This is a paper that is focusing on the STP PRODUCT MANAGEMENT AND SITUATION ANALYSIS. The paper also provides additional information to use in writing the assignment paper.
STP PRODUCT MANAGEMENT AND SITUATION ANALYSIS
STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS
Target Audience and Competition are the next components to be addressed in the process of developing a Marketing Strategy. Additionally, to choose an appropriate target market, one must understand how consumers make purchase decisions.
Research
Research and also 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 also 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
Firstly, provide a quick overview of the product or service you created.
Secondly, even though you have “created” a product or service, the applications and research in this section will be real.
Thirdly, 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 to back-up your selection and to provide statistics to show that it is a viable market.
Fourthly, 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 access under “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 confuse with eBooks or Reference Books. The most popular databases in marketing are: Academic Search Complete, Business Source Complete, and/or ProQuest Central.
