Unit 2 IP- Marketing
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
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?
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