when this assignment comes up and it must be a U.S. located target segment (in this country).When assignments ask for global considerations, of course discuss that as requested, but please make your primary target market in the U.S. That will actually help you later on in the class, and make things easier for you when it comes to actually creating plans and tactics to attack that market segment. Trust me
Weekly tasks or assignments (Individual or Group Projects) will be due
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